Hedge Fund Managers Are Claiming Bailouts as Small Businesses

[kentuck]

https://www.bloomberg.com/news/articles/2020-04-14/hedge-fund-managers-are-claiming-bailouts-as-small-businesses?fbclid=IwAR3oiAU1-KEzZ2SREBFQQX4XoO5HC9eK3rjaOcooMT6JMCF_647xKrhyb0w

Free money.

That’s the enticing prospect hedge funds and other trading firms are pondering after realizing they too might be able to participate in a historic U.S. stimulus package to keep small businesses alive through the coronavirus pandemic.

Since early April, law firms have hosted Webinars and sent out alerts, and accounting firms have reached out to clients, all with the goal of explaining how they might be able to tap into the Paycheck Protection Program. The $349 billion package administered by the Small Business Administration provides loans to cover payroll, rent and utilities for up to eight weeks. The loans can convert to grants if recipients retain or rehire their workers.

Some hedge funds already have applied, filling out forms to show they have fewer than 500 employees and certifying the “current economic uncertainty makes this loan request necessary to support the ongoing operations.”

Ironically, hedge funds are designed to employ as few people as possible so star traders don’t have to share millions of dollars in fees. The industry gets its name from the premise it can generate gains even when markets fall.

[SunSeeker]

1. Grrrrrrrrr

[kimbutgar]

2. Hedge funds are the reason we have low wages and viable companies going bankrupt because

Those pirates purged and plundered company assets for themselves screwing over workers.

[Faux pas]

3. The stealing class

isn't going to quit until they have EVERYTHING that's ours.

[crickets]

4. Oh, good grief.

This relief money is obviously not aimed at them. I hope somebody somewhere can smack this nonsense down hard.

[SheltieLover]

5. Why weren't

protections against this written into the legislation?