Submersible-focused company OceanGate Inc, which owned the ill-fated Titan which tragically imploded while on its way to tor the Titanic wreck, took out a $447,000 PPP loan during the pandemic.
According to a report from The Daily Mail, OceanGate Inc was given a PPP loan in April 2020 to cover payroll costs for its 22 employees.
OceanGate’s loan was later forgiven as the company did not lay off employees during the pandemic.
OceanGate’s PPP loan forgiveness was obtained by Mail through the site ProPublica.
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As The Daily Mail reported:
“OceanGate, the company that owned and operated the submersible that imploded on a dive to the Titanic wreck, received $447,000 in government loans under the Paycheck Protection Program, records show.
The government loan was issued in April 2020, during the first round of the emergency pandemic program.
According to records published by ProPublica, it was used to cover OceanGate’s payroll costs during COVID-19 shutdowns.
The total amount of the loan was ultimately forgiven under the terms of the program, which required companies to use the funds for the stated purpose and abstain from layoffs. “
Records show OceanGate had 22 employees at the time.
Since the tragic implosion of Titan, which reportedly killed all five people on board, OceanGate has suspended its operations until further notice.
OceanGate’s website has also been temporarily taken down.
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READ: CEO of Missing Titanic Tourist Submarine: I Didn’t Want to Hire Experienced “50-Year-Old White Guys”
