OceanGate Received $447,000 In PPP Loans During Pandemic

Screenshot 2023 06 23 200420

by Anthony Scott at thegatewaypundit.com

OceanGate Inc, the submersible focused company that owned the Titan submersible that sadly imploded while on a dive touring the Titanic wreck, previously took out a PPP loan for $447,000.

The Daily Mail reported OceanGate Inc was given a PPP loan back in April of 2020 in order to cover payroll costs for its 22 employees.

OceanGate’s loan was eventually forgiven due to the fact they did not layoff any employees during the pandemic.

The Daily Mail obtained information regarding OceanGate’s PPP loan forgiveness through the site ProPublica.

Per The Daily Mail:

OceanGate, the company that owned and operated the submersible that imploded on a dive to the Titanic wreck, received $447,000 in government loans under the Paycheck Protection Program, records show.

The government loan was issued in April 2020, during the first round of the emergency pandemic program, and was used to cover OceanGate’s payroll costs during COVID-19 shutdowns, according to records published by ProPublica.

The full amount of the loan was ultimately forgiven under the terms of the program, which required companies to use the funds for the stated purpose and abstain from layoffs. Records show OceanGate had 22 employees at the time.

Since the tragic loss of their CEO Stockton Rush, OceanGate has suspended its operations until further notice.

OceanGate’s site has also been temporarily taken down.

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