Tesla notes it took government assistance to reduce impact of coronavirus shutdowns

Tesla Inc received payroll related benefits from the government in the first half of the year to help bring down the impact of the COVID-19 lockdown on its business, the electric carmaker revealed in its regulatory filing.

The electric car maker noted in its regulatory filing, “As part of various governmental responses to the pandemic granted to companies globally, we received certain payroll related benefits which helped to reduce the impact of the COVID-19 pandemic on our financial results.”

Tesla’s U.S. manufacuring factory in California was remained closed for about six weeks of the second quarter. Tesla had a initial standoff with local authorities on shutting down of its the only U.S. car manufacturing factory.

However, Tesla didn’t disclose about the type of assitance that it received and from which country. While U.S. Small Business Administration issued forgivable pandemic related loans to millions of companies but Tesla and its subsidiary company SolarCity were not seen in the list.

Tesla’s Billionaire Chief Executive Officer Elon Musk has already commented against further provision of Government Aid along with cutting the costs by companies saying that the benefits of the govt assitances had “offset almost all of its costs” that were confronted on shutdown of factories amid the pandemic.

The billionaire CEO also tweeted few days back on another U.S. government stimulus package that it “is not in the interests of the people.” While the second massive pandemic relief package is being debeted by U.S. Republicans and Democrats. The aid packages are purposed to bolster the US economy and help many Americans who have suffered the consequcnes in the shape of job loss or cut of incentives amid the pandemic.

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