Axios, which qualified for a federal Paycheck Protection Program loan to avoid layoffs, is returning the money, after nearing a deal for an alternative source of capital, Jim VandeHei, co-founder and CEO has announced.
In a column published on Axios, VandeHei wrote: "In the four weeks since Axios applied for the loan, based on big coronavirus business losses, there has been a public backlash against a variety of companies for taking the PPP, including us.
"Some critics say media companies like ours should not qualify, period. Others argue that venture-backed start-ups should seek capital elsewhere, even if it hurts the business. "
