Posted on 04/21/2020 9:42:49 AM PDT by DoodleDawg
Companies with thousands of employees, past penalties from government investigations and risks of financial failure even before the coronavirus walloped the economy were among those receiving millions of dollars from a relief fund that Congress created to help small businesses through the crisis, an Associated Press investigation found.
The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time.
But at least 75 companies that received the aid were publicly traded, the AP found, and some had market values well over $100 million. And 25% of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question.
By combing through thousands of regulatory filings, the AP identified the 75 companies as recipients of a combined $300 million in low-interest, taxpayer-backed loans.
(Excerpt) Read more at huffpost.com ...
Publicly traded at what level? Not everything lives on the DOW. Penny stocks can be small companies.
So this is the latest “get Trump” ploy. I do recall the Pelosi & Co. bragging about how they were going to oversee the dispursement of stimulus funds and not the President. Aren’t these companies Democrat cronies?
The money always goes to those who hire the right lawyers.
I guess we have to shut the program down for the 99.9992% of companies’ funding that aren’t.
[Any time you have a government program with that little fraud]
This boondoggle is on the House, the Democrat House.
The Republican Senate passed it and the Republican President signed it. Nobody's hands are clean in this one.
Dumb Question:
Which part of the US Constitution Authorizes the Congress to Appropriate Taxpayer Funds to Private Businesses??
The way this law was written had nothing to do with size as I saw it. If you did not LAY OFF employees and kept them on payroll you were entitled to 2.5 months of wages per the Payroll Protection Plan?
Big companies have the staff & knowhow to navigate the forms.
Not so much the mom-and-pop stores.
The rules are skewed to the big donors.
My son-in-law owns a small business and employs people. When he inquired about loans, he was told all the money was gone - and large businesses took it all already.
How many companies who are still working and charging their customers AND WILL GET PAID OR ARE BEING PAID, received PPP money that will just go into the owners bank account. Seems like a double dip fraud scheme but what do I expect from the government....
Have you looked at the forms?
I have, the actual forms. I would provide a link if I could remember them.
The application forms are so simple anyone of us here on FR could fill them out in 10 minutes.
I had to give the gov my 941’s (quarterly Fed tax returns) for payroll. The money is 2.5 months of payroll and it must be proven. This is to keep employees from being laid off.
What good is having economic and or political power if you cannot reward your friends? I was going to apply the sarcasm tag but then I realize Mr. Smith will never go to Washington again.
So if you have a business that is still working and collecting money from the customer that is paying the employees where will the PPP funds go? You are being paid for services rendered just like any other day. Why would you need a “loan”.
Corporate America shtuping John Q. and Jane K. Public, again.
Again this is to keep employees from being laid off. if you think Business is booming I want to know what business you are in. This must be used for payroll!
I’d like to see evidence of that.
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