Grindr, dating app valued at $620 million, cleared for small-business loan

China’s Beijing Kunlun Tech Co Ltd sold West Hollywood, California-based Grindr last month to an investor group called San Vicente Acquisition LLC, after the U.S. government ordered the divestment amid concerns over the safety of personal data stored in the app.“This is a company that is doing well over $100 million of revenue . It is highly profitable and growing quickly,” Grindr Chief Operating Officer Rick Marini told the Los Angeles Times in an interview last week.

As part of the loan application, companies had to certify in good faith that “current economic uncertainty makes this loan necessary to support” their ongoing operations. A Grindr spokeswoman did not immediately respond to a request for comment on why the company applied for the loan and whether it had received and used it.

Aid provided under the Paycheck Protection Program allows small businesses hurt by the pandemic to apply for a forgivable government-backed loan from a lender. In the scramble to distribute funds, the program was beset by technology glitches, documentation snags and revelations that some lenders prioritized their most profitable clients, leading to some affluent companies receiving funds while less wealthy borrowers missed out.

Grindr retained 69 jobs as a result of its application, according to the data released by the U.S. Treasury Department and Small Business Administration on Monday.

Who wanna date me out 😆

Why? Just doesn't make sense.

'hey, what are you up to?'

I wouldn’t blame them, I’d blame the lawmakers who couldn’t put a deal together to benefit only those truly hurt by lockdown orders.

hmcpedro

Lots of big GOP closets hiding stuff... 😎

The Grindr app is funded by shitty advertising and a $100 annual membership. It does not need govt bailout money. Return it with interest! Grindr

Grindr should be under an exclusive catagory altogether. This gay dating app can be catagorized under 'Mutual Lust Business'. Grindr should qualify for a $1 million to $2 million loan since there's no doubt how highly profitable and how exponential lusting app can keep growing🤪

Probably back door’d the system

pnjaban How exactly would they be suffering and in need?

Lol. Its no where near a dating app. 😂

Abuse should have a penalty

C’mon man!

pnjaban How do I say this. W R O N G

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Trump administration releases list of companies that received most money from small business bailout loansThe Paycheck Protection Program was set up as part of the CARES Act relief law to help companies retain employees during coronavirus lockdowns. Mitch McStealing wife Transportation Secretary Elaine Chao's family's business, Foremost Maritime Company, got a loan valued between $350,000 and $1 million. That federal money Buy OTM short dated calls on their own company to drive it higher then take out loans on their holdings to avoid any tax. Duh Buy back stocks
La source: CNBC - 🏆 12. / 72 Lire la suite »

Small business coronavirus relief loan database contains some big errors, firms sayIndex Ventures, Foundation Capital and scooter company Bird said that they did not apply for the Payroll Protection Program, despite being listed as having been approved for millions of dollars of funds. Would not of happened on the Blockchain 👊 What happened to that hunt for the millions in funds that Steve Mnuchin gave out but refused to disclose who they gave it to. Is that no longer a congressional concern. And some governors of big states:
La source: CNBC - 🏆 12. / 72 Lire la suite »