Eight companies, or their subsidiaries, received the maximum $10 million possible, including a California software company that settled a Securities and Exchange Commission investigation late last year into accounting errors that overstated its revenue.
President Donald Trump, asked Monday whether the criteria for who can receive loans should change, said that “we’ll look at individual things and some people will have to return it if we think it’s inappropriate.” He added that the loans are supposed to be awarded, in part, by “what we think is right.”The AP analysis comes as lawmakers from both political parties negotiatethat in large part would replenish the Paycheck Protection Program with more than $300 billion.
In an emailed statement Monday, the company said: “The livelihood of our U.S. employees and their families would be severely disrupted if they were to lose their jobs or be furloughed. We are doing everything we can to support them.” By design, the Paycheck Protection Program was meant to get money out quickly to as many small businesses as possible, using a formula based in part on workforce and payroll size. Some of the eligibility criteria was expanded making it possible for some businesses with more than 500 employees to qualify if, for example, they met certain size standards for their industries or other conditions.
Five of the companies that the AP identified were previously under investigation by financial and other regulators, including firms that paid penalties to resolve allegations, records show. Marrone Bio Innovations, a biopesticide company in Davis, California, that has about 50 workers, similarly agreed to pay $1.8 million in 2016 after the SEC alleged its chief operating officer had inflated financial results to hit projections that it would double revenues during its first year as a public company. Marrone received a loan worth $1.7 million.
One was Helius Medical Technologies, a company located near Philadelphia that develops technology to help injured brains heal themselves.The company has 19 employees and received a $323,000 loan amid a tough stretch. Its most recent annual report warned, “We may be unable to continue to operate without the threat of liquidation for the foreseeable future” and did not expect to have enough cash to go beyond May.
Another company that was facing financial doubts before the virus was Enservco Corp., a Denver-based oil and gas firm. In its annual report filed last month, the company said: “We do not generate adequate revenue to fund our current operations, and we incurred significant net operating losses during the years ended December 31, 2019, and 2018, which raise substantial doubt about our ability to continue as a going concern.
Your story nixing the Malaria Drug is shameful and irresponsible. AP has lost ALL credibility in its politicalization & dreadful reporting of the news. AP is no longer reliable!
Just wrong. Greed over ethics!
jimmy_dore are you shocked yet?
Such fake news. Unreal so many stupid people believe this bullshit
Smh. Get ya shit together .
And probably all according to plan for those in power.
RandyTRowe *language warning* Their criminal friends on Wall Street... says Carlin
Where's the Wuhan lab investigation from FakeNews AP? It's any propaganda that can be used to attack the President 24/7/365. The U.S. MSMIsTheEnemyOfThePeople
Can we get a list of the 75 companies?
Can you say campaign contributions?
I, for one, am shocked
The rich get richer
WTAF!
Wow I can't believe it....
There is no need for the American people to do business with those companies ever again. And when all this is done, Congress needs to specify the terms of future bailouts, so we’re all clear about not stealing from the public.
Republican plan was to provide for the well funded.
and there you have it GOP strikes again
iamseanbaker I can't wait until our only restaurant options are Applebee's and Ruth's Chris steakhouse (not sure if Applebee's got some of that sweet business loan cash). Sounds a lot like communism to me.
K Street lobbyists made sure of that.
lhgmk2 No zillionaires should get anything from government, they are to greedy and need it all taken off them. coronavirus
Corporate Restaurant CEO: My yacht needs a paint job. Govt: Here's $10million Mom's Cafe: Can I have some? Govt: No. You don't have a yacht.
The slurp and Burp you hear is Capitalism at work. Plenty for the well heeled. Nothing for widows and orphans. Where is the 21st Century TR?
LizMacDonaldFOX Can’t believe anything published by the AP as they are fake news and the enemy of the people
Pathetic. taxrevolt2020.
You can add the 9 million that Harvard recieve to the list.SmallBusiness
Are those the firms who contribute funds to Repblican good causes?
They applied for the loans & qualified for the loans per the criterion in the CARES Act. “At the end of the day, our employees are really no different than the employees of a nonpublic company,...These are funds being used to keep folks on payroll and keep food on their tables.”
