Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsReal estate firms and landlords using loophole to rake in $$$$ in Covid-19 federal aid.
https://www.rawstory.com/2020/05/real-estate-firms-and-landlords-using-loophole-to-rake-in-millions-in-covid-19-federal-aid-wsj/According to a report at the Wall Street Journal, landlords and real estate firms are reaping millions in federal coronavirus aid that should have been off-limits to them by using a legal loophole.
The report notes that the Paycheck Protection Program, approved by Congress and signed by Donald Trump, was designed to support small companies and assist them with keeping workers employed during the coronavirus pandemic. However, so-called passive businesses that collect rent and businesses that profit primarily off of price speculation were excluded as well as companies that primarily develop or lease real estate.
Because most real-estate firms are private, tracking the number of aid recipients or the total amount of funds the industry has received is next to impossible, say real-estate attorneys and accountants, the Journal reports. But they are aware of at least dozens of property companies that have received in aggregate tens of millions of dollars or more because of a legal loophole that allows them to apply through related business units, such as management companies or construction companies.
As the report explains, This means Small Business Administration (SBA) funds could flow to property investors, something that was never intended. Representatives of the real-estate industry have said that even passive real-estate owners employ essential workers and should be eligible for the government funds like any other business. One such firm, Time Equities Inc, which controls over 30 million square feet of real estate was the recipient of $3.6 million in federal PPP loans, according to Francis Greenburger, the companys chief executive.
snip...
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 674 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Real estate firms and landlords using loophole to rake in $$$$ in Covid-19 federal aid. (Original Post)
alwaysinasnit
May 2020
OP
I_UndergroundPanther
(12,450 posts)1. Fucking thieves
I hate rich people,they are too often scumbags.
Pantagruel
(2,580 posts)2. Two $ Trillion
will attract every grifter alive. This will get ugly fast.
Grins
(7,128 posts)3. "Real estate" people you say...?
And people who collect rent?
I guess it would be because of my hate and paranoia to assume among them is the name Kushner...?
jimfields33
(15,450 posts)4. No way nancy would allow this.
Probably added after house voted.