As more and more venture capital-backed startups acknowledge having received Paycheck Protection Program (PPP) loans, many have wondered why their VCs didn't bail them out.
What's happening: It comes down to the deep pocket fallacy. Venture capital funds are not the same as the rich uncle. They have their own investors, or limited partners, to whom they owe a fiduciary duty.
Image: Aïda Amer/Axios
