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The Wall Street Journal: Some startups that received PPP loans went on to raise hundreds of millions through SPACS

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Thousands of venture-capital-backed startups applied for U.S. government-assistance loans when the pandemic hit. Many of them then went on to raise hundreds of millions of dollars each by going public.

Another 15 companies, each valued at more than $200 million, had traditional initial public offerings within about a year of taking a loan, according to a Wall Street Journal analysis of data provided by research firm PitchBook Data Inc.

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