Editor's note: Axios has returned the loan. Details here.
Axios is among the small businesses that qualified for a PPP loan to protect existing jobs and help weather the coronavirus crisis.
Why it matters: We are in the somewhat unique position of being both a media company, which covers government and business, and a job-creating small business with a national presence. So we wanted to be fully transparent about our thinking.
- We have taken a financial hit like other small businesses. Our physical event business is gone until the crisis subsides, and some ad buyers are pulling back to measure the economic fallout. The media, broadly speaking, is getting crushed by the economic fallout. The good news is that demand for our trusted journalism is stronger than ever.
Our plan: We qualified for just shy of $5 million. Along with quick moves we made early in the crisis to reduce non-personnel expenses, this loan ensures we can avoid layoffs and pay cuts for our almost 200-person staff for the rest of the year, regardless of how much the overall economy deteriorates.
- This will be good for readers, our employees and the economy.
- In the spirit of full transparency, we will note our participation in PPP when writing stories predominantly focused on that topic.
The big picture: This is a tough time for small businesses and the media alike. All of us should work our tails off to help others navigate this economic mess.
- Many organizations have had to lay off talented journalists and teams, or even shut down. Our commitment is to not only protect existing jobs but, with time, grow new ones.
- Hopefully, our journalism and business will help lift others through this crisis.