McConnell's Wife's Family Business Appears on Trump Admin's List of Companies That Received Most PPP

[riversedge]

Source: newsweek




McConnell's Wife's Family Business Appears on Trump Admin's List of Companies That Received Most PPP Money

By Meghan Roos On 7/6/20 at 6:17 PM EDT


A shipping business started by Department of Transportation Secretary Elaine Chao's family received at least $350,000 in loans set aside for companies struggling as a result of the coronavirus pandemic, according to data published Monday by the U.S. Small Business Administration.

Chao's parents launched Foremost Group in New York in 1964. The company is currently run by her father and sister, according to the company's website. Its application for a Paycheck Protection Program loan was approved on April 15, the SBA's data shows. While the exact loan amount was not included in the report, the SBA said a loan between $350,000 and $1 million was approved, enabling the company to save 20 jobs.

"The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," Treasury Secretary Steven Mnuchin said in a news release announcing the PPP data.

"We are particularly pleased that 27% of the program's reach in low and moderate income communities which is in proportion to percentage of population in these areas," he said, adding that the average loan size was $100,000.
....................................................

Read more: https://www.newsweek.com/mcconnells-wifes-family-business-appears-trump-admins-list-companies-that-received-most-ppp-1515788?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1594074124

---

Link to tweet

?s=20

Link to tweet

?s=20

[kimbutgar]

1. Ads should be running real quick in Kentucky

He bails out his family but not you small business owner in Kentucky. People who don’t need the money.

[randr]

2. This alone should bring the fossil down

[Under The Radar]

3. That is a Chinese National company, how do they even qualify?

[groundloop]

4. Hmmmmmmmmmmmmm

I certainly hope the voters of Kentucky learn every detail of this.

[wishstar]

6. Mr. Chao started the company in NY in 1964 after moving to US from Taiwan

so it is an American company that has earned tens of millions in profit for the Chao family and Mitch McConnell

[0nirevets]

5. Moscow Mitch, so brazenly corrupt while all the Republicans look the other way.

Vote them out. It's the only way to change things.

[essaynnc]

7. Okay now, I'm really confused!

PPP loan was supposed to be for payroll for 2 months. To cost $350,000 and save 20 people's jobs, the math works out to about $17,000 a month per person. I want that job!

[Progressive dog]

9. Check your math.

[Rebl2]

8. Are we

really surprised by this.

[Buckeye_Democrat]

10. She married Moscow Mitch?! Did he remind her...

... of some mythical turtle creature that she admired as a child?

As for the news about the money, I'm not too surprised when we have a mob boss in the WH.

[volstork]

11. Quelle surprise.

Grifters gotta grift.

[aquamarina]

13. This would make a great Lincoln Project ad

Amy McGrath should get on this as well.

Moscow doesn't want to pass the HERO's Act but has no problem giving his gazillionaire wife taxpayer money.

[SunSeeker]

14. K & R & Retweeted!

[BadGimp]

15. You don't say...

[progressoid]

16. And in the right wing world it's all about Nancy Pelosi's husband.

They don't hear any of this.

[tishaLA]

17. Also Kusner, the Ayn Rand Institute, Kanye West

and Nunes' winery.

It's good to see that they adhere to their ideological commitments so well.

[Gregory Peccary]

22. "and Nunes' winery"

How long until we find out Nunes' cow got a loan too?

[Ford_Prefect]

18. SBA said a loan between $350,000 and $1 million was approved, enabling the company to save 20 jobs.

If we assume for argument's sake the loan was for 1/2 the difference, or about $650,000, then 20 people were being paid $16,250 per month each against a probable salary of $195,000 (not including stock valuation and other benefits likely at that level of income).

Who was it said that crime doesn't pay?

[Gregory Peccary]

23. But....

....if one or two of those receiving the funds are senior executives making several million a year that will tilt the average.

[Ford_Prefect]

25. Just Imagine that on Daytime news/drama

Suppose you had 18 people who make $50,000 a year, @ 2 months it would be roughly $75,000. The remaining money would pay 2 months of 3 people each making just over 1 million a year.

Crime could pay some people very well it seems.

[pfitz59]

19. McConnell-Chao is a criminal of the lowest sort.

She bearded Mitch McConnell for the money

[Gregory Peccary]

24. Certainly marraige as a business deal. Otherwise...

.... we'd have to believe that she is actually attracted to his handsome zoo-creature face and charming style. Maybe she still can't keep her hands off of him to this day and they run around plooking wherever they go.

[Vinca]

20. The point of the whole exercise to Mitch was to pad his pockets.

[ffr]

21. Politicians that do such things should be punished harshly.

This is not right.