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.
INTERAL AND EXTERNAL SCREAMING
Send the money back or we the people MUST boycott
40 publicly traded companies that stole $$ from the small businesses that Paycheck Protection Program was intended to help! Criminal!
nhannahjones Those of us, who are paying attention, we are not surprised at all about this. Trump is a professional criminal and knows many corrupt people.
Remember this when people complain about welfare abuse and taking advantage of the system! These despicable companies are doing this on a grand scale and it's considered a smart business decision.
the boat sinks! ... Pigs and millionaires first
Really
Wow
They should return the money
💰💰💰💰💰Trump Manipulates
USGAO usgaolegal
JoshMankiewicz It seems like a company like Ruth’s Chris run the risk of losing more than $10 million in business from keeping the loan and Shake Shack could gain business from doing the right thing by returning the money.
JoshMankiewicz Fucking criminals lock them up?
We need to ban fogorestaurants RuthsChris and all the other big companies that received this PPP loan until they give the money back. I’m a small business owner than has gotten jack shit and bubblegum and I’m all out of bubblegum.
Twitter Remove realDonaldTrump
So, cause their citizens dont count? Yah, u go AP!
Why?
Utterly shameful
KeithOlbermann This is why they didn't want oversight.
Is anybody really surprised though?
This is a typical disaster because this administration is incompetent with anything they touch. Let's be clear. Filing bankruptcy 6 times is not a success story now or ever.
Wtf? This is absurd!!
Totally corrupt and no oversight.
MoondanceGiving No wonder the market went back up. That’s where Trump shoved money
Names. We want names.
KeithOlbermann There's some tiny publicly traded companies tho
How many jobs did they save?
'Quick..fire another IG. The fake news is too close to the story.'
Smells bad
Once again, Trump and Minchin at their finest, fucking us right till the end !
KeithOlbermann How is this not proof that they aren’t working for us?
KeithOlbermann Are they returning the money like Shake Shack did?
I handle communications for a nonprofit Medicaid case-management agency, & sent out info to desperate small regional medical practices to try to get them in on this. Essential places possibly facing having to CLOSE during this pandemic. The pot was empty by the time they applied.
Joke
megrowler Over under on how long it takes me to find a 'liberal' blaming this on Chuck Schumer: 12 seconds
They are being forced to give the money back or suffer the consequences which AP fails to mention.
What about illegal immigrants getting benefits they shouldn't? Same same.
Did Clinton Foundation get money?
I told you so AGHamilton29
i the meantime, hawaii got 6 loans for the entire state amounting to less than 2 million dollars!!!
Disgusting
Bwahahaha! Trumpanomics 101 always a grifter.
realDonaldTrump and his administration can’t be trusted.
Take the money back! They have no right to receive the money!
CRIMINAL 😤🤬
😠😠😠😠😠
Hence why he didn't want oversight.
All the money they received is still less than .01% of the available money.
88SEATTLE61 ETTD and DrainTheSwamp
KTLA I know my small business got screwed
Now let’s finish off America what we couldn’t pillage plunder and steal in 2008 let’s go for gold now take their StockMarket SocialSecurity and future soz
Name the publically traded firms please. The public deserves to know who got funding intended for small businesses. Shake Shack seems to have a changed in plans for their $10 million.
And I'm positive that all of them have to give a portion of it to Trump
I need $15K to keep my small business alive and these bastards took it all. Nancy is holding up the rest for some insane causes. My story is repeated at least 5300 times because of crap like this.
This is the fourth friggin time you post this tweet today. Please stop.
Welcome to MAGALAND !!!
Make them repay
✅ POST who they are... POST the names of these opportunistic griffters ... tell 🇺🇸us who stole our money !
They should refund the monies.
The crooked trump is running his crooked mind to make the US be a crooked country.
Hence hurrying and no oversight, they won’t payback either
Big government bureaucracy at work. The government does NOTHING efficiently or with any kind of accountability or responsibility.
realDonaldTrump stevenmnuchin1 Hmmm,10 big firms got $10m meant for Small Business. Was Harvad one?
GodessofChaos71 Corporations will not be satisfied until they have sucked America dry of every penny that should never have been theirs.
Small businesses do not take out 10 million dollar loans, that should have been their first clue.
Murica
At least eight publicly traded firms need to return that money even if they have to be shamed into doing it.
And so many were from Chase Bank. There’s a lot of questions that need to be asked.
This time around MaxineWaters recommended going to small banks and credit unions committed to helping small businesses. Most are participating in the program. Meanwhile nothing is going to be done to the BIG banks for only loaning to their customers chain restaurants.
I would love to know how much in taxes these companies have paid.
KTLA Greedy thieves will always be greedy thieves. Best way to deal with these kinds of companies is not to do business with them. Then they will be forced to close permanently.
PeachesJenkins4 Well well well im not going to say that us in newyork knew he is a con man an America has officailly been coned by a con man
PeachesJenkins4
There’s always a bigger agenda when the current government want to give money to the poor.
Yeah. It's probably being transferred into trump's private bank account. This is what the Democrats were worried about. Trump and the GOP are all total grifters with my/our money!!!
