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Avid Technology, Maker of Editing Software, Gets $7.8 Million PPP Loan
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variety.comBy Gene Maddaus Senior Media Writer Avid Technology, the maker of the industry’s leading editing software, received $7.8 million from the Paycheck Protection Program, according to a securities filing.
Avid has more than 1,400 employees and a market capitalization of $250 million, which ordinarily would make it too big to qualify for the Small Business Administration loans under the CARES Act.
A company spokesman, Dave Smith, said that Avid qualified under the SBA’s “alternative size standard,” which allows companies to receive funding if they have net tangible assets of less than $15 million and average net income of less than $5 million for the preceding two years.
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