Startups with fewer than 500 employees will be able to apply for loans of up to $10m from the US government's $350bn Paycheck Protection Program.

Venture capital-backed private companies will be eligible for up to $10m in small business loans guaranteed by the US government as part of a $350bn initiative, Axios reported yesterday.

Kevin McCarthy, minority leader in the US House of Representatives, confirmed to Axios that companies will be able to receive financing through the Paycheck Protection Program (PPP), which is intended to help small businesses retain staff through the Covid-19 crisis.

Covid-19 has led to widescale shuttering of customer-facing businesses in recent…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.