71 Publicly Traded Companies Got Paycheck Protection Funding Before Money Ran Out

[UpInArms]

Source: Forbes

There were 71 publicly traded companies that received funding from the Small Business Administration’s $349 billion emergency Paycheck Protection Program before the money ran out last week, Securities & Exchange Commission filings show.

... snip ...

Some of the public companies that got Paycheck Protection Program loans were based outside of the U.S. Biotechnology company Wave Life Sciences, which recently had a market valuation of $286 million, is based in Singapore and obtained a $7.2 million loan. CRH Medical, a provider of medical services with a market capitalization of $148 million, is based in Canada and got a $2.9 million loan. Both companies have extensive U.S. operations.

With a $405 million market capitalization, DMC Global, a Colorado producer of perforating systems for the oil industry, was the second-most-valuable publicly traded company to get an emergency coronavirus loan from the SBA. It received a $6.7 million loan.

There were some publicly traded companies with large balance sheets that received funding from the SBA-run program. Hallador Energy, a coal producer based in Indiana, finished 2019 with $426 million of assets and $230 million of liabilities. It secured a $10 million Paycheck Protection Program loan.

Restaurant chain companies were the public companies that secured the largest sums from Paycheck Protection Program loans by having restaurants operated by different units apply for separate loans. J. Alexander’s Holdings, based in Nashville, obtained two separate loans totaling $15.1 million. Ruth’s Hospitality Group RUTH, which operates the Ruth’s Chris Steak House chain, got $20 million combined from the SBA program through two different subsidiaries.

Read more: https://www.forbes.com/sites/nathanvardi/2020/04/20/seventy-one-publicly-traded-companies-got-paycheck-protection-funding-before-money-ran-out/amp/

[Newest Reality]

1. You've got...

You've got a nicely rigged country there.

It would be a shame if something happened to it.

The baby birds strain and stretch their heads upwards, mouths agape. Momma' bird stuffs food in them.

[Walleye]

2. Should have been called the stockholders protection program

[DENVERPOPS]

14. Corporate Welfare

more accurately describes the gift.....(or is it spelled grift?)

[keithbvadu2]

3. Trump family businesses?

[Bleacher Creature]

4. Who could have ever predicted that the Trump administration would do such a thing??

[bucolic_frolic]

5. Putting money into businesses in industries with overcapacity such as oil

is wise in what universe? Even restaurants, post-COVID-19, they're all going to be operating? Many were barely breakeven in 2019.

There will be consolidations, bankruptcies. It was all built on easy money and tax cuts. Tax cuts to fill the coffers of hedge funds and investors, easy money for banks to make loans. It was never sustainable without more easy money. It was true before coronavirus, its true 10 times greater after coronavirus.

[RussBLib]

6. at least we are getting SOME information

if Trump had his way, we would learn NONE of this.

I'm glad to finally see some stats on the money that went out the door. There simply MUST be accountability with public funds.

Can anyone tell me how public companies worth millions get in line before TRUE small businesses that are worth a tiny fraction of that?

At least Shake Shack has agreed to return $10 million to the treasury.

And yes, for sure, everything Trump touches gets fucked up. How about that $500 billion or so that Treasury and Trump alone control? No doubt a ton of that will be stolen or go to nefarious ends.

[DENVERPOPS]

15. Where do you think

Jared and his Trailer Trash Barbie have been spending all their time?
It takes time and creativity to grift that amount of money.....

[Traildogbob]

7. $349 billion

We could have given every tax paying citizen a billion dollars, of their money. Even homeless, and poor people. Not one red penny to billionaires that pay no taxes. Sorry trumps, that means you "still" would not be billionaires. Just imagine the economic spending spree. Not a dime allowed to off shore non taxable accounts. There would still be tons of cash give CEO's and billionaires a one time check of $1,200. What the hell, liberals have a heart, give em 2 checks for $1,200. We citizens could even sign their checks, FFS it is our money, not like the trump scam signature. He brags about paying no taxes, so why is he signing our check from our stash? A billion per person, now that would MAGA. Even MAGAts would support that kind of socialism. That's just from small business bailout. The Free 500 billion to CEO's could be added to ours. That would be 2 billion per American. Married people would be worth $4 billion. Everybody could afford health care. Then, fairly tax ALL billionaires. That's What Jesus Would Do! That would be God blessing America like so many love to shout.

[eppur_se_muova]

10. Ummmm ...closer to $1,000 than $1 billion. $349,000,000,000 / 330,000,000 $1163 nt

[Traildogbob]

11. Damn,

Devos Jesus school trickle down Education hit me and my math. Two many zeros. Guess I best delete this. Regardless, no free cash to billionaire non tax payers until they drain assets and off shore cash. Called capitalism last I heard. Non of that socialist shit where they get our taxes.....free, not loans. A famous intellectual once said, “it’s my cash and I want it NOW. (Whitman, 2019) Those daily after school math lessons from a stable genius is more contagious than the virus. We need N95 hearing protection. Covidiot 20 will destroy us.

[Igel]

12. The payroll protection money was there for a reason.

Pelosi liked it. (For some, that's an argument.)

If the corporations don't use it as intended, it's a loan that must be paid back.

If they use it as intended, it's a grant--but that means almost all the money goes to keep people who would otherwise have no jobs on the payroll.

Think of it as unemployment benefits at 100% of current pay administered by employers.

If you're a large corporation and have 100 employees, it would pay to keep those 100 employees officially on the payroll. (If they're actually on the job, then that's a violation of the law governing this program.)

If you're 10 small businesses and have 100 employees, it would pay to keep those 100 employees officially on the payroll. (And again, if they're actually on the job, then that's a violation of the law governing this program.)

Most of the objections are due fervently believed-in suspicion.

[Traildogbob]

13. Intended!

With oversight.......... by JaVanka and The Mooch. All good. First slush fund went flawless. For those SMALL businesses. “We’ll see what happens”. Trust the GOP. Like the additional tax break snuck in there for Jared et.al. And Lindsay Graham bitching about unemployment. Lazy unemployed people, wanting handouts.. Are the $500 billion free cash recipients lazy, will not work after getting socialist free cash?

[eppur_se_muova]

8. Well, who's going to trust that notoriously leftist rag, For ... oh wait. nt

[BComplex]

9. There are a helluvalot of small businesses whose owners support the republican party, who did NOT

get a loan.

All we need to do is EXPLODE the internet/social media with the meme that these publicly traded companies, MANY OF WHICH ARE NOT EVEN BASED IN THE USA, got the CARE money instead of the REAL small businesses that are slowly going under while everyone is tucked away at home.

People who run a truly small business....that business is like their baby. They work ungodly hours, pour their life and soul into their business. Sweat blood. They are going to be really pissed to know the republicans engineered this giveaway to their bigger competitors, probably in exchange for
"doing someone a favor, though".

THIS is the type of thing that will undo the republican party, but people who only listen to faux "news" won't know this part of it. That's why we need to make this issue go viral. This right here is the death blow, if we can only make sure people know it.

[Yo_Mama_Been_Loggin]

16. Hallador Energy has close ties to Trump

https://www.msn.com/en-us/news/politics/this-coal-company-with-ties-to-the-trump-administration-just-got-a-dollar10-million-small-business-loan/ar-BB12ZtmS?li=BBnbcA1