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April 22, 2020 09:52 pm

Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues

Image: Nikola

Electric big rig startup Nikola received a $4.1 million loan from the Small Business Administration’s Paycheck Protection Program (PPP) meant to help small businesses keep people employed during the COVID-19 pandemic, according to an April 15th filing with the Securities and Exchange Commission. It’s at least the third EV startup to receive money from the PPP, following Faraday Future (which got a $9.1 million loan) and Workhorse (which got a $1.1 million loan).

The loan, which can be forgiven as long as Nikola hangs on to most of its employees, comes a little more than one month after the startup received a $525 million investment and became a publicly traded company. That move made gave founder Trevor Milton a net worth of more than...

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