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Online news site Axios returning $4.8 million U.S. payroll loan

Reuters
·1-min read

WASHINGTON (Reuters) - Online news site Axios said on Tuesday it was returning a $4.8 million U.S. loan amid a public backlash over some companies taking assistance from the program created by Congress in March.

Axios had received the forgivable loan from the Payroll Protection Program to help companies facing losses from the coronavirus pandemic.

Axios CEO Jim VandeHei said in a post the website is "nearing a deal for an alternative source of capital."

He said the company remains "committed to protecting the jobs of all 190 existing employees."

Some U.S. newspapers including the Seattle Times and Tampa Bay Times have also received loans from the program, while some larger companies have returned funds from the program.

(Reporting by David Shepardson; Editing by Himani Sarkar)