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Sat Sep 19, 2020, 03:08 PM

Invisible company owned by Rudy Giuliani got taxpayer-backed PPP money -- but where did it go?

https://www.salon.com/2020/09/16/invisible-company-owned-by-rudy-giuliani-got-taxpayer-backed-ppp-money--but-where-did-it-go/

A payroll company owned by Rudy Giuliani, President Trump's personal attorney, took between $150,000 and $350,000 in taxpayer-backed emergency small business loans this spring. It's unclear what Giuliani did with the money.

The loan reveals a previously unreported, 18-year-old company owned by Giuliani. A Salon investigation offers new insight into mechanisms of the former New York mayor and federal prosecutor's elaborate and purposefully obscure business, income and payment arrangements, which have reportedly been the subject of subpoenas from federal investigators in the Southern District of New York.

Giuliani initially told Salon he was ignorant of the purpose of this company, which has handled payroll needs across more than 18 years and lists him as CEO. Financial experts tell Salon that one of two scenarios is likely true: Either Giuliani directly employs a number of people through this unknown company, and pays them substantial salaries, or the company misrepresented its finances to the government when it applied for the loan which would likely constitute fraud, a felony.

Independent journalist Wendy Siegelman appears to have been the first to report both the company and the loan.

According to government records, the loan, which was part of the Small Business Administration's Payroll Protection Program coronavirus relief package, was awarded on April 28 to a company called World Capital Payroll Corp., a registered "S Corp" headquartered at 445 Park Avenue in Manhattan. Those records show that the company received between $150,000 and $350,000 in taxpayer-backed federal funds, which can be fully forgiven by the government if the company proves they were put toward payroll and related expenses. (Giuliani's new private law firm is registered at that same address.)

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