Federal Government Rescues Thousands of Gig Drivers While Uber Skirted Unemployment

During the COVID-19 Pandemic, tens of thousands of Uber and Lyft drivers received at least $80 million in government assistance. This quantity of aid makes them the largest beneficiaries of a small government grant and loan program created to help small businesses survive economic crisis.

This took place even after Uber and other gig economy companies added billions to their stock values after the ruling on Prop 22.

A Washington Post analysis of SBA data showed “Uber” and “Lyft” were the two most common business names in both the EIDL loan program and the EIDL Advance program. The more than 5,000 Uber and Lyft drivers who received the EIDL loans each collected an average of around $15,000, according to The Post’s analysis. Even more drivers took part in the EIDL advance for additional aid.

Read the full story from Washington Post here.

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Alex Steeno

Alex Steeno

Senior industry analyst, adviser of multiple hypergrowth agencies, SaaS, and tech-enabled service platforms, Alex Steeno regularly contributes insights related to industry trends, growth marketing, and management consulting.

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