{"id":6393,"date":"2020-04-23T16:30:00","date_gmt":"2020-04-23T16:30:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2527399"},"modified":"2020-04-23T16:30:00","modified_gmt":"2020-04-23T16:30:00","slug":"nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/","title":{"rendered":"Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues"},"content":{"rendered":"<p class=\"c-entry-summary p-dek\">The electric trucking startup went public last month<\/p>\n<p class=\"c-entry-summary p-dek\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.vox-cdn.com\/thumbor\/9KoTXv_jl-9m32vkLgYGYr6zklg=\/0x0:2750x1440\/1200x800\/filters:focal(995x758:1435x1198)\/cdn.vox-cdn.com\/uploads\/chorus_image\/image\/66692407\/nikola_one_16.0.jpg\" width=\"845\" height=\"563\" \/><\/p>\n<p id=\"vjkgkZ\">Electric big rig startup Nikola received a $4.1 million loan from the Small Business Administration&rsquo;s Paycheck Protection Program (PPP) meant&nbsp;<a href=\"https:\/\/www.vox.com\/2020\/4\/3\/21196191\/cares-act-apply-small-business-loans-grants-ppp-eidl\">to help small businesses keep people employed<\/a>&nbsp;during the COVID-19 pandemic, according to an April 15th&nbsp;<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1731289\/000104746920002309\/a2241198zs-4a.htm\">filing with the Securities and Exchange Commission<\/a>. It&rsquo;s at least the&nbsp;<a href=\"https:\/\/www.theverge.com\/2020\/4\/20\/21228241\/faraday-future-loan-ev-startup-sba-ppp-workhorse-lucid-motors-rivian\">third EV startup<\/a>&nbsp;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).<\/p>\n<p id=\"MOCoTw\">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 $1 billion, according to CNBC, which&nbsp;<a href=\"https:\/\/www.cnbc.com\/2020\/04\/22\/coronavirus-nikola-motor-received-4-million-from-ppp-small-business-fund.html?__source=twitter%7Cmain\">first reported the news of the loan<\/a>.<\/p>\n<p id=\"6vCGEo\">Nikola has been developing hydrogen and battery-powered big rigs since Milton founded the company in 2015, and last year it&nbsp;<a href=\"https:\/\/www.theverge.com\/2020\/3\/3\/21162886\/nikola-public-nasdaq-merger-hydrogen-electric-trucks\">struck a deal<\/a>&nbsp;with European manufacturer Iveco to mass-produce one of those trucks. But the Arizona startup is also known for the $2 billion lawsuit it filed against Tesla in 2018, which alleged that the electric big rig being developed by Elon Musk&rsquo;s company&nbsp;<a href=\"https:\/\/www.theverge.com\/2018\/5\/1\/17309430\/tesla-lawsuit-nikola-motor-company-patent-trucks\">violated Nikola&rsquo;s design patents<\/a>.<\/p>\n<p id=\"qmhTsn\">That lawsuit has dragged on for nearly two years, but on April 20th, Milton&nbsp;<a href=\"https:\/\/twitter.com\/nikolatrevor\/status\/1252263189741367296\">tweeted<\/a>&nbsp;that Tesla lost a bid with the the US Patent and Trademark Office to invalidate some of the patents. &ldquo;Two billion dollar lawsuit moving forward. We will defend our company&rsquo;s IP no matter who it is,&rdquo; he wrote.<\/p>\n<div class=\"c-float-right\">\n<aside id=\"jMBmjw\"><q>&ldquo;WE WILL DEFEND OUR COMPANY&rsquo;S IP NO MATTER WHO IT IS.&rdquo;<\/q><\/aside>\n<\/div>\n<p id=\"kfqnb1\">Milton tweeted on Wednesday that the PPP loan will help cover the payroll of Nikola&rsquo;s more than 300 employees for about two months. He also took issue with CNBC&rsquo;s reporting of his net worth (saying that it&rsquo;s tied up in stock that he can&rsquo;t sell) and his recent purchase of a $32 million ranch.<\/p>\n<p id=\"Bg05bG\">&ldquo;Yes I was the buyer [of the ranch], but I owe a full mortgage. 28+ million. If our company doesn&rsquo;t succeed I lose everything in life like so many others,&rdquo; he wrote. &ldquo;I&rsquo;ve given so much to so many people and get hammered for it just because I built a great company that could use the PPP help.