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.
Nine of the loans were for the maximum $10 million possible, including one to a California software company that settled a Securities and Exchange Commission investigation late last year into accounting errors that overstated its revenue. The department has said in written materials that that 74% of the loans were for less than $150,000, demonstrating “the accessibility of this program to even the smallest of small businesses.”that in large part would replenish the Paycheck Protection Program with more than $300 billion. The Senate approved the deal Tuesday and the House was scheduled to vote Thursday.
“If we let the applications for the largest entities consume those one and two person operations, we have failed our constituents and paved the way for national economic decline,” the leaders of the Congressional Asian Pacific American Caucus, the Congressional Black Caucus and the Congressional Hispanic Caucus said in a written statement.
In an emailed statement, 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. Pam Marrone, the chief executive, said the company “shouldn’t be punished” for what happened with the SEC because it has had clean audits for years now. She described the investigation as a “body blow” that cost it investors and drove its stock price under $1. She said it has had to take on $40 million in debt and is still digging itself out of the financial hole.
In an interview, president and chief executive Phil Deschamps said the company was able to raise enough capital earlier this year that, when paired with the loan, it can survive to early summer — when it expects to have filed for U.S. Food and Drug Administration approval for its device. Without the federal money, he said, the company would have lost scientists and attorneys who help prepare regulatory submissions.
Chief executive Ian Dickinson said he welcomed the $1.9 million loan because he would’ve had to let go more employees than he has without it. Enservco currently has 95 employees, he said.
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kgosztola to be fair, that $365 million is about 1/10 of 1% of total. Much more urgent in substance as distinct from symbolism is the stuff not yet included that the GOP is sure to use for bargaining leverage against most progressive needed things, starting w/$2000 per household per month
The Republican Party at work. Stealing money earmarked for small business that need the money to survive, not thrive
That’s what stevenmnuchin1 wet dream is, getting away with corruption in broad daylight.
So wrong!!!!!!
Split the cash for everybody again. Let everybody have a chance to survive equal in our country.
Why am I not surprised?
Ahh, America - got to look out for the rich, the poor can fend for themselves. What ever happened to all men being created equal? Oops! 🤦There's no place for that thinking in politics. GOP + NRA + BigPharma AirlineExecs CEOs PoliticsOverLives capitalism wins always
Why is any publicly traded company eligible for PPP?
Why was this allowed
WTF! Publicly Traded?! All buddies of the rich and powerful, not to mention political leaders
Shocking 🤦♀️
Thieves and liars
75% of the loans for less than $150K for businesses with less than 200 employees
Is this a surprise? Hasn't Putin pawn pushed back on the thought of oversight? Small businesses don't make giant campaign contributions! Which is the real ultimate goal of EVERYTHING that the liar-in-chief can wish for!
Quel surpreez 🤷♂️🙄
kgosztola It doesn't surprise me one bit! In 2008, Banks that got bailout funds, paid millions for home security systems, chauffeured cars, club dues & financial advisers. Wells Fargo SF, with $25 billion in bailout money, gave its execs up to $20,000 each for personal financial planners!
Democrats will again cry over it after voting to pass the package 🤔
So 1/10th of 1%. Or you could say 99.9% of the money went to private companies. Moving on.
That’s Trumps America and those crazy broke people are busy demonstrating
Lol. But they keep voting Republican. I guess their guns make them happy.
They dont need that money. The original application should have been for businesses grossing 2mil in revenue or less, not publicly traded.
And that's news? It's just business as usual.
kgosztola Oversight problems were flagged early on. What to do: Congress signed this into law then left for vacation, so who was on duty to monitor things? That's the US government for you.
ChrisWragge I read this. This is disgusting. Relief should simply go directly to individuals, now. Where else will we spend our money, but HERE, in the United States? bareboneseconomy
YUP!
I’m truly tired of seeing this in my timeline. $300mm of $300bb in a program unprecedented in scope and moving at lightning speed.
Then list all 94. Why wouldn't you? Any of them associated with your parent company?...
Banks did this.
While true small businesses like us gets to wait and hope to get some help.
I think all companies who received money from the Government to keep going should all be handled as a loan. Or our taxes are going to skyrocket. And where are the elite rich, why is there no philanthropist ( this means all Trumps) helping this country in one manner or another?
What are these 94 companies? I want to make sure I never patronize them ever again.
realDonaldTrump VP You really need to step up your game. This is the kind of shit throws people into a cold rage.
What bureaucrats and agencies approved these loans? 2021 headline: Millions Misappropriated
It was announced today that those companies must give the money back or face penalties.
Cmon, do your homework! Tell us the total 2019 profit of ALL of the companies combined!!
only 6 measly loans went to hawaii, less than 2 million dollars, yeah that’ll jump start our economy... andwho are these 6 companies?
Trump is killing 50k of Americans while banking in cash. It’s
Shameful
And what are you trading to say
coachglen In hindsight, they should have had a step program where small non public goes first for 2 weeks, then another batch and so on. Letting everyone apply at once is always a bad idea, like an Easter egg hunt, let the little ones go first.
FakeTrumpSmallBusinessBailout
What? Is this from monies just approved by senate? If yes, I can kiss goodbye to my getting a dime. So sick of this.
But you missed the millions that went to Harvard, which has over $41 billion in cash endowment.
🤬🤬🤬🤬🤬🤬🤬
Cause they use the franchise dodge
1%
When will Americans realize they live in the most corrupt country in the world. Shithole for sure
Report when that money is taken back from those companys.
The Trump swamp
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