Bus Maker Touted by Biden Got Millions in Aid Before Bankruptcy
- Proterra had $10 million Covid-relief program loan forgiven
- Biden had lauded the California company, went on virtual tour
An electric Proterra bus in Stockton, California.
Photographer: Michael Macor/The San Francisco Chronicle/Getty Images
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Proterra Inc., the electric bus maker touted by President Joe Biden that filed for bankruptcy this week, was the recipient of millions of dollars in US Covid-relief government aid.
The Burlingame, California-based company was awarded a $10 million loan from the Paycheck Protection Program by the Trump administration in 2020 that was forgiven in May 2022, according to a company filing Wednesday. Proterra reported it as a net gain of $10.2 million after interest payments were refunded by the Small Business Administration, the Securities and Exchange Commission filing said.