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alwaysinasnit

(5,037 posts)
Tue May 26, 2020, 05:22 PM May 2020

Real 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 company’s chief executive.

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Real estate firms and landlords using loophole to rake in $$$$ in Covid-19 federal aid. (Original Post) alwaysinasnit May 2020 OP
Fucking thieves I_UndergroundPanther May 2020 #1
Two $ Trillion Pantagruel May 2020 #2
"Real estate" people you say...? Grins May 2020 #3
No way nancy would allow this. jimfields33 May 2020 #4

Grins

(7,128 posts)
3. "Real estate" people you say...?
Tue May 26, 2020, 05:39 PM
May 2020

And people who “collect rent”?

I guess it would be because of my hate and paranoia to assume among them is the name “Kushner”...?

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