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Jeffrey Katzenberg
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Digital News Brand Axios Returns $4.8M COVID-19 Loan Due To “Politically Polarized” Climate
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deadline.com
deadline.comBy Dade Hayes Finance Editor Axios, the digital news brand whose backers include Jeffrey Katzenberg’s WndrCo and Greycroft Partners, is returning a $4.8 million loan it secured as part of the troubled Paycheck Protection Program.
In a blog post, founder Jim VandeHei said the decision was made to give back the funds because “the program has become much more politically polarized since its inception.” He said the company is exploring other avenues to shore up its business. “Over the past week, a new alternative source emerged, giving us the confidence to return the PPP funds,” he said.
PPP funding has been mobilized as a way to help small businesses survive COVID-19 and pay workers, but more than two dozen companies have had to return funds
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