Tesla Competitor Nikola Motors to Receive CARES Act Funds, Report Says

Electric vehicle maker, and Tesla Inc. (NASDAQ: TSLA) competitor, Nikola Motor Corp. is scheduled to go public later this year after being acquired by SPAC company VectoIQ Acquisition Corp. (NASDAQ: VTIQ), valuing the company at more than $3 billion. The company, founded and led by billionaire Trevor Milton, has received $4.1 million in Paycheck Protection Program money, CNBC reports.

The CARES Act program was designed to aid small business as the country battles the impacts from the COVID-19 pandemic. Congress and the White House speak of the popular program as a way for small American businesses to keep employees on the payroll until the economy is able to open back up after many stay-at-home lockdown orders across the country. 

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Source Fool.com