More than 80 Massachusetts technology companies ranging from robotics to HR software brought home loans as part of the federal Paycheck Protection Program, according to data released by the U.S. Small Business Administration on Monday.
At least seven technology companies in the Bay State obtained loans of more than $5 million. Among those at the top of the list are public firm Avid Technology, a publicly traded maker of video-editing software; 3D printing companies Markforged and Formlabs; and Fuze, which makes cloud-based communications software for enterprises.
Rather than identifying specific loan amounts, the data released by the SBA showed only ranges of funding, from $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million. Most of the loans were supposed to be paid to workers to keep them employed.
For its part, Fuze said the funds enabled it to keep people working at a time when many of its customers were shutting down operations.
"Fuze received a loan in the low end of the range provided by the SBA," Brian Day, CEO of Fuze, wrote in an emailed statement. "Because of it, we were able to support our business operations during the period of economic uncertainty and provide flexibility and support to customers that are in sectors of the economy that were negatively impacted by the Covid-19 crisis."
Read more in our sister publication the Boston Business Journal.