HAHAHAHAHAH
follow the money then lock them all up, friggin plantation masters
Disgraceful! JimGreenwood steveubl IAmBiotech PhRMA should pressure industry members like turd companies $MNKD and $WVE to give back this ill-gotten money that should be going to restaurants and real small businesses in communities
Big corporations need 💰 too! How else will the CEO afford his/her 3+ houses, private jet, and servants?
Trump removed the oversight of the program that Democrats wanted.
Big business greases the palms of the writers of the Bill's. Does anyone really think that this loophole was a mistake?
Because $500 billion wasn't enough. When you're arguing that a vote for Joe is legitimate this November, remember - you and I got $1200 each, while both parties agreed that $500 billion dollars for corporations that continue to swindle is justified. TwoPartySham
Excellen! Hope that will save all their jobs!
as real small businesses close down
First come first serve is more like pay to play SBAgov
These needs to be stopped. Why did realDonaldTrump fire the AG?! Oh that’s right because he’s as corrupt as a mob-boss! CorruptGOP
brat_tea More evidence that the $2 trillion stim package has been mis-apportioned in the Trump approved cash grab...
CailinasEirinn Oh, terrific! I don't know about you, but I am so frickkin tired of winning!
Which banks approved these loans? We need those names along with the businesses that took advantage.
To say nothing of the probably innumerable PE backed mid-sized companies
And that’s why Trump didn’t want oversight on how the funds get distributed.
colvinj Wow. Just fucking wow.
I said it from the get go. Look what happened with 'Toilet Paper'what did you think was going to happen with Free Money? They have lawyer,bankers and politicians in their pockets. Gobbled up the funds and left those who are in desperate need holding a bag full of dust. SBAgov
Wondering if any in Congress owned stock in any of the public owned companies.
Pilfering in times of crisis is like peanut butter and jelly to big business and government. But thanks to all the grocery store workers!
This is BullSh*t...as Mark Cuban stated...your killing your Brand
No surprise here. Did anyone really expect anything different This is so on brand.
The next big separation of wealth. My small business cannot even get the $10k loan. Been shut down for over a month.
Are we great yet?
Meanwhile as a small business owner of 30 employees who has had minimal financial losses as a result of CoronaVirus chose *not* to apply because I knew so many others needed far more than our business did.
This was a travesty. I know several sole proprietors and small businesses who knew this happened and had no recourse. This must be corrected, money refunded from these companies, and placed in the hands of vulnerable businesses.
Where’s the oversight....oh wait. Never mind.
That's what having no oversight does.
A Gov program with fraud, how shocking (said in an extremely not shocked at all tone)
ItsAllTrumpsFault TrumpCorruption TrumpCrimeSyndicate
How many time are you going to tweet this story today?
Bullshit while the rest of us suffer with no business loans yet
World governments should have forced Banks to suspend interest charges. It's nothing more than shutdown usury
Meanwhile, PPP relief check for a middle class family is barely enough to cover food & housing expenditures...
Does AP know how franchising works?
IT IS CALLED ' FLEECING THE NATION '
Blah blah blah AP has zero credibility
This is why. The banks are cockroaches essentially
Great administration of a stimulus program! No one is going to accept the blame
This is the Greed behavior of Wall Street & the well connected....Shameful !
Add this to part of your investigation: Sale of stock options before coronavirus hit 👍 Who, what, when...
The strong do what they want. The weak endure what they must.
It's amazing what happens when you fire the person in charge of making sure there is no grift on the taxpayer monies.
Repug graft. They only care about big donors.
Welcome to Lobbying 101.
I’m sorry but do they not employ people? Are they not entitled to the protection? YOU WORK FOR A CORPORATION sorry your paycheck is gone because we need to help someone else. Fund the program properly and this issue is a mute point. Also why aren’t the stories focused on Harvard?
Just how the GOP planned it.
Corruption. Like a Third World Country.
If I wore a mask like that. They’d probably call the cops. Thinking I was about to rob the place.
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