Axios receives funding from government PPP Fund
Axios is among the small businesses that has received approximately $5 million from the government PPP Fund. The loan was made to sustain the organization and protect existing jobs during the coronavirus pandemic.
The company writes:
“We have taken a financial hit like other small businesses. Our physical event business is gone until the crisis subsides, and some ad buyers are pulling back to measure the economic fallout.
“We qualified for just shy of $5 million. Along with quick moves we made early in the crisis to reduce non-personnel expenses, this loan ensures we can avoid layoffs and pay cuts for our almost 200-person staff for the rest of the year, regardless of how much the overall economy deteriorates.
“This is a tough time for small businesses and the media alike. All of us should work our tails off to help others navigate this economic mess. Hopefully, our journalism and business will help lift others through this crisis.”