&rdquo;<\/p>\n<p id=\"QYGolT\">Banks have already loaned out the entirety of the $350 billion that was allocated for the PPP in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, though Congress is expected to approve&nbsp;<a href=\"https:\/\/www.marketwatch.com\/story\/the-paycheck-protection-program-has-run-out-of-money-but-its-not-the-only-option-to-keep-some-small-businesses-afloat-2020-04-20\">another $300 billion infusion later this week<\/a>. The program&rsquo;s rollout was&nbsp;<a href=\"https:\/\/www.nytimes.com\/2020\/04\/09\/business\/smallbusiness\/small-business-disaster-loans-coronavirus.html\">chaotic<\/a>, and many small businesses across the country were unable to get the loans they need, despite banks&nbsp;<a href=\"https:\/\/fortune.com\/2020\/04\/19\/small-business-loan-coronavirus-companies-receiving\/\">giving them to big companies like Shake Shack<\/a>. (Shake Shack ultimately said it will return the $10 million loan it received.)<\/p>\n<p id=\"DqwFeD\">&ldquo;It is likely that Congress would have to go back a third time, given the best estimates suggest this is a $1 trillion problem,&rdquo; Joseph Parilla, a fellow at the Brookings Institution&rsquo;s Metropolitan Policy Program,&nbsp;<a href=\"https:\/\/www.vice.com\/en_us\/article\/wxevqb\/small-business-owners-say-the-bailout-saved-big-chains-and-let-them-perish\">told&nbsp;<em>Vice<\/em><\/a>.<\/p>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"https:\/\/www.vox.com\/2020\/4\/3\/21196191\/cares-act-apply-small-business-loans-grants-ppp-eidl\" target=\"_blank\">https:\/\/www.vox.com\/2020\/4\/3\/21196191\/cares-act-apply-small-business-loans-grants-ppp-eidl<\/a><br \/><b>Contact Information:<\/b><br \/> Sean O&#039;Kane<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<p> Sean O&#8217;Kane<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The electric trucking startup went public last month Electric big rig startup Nikola received a $4.1 million loan from the Small Business Administration&rsquo;s Paycheck Protection Program (PPP) meant&nbsp;to help small businesses keep people employed&nbsp;during the COVID-19 pandemic, according to an April 15th&nbsp;filing with the Securities and Exchange Commission. It&rsquo;s at least the&nbsp;third EV startup&nbsp;to receive &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\">Continue reading <span>Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-6393","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues - Business\" \/>\n<meta property=\"og:description\" content=\"The electric trucking startup went public last month Electric big rig startup Nikola received a $4.1 million loan from the Small Business Administration&rsquo;s Paycheck Protection Program (PPP) meant&nbsp;to help small businesses keep people employed&nbsp;during the COVID-19 pandemic, according to an April 15th&nbsp;filing with the Securities and Exchange Commission. It&rsquo;s at least the&nbsp;third EV startup&nbsp;to receive &hellip; Continue reading Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues Continue Reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Business\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-23T16:30:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.vox-cdn.com\/thumbor\/9KoTXv_jl-9m32vkLgYGYr6zklg=\/0x0:2750x1440\/1200x800\/filters:focal(995x758:1435x1198)\/cdn.vox-cdn.com\/uploads\/chorus_image\/image\/66692407\/nikola_one_16.0.jpg\" \/>\n<meta name=\"author\" content=\"Bilal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bilal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\",\"url\":\"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/\",\"name\":\"Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues - 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It&rsquo;s at least the&nbsp;third EV startup&nbsp;to receive &hellip; Continue reading Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues Continue Reading &rarr;","og_url":"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/","og_site_name":"Business","article_published_time":"2020-04-23T16:30:00+00:00","og_image":[{"url":"https:\/\/cdn.vox-cdn.com\/thumbor\/9KoTXv_jl-9m32vkLgYGYr6zklg=\/0x0:2750x1440\/1200x800\/filters:focal(995x758:1435x1198)\/cdn.vox-cdn.com\/uploads\/chorus_image\/image\/66692407\/nikola_one_16.0.jpg","type":"","width":"","height":""}],"author":"Bilal","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bilal","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/","url":"http:\/\/ipsnews.net\/business\/2020\/04\/23\/nikola-gets-4-million-pandemic-loan-as-patent-lawsuit-against-tesla-continues\/","name":"Nikola gets $4 million pandemic loan, as patent lawsuit against Tesla continues - 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