Tesla: Gov. Payroll Benefits Offset Shutdowns
July 31, 2020—Tesla says the payroll-related benefits from the government helped reduce the impact of the coronavirus shutdowns., reports Reuters.
According to the report, the benefits, along with cost cuts, had offset almost all of its costs due to the shutdown of factories. Tesla's only U.S. vehicle factory, which is in California, was shut down for roughly six weeks and ended in June.
The report says Reuters could not immediately verify which government assistance the company received and in what country. However, Tesla is not on a list by the U.S. Small Business Administration, which issued forgivable loans to millions of companies in an effort to prevent widespread layoffs.
To help with the blow of the anticipated second wave, debats are underway on a second massive coronavirus aid package to prop up the economy and help millions of Americans who have lost their jobs during the pandemic, according to the report.