Now investigate them getting to the front of the line.
To keep it in perspective. We are talking about less than 1/10 of 1% of the funds allocated to the PPP.
This is BS. PT companies should not be getting any of this money.
196 days to get he election then shortly after let us send ALL of the grifters Donny his family Lindsey Moscow Mitch to hail and confiscate all the money they stole from us
My local small businesses said they have been denied the loan.
When you are a CRIME FAMILY DON, your sycophants and loyalists will always come out in better shape than the honest. We have 43,500 souls lost due to indecisive leadership and a failed presidency. We deserve better. The living deserve the Truth!
Name them!
As someone who work(ed) for a company of less than 20 people, a company whos owners poured their lives into the business and now risk bankruptcy by no fault of their own, and are struggling to get any financial support from this stimulus.... Damn you. GOD DAMN YOU.
My son, a small business owner, got nothing.
Did the cruise lines get their (*our) cash? Because that is what is important, right?
PayItBack or WeWillBoycott
Identify all of these freeloading firms and have them disgorge their ill gotten loans. Then make sure the funds go to small businesses in need of relief.
Forget bailing out businesses, its time for a universal national income for those affected by covid-19.
ELFLACOALVAREZ I will be boycotting each of them.
But of Course. Not even a little surprised. We have a crime syndicate running our country like sarahkendzior has been saying all along 👊🏼
slpng_giants For about the 50th time since last week: From the SBA website:
The government is so incompetent.
slpng_giants I see you media types are still focusing your stories on the companies in this SBA PPP disaster. THE LEGISLATION WAS BAD. IT WAS WRITTEN WITH AN OFFSET THAT FAVORED BIG COMPANIES. IT WAS WRITTEN TO LET ALL SECTOR 72 COMPANIES APPLY, REGARDLESS OF SIZE. HELLO? YOU THERE?
It's sad, but my initial response to anything from AP is to believe the opposite. I'll wait for a more credible news source to report on this before forming an opinion.
That should be reported to the Inspector General....oh, never mind.
Meanwhile my actual small business is being frozen out because all the funds are gone.
Why is congress SpeakerPelosi giving taxpayers' dollars away without any pre-oversight before the money is paid out?
Even Harvard got i believe 11 million dollars. The richest college that doesn't need a dang penny.
What’s the names of the companies
Literally the heist of the century.
a quick tip: If you're asking for a $10 million loan, you're not a small company.
Did they save jobs with the money
This is a surprise...why?
What the hell jamessmurray ?
Vote potus out!!!! TrumpLiesPeopleDie
Shameful
KTLA And the people that are on Social Security or SSDI disability haven’t received a penny I think everybody should boycott those types of companies that took the money that’s just sad I get $700 a month I need more help than they do
That is the bank’s fault. They should not be approving those loans for big businesses.
Thank God DonaldDeath fired that Inspector General! More Winning for the TrumpCrimeFamily
Amazing!
You just had to know when the Republican control Senate and Treasury are giving the money out to Small business through the banks with their hands out, this wasn't going to go good and the Small Business got screw and working people, who would had known this was going to happen!
And how much is the Trump Corp and Trump Properties receiving from the 500 billion dollar slush fund that he coincidentally declared he wouldn't abide by the oversight contained in the bill he signed his name to?
How much did trump and his family stuff in their pockets He said yesterday he didn’t get any of it. Yeah, right!!!
Franchisee, you stupid people.
usernamemeyou Completely disgraceful and expected!!!
$300 million could have gone a long way to help a lot of small companies in need. This is what you get when you give Trump oversight of money. A lady in our area asked for a mere $18,000 to keep her year's old business with 8 employees going. Guess what she got from Trump? Nada.
Shameless! Give it back Now! Expose their names so we can boycott them!
Email your Senator: Concerning the distribution of the Small Business Assistance funds it’s time to play The Shame Game.
slpng_giants USTreasury WTF are you doing with the fund for small businesses? Businesses in my community are desperate. WhiteHouse WherestheOversight? ReturntheMoney GreedyCorporations
Wow—-what is wrong with these 8 firms to have even applied for the loans?
So as usual with this corrupt administration....it was a total scam to help tRumps friends!! Lock his ass up and throw away the key!
You know we are talking about $300 million out of $359 BILLION. If they followed the rules what's your concern.
Jeff Bezos Amazon gift card department cash theft $2000 20 $100 gift cards January 31 Friday into unintended account February 1 reported I was threatened I will not stop.
Are they companies with individually owned franchises?
Where is the congressional oversight? SenSchumer SpeakerPelosi
Just gonna leave this here...
This explains why the republicans wanted no oversight!
Some got 20-50 million, as each subsidiary met the requirements somehow... POS capitalistic system, always screws over the little guys. 👍
All with ties to Trump, I assume.
And?
Hopefully franchises will be excluded from applying in round 2.
They own the country so of course they get the benefits.
Trump said “I’ll be the oversight” Then he fired the inspectors general Now we see hundreds of millions have been misappropriated
Am I supposed to be surprised after the person overlooking this got fired.
Which ones gave it back?
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