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Mon Jul 6, 2020, 04:18 PM

Small business aid went beyond hard-hit companies, data show

Related DU thread: Trump admin releases list of companies that received most money from small business bailout loans

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Source: Associated Press

Small business aid went beyond hard-hit companies, data show

By CHRISTOPHER RUGABER and JOYCE M. ROSENBERG
July 6, 2020

WASHINGTON (AP) — The government on Monday identified roughly 650,000 mostly small businesses and nonprofits that received taxpayer money from a program that likely helped prevent the job market meltdown from growing worse but that also benefited some politically connected firms.

Recipients covered a broad swath of industries, with some that were less directly impacted by the coronavirus pandemic, such as manufacturing and construction, receiving a greater proportion of the loans than the hard-hit restaurant, bar and hotel industries. Many law firms and private equity companies also obtained loans.

Businesses owned by politicians also borrowed from the Treasury Department’s Payroll Protection Program, including a minor league baseball team owned by the family of the governor of Ohio. A large franchisee of Wendy’s, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans totaling between $15 and $30 million.

The program launched April 3 and as of June 30 had handed out $521 billion. Treasury identified just a fraction of the total borrowers Monday, naming only those companies that got more than $150,000. Those firms made up less than 15% of the nearly 5 million small companies and organizations that received loans.

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Read more: https://apnews.com/f2c79abd6acb08843b13f8a5be877b7c

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Reply Small business aid went beyond hard-hit companies, data show (Original post)
Eugene Jul 6 OP
Hoyt Jul 6 #1

Response to Eugene (Original post)

Mon Jul 6, 2020, 04:31 PM

1. If companies used the money properly -- mostly to keep people on the payroll -- I'm fine with it.

I think it will ultimately prove beneficial, even if some companies didn't absolutely need it.

If they didn't use the money primarily for payrolls, I hope the Democratic Admin ensures timely audits and recoupment.

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