Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Advertisement

Header Primary Menu

  • Issues
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Home News Axios returns $4.8M in PPP funding

Axios returns $4.8M in PPP funding

Arlington-based media company is raising private funding to replace it.

Published May 1, 2020 by Sydney Lake

Arlington County-based digital media company Axios Media Inc. is returning $4.8 million it received from the Small Business Administration’s Paycheck Protection Program (PPP), according to Axios cofounder and CEO Jim VandeHei, who said the federal relief program aimed at helping small businesses keep their workforces employed had “become much more politically polarized since its inception.”

“While applying for the loan felt like the right and prudent thing to do one month ago to protect our 190 employees, if we knew then what we know now, we would have gutted it out and hoped for the best,” VandeHei wrote in an Axios article.

Axios, which is privately owned, met the loan program’s criteria, VandeHei wrote. With only 190 employees (small businesses with fewer than 500 employees are eligible to apply for PPP funds), Axios saw its events business shut down and much of its advertising revenue has also disappeared due to the pandemic. Axios says it is now close to reaching a deal for private capital to replace the PPP funding. 

Since its inception, Axios has raised $30 million in venture capital from entities including Lerer Hippeau, Greycroft, e.ventures, NBC News and Atlantic Media.  The Axios website attracts 7 to 10 million unique visitors per month, generating $25 million in 2018 revenue. At the end of 2019, the company was poised to raise an additional $20 million in venture capital, which raises its valuation to $200 million. Axios also has a biweekly show on HBO that VandeHei has described as “a ’60 Minutes’ for the new generation.”

Before the second round of the funding was announced on April 24, large, publicly traded companies such as Shake Shack, Ruth’s Chris Steak House and AutoNation as well as large private enterprises like the Los Angeles Lakers returned tens of millions of dollars in relief funds after they came under fire for applying for PPP funding through smaller subsidiaries in order to receive money that was intended to go to small businesses. 

The first round of $349 billion in PPP funding ran out on April 16 after just 13 days, due to overwhelming demand from small businesses hurt by the COVID-19 crisis. 

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

Axios receives $5M in PPP funding

SBA loan will help high-profile media company avoid layoffs and pay cuts, says CEO Jim VandeHei.

Virginia Business logo

Loudoun County announces $1M small-business relief fund

Applications open April 29 for $7,500 and $10,000 grants.

Virginia Business logo

Fairfax County board ponders $30M COVID-19 relief program

Eligible small businesses and nonprofits could receive from $10k to $20k apiece

Trending

Newport News apartments sell for $9.75M

SCC approves Dominion’s $9.8B offshore wind farm

Amazon opens new Chesapeake facility

Six Va. companies land spots on Fortune Global 500

Va. Credit Union loses bid to expand membership

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Advertisement

Advertisement

Trending

Newport News apartments sell for $9.75M

SCC approves Dominion’s $9.8B offshore wind farm

Amazon opens new Chesapeake facility

Six Va. companies land spots on Fortune Global 500

Va. Credit Union loses bid to expand membership

Sponsored Stories

Creating An Urban Destination in Chesapeake

5 surprising facts employers should know about voluntary benefits

What Supply Chain Problems should you be planning for in 2023?

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2022 Virginia Business. All rights reserved.

Site Maintained by TechArk