Audio company Sennheiser received between $ 2 million and $ 5 million as part of the Paycheck Protection Program (PPP), according to recently released data from the United States Department of the Treasury. It is one of many private technology companies that receive support through the program, which offers forgivable loans to small businesses that can be spent on payroll, rent, or utility costs.
Treasury data indicates that the loan is intended to help Sennheiser retain 128 jobs during the coronavirus pandemic. (The German company employed a total of 2,800 employees in 2019, about 10 percent of which were based in the Americas.) While we don’t know the exact number of dollars, it is one of the largest PPP payments: Individual loans exceed $ 10 million, and the average loan amount appears at approximately $ 100,000.
It is not the only audio company that receives money. New York-based Grado Laboratories received between $ 150,000 and $ 350,000 to retain 22 jobs.
The PPP was approved in April and recently expanded to distribute $ 130 billion left in the fund. The law’s restrictions have also been relaxed to allow companies more flexibility to spend money and rehire former employees.
