Faraday Future, a California based electric vehicle startup first founded in 2014, has applied for and recently received a large government loan to keep it afloat during the COVID-19 pandemic.
The loan, which was received from the Small Business Association’s Paycheck Protection Program (PPP), totaled $9,167,800, and is meant for small businesses to help keep people employed (via The Verge).
The money comes with a few strings attached, which if met means the company would not have to pay any of it back. In order to not have to repay the money, the EV automaker will have to use it for payroll, interest on mortgages, and rent or utilities.
It also currently has around 400 employees, none of whom are allowed to be laid off under the program. Additionally, if it has already let some employees go, they must be rehired.
Faraday Future was hoping to release their highly anticipated FF-91 later this year, a hi-tech luxury EV with 1,050hp capable of reaching 60mph in 2.39 seconds. It is also estimated to get over 300 miles (482km) on a single charge.Jia Yueting filing for Chapter 11 bankruptcy late last year. In the filing, Yuenting claimed to have owed ~$3.6 billion to more than 100 different creditors.