Sennheiser received a bailout loan worth over $2 million
Sennheiser M2 | Photo by Amelia Holowaty Krales / The Verge Audio company Sennheiser received between $2 million and $5 million as part of the Paycheck Protection Program (PPP), according to newly released US Department of Treasury data. It's one of many privately held tech companies to receive support through the program, which offers small businesses forgivable loans 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, approximately 10 percent of whom were based in the Americas.) While we don't know the precise dollar number, it's one of the PPP's larger payments - single loans top out at $10 million, and the...