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 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.
Despicable. Make them give it back to the small, non public traded businesses, that aren't paying their CEO millions.
PaHouseDems How are you going to fix it?
Trump/Putin Supreme court deny GOP request to remove from office so incompetent Judges can interpit law DR EVIL THE LAST SHIP permanent disfigurement of justice.
Why isn’t realDonaldTrump calling them out by name?
BlackNewsPortal Greedy bastards
That was no accident.
FuckOffTrump5 Disgusting
cryborg But let’s puck on Harvard
That's shameful.
Corruption at its finest.
WTF!? This should helping SMALL businesses.
WTAF!! you know how many small businesses (100 employees or less) NEED that money They don’t see it as a GRIFT.... Fcking DISGRACE! Name them so we can boycott!
And they will pay it back.
There’s going to be political hell for this. Donnie doesn’t realize it yet, but he will. There’s going to be many of his supporters whom own small businesses that are not going to get their share and they will find out who did.
hey_leia Boycott
ok ok
BigBusinessGiveTheMoneyBack BigBusinessStealingStimulusMoney SmallBusinessRelief
DanielNewman And during the press conference tonight...the pres said they were going after them to make them give it back. Starting with Harvard if I’m not mistaken
This is exactly why the Dems insisted on an ethical and competent oversight panel but Trump and his *administration* are ignoring those provisions. Shocking, right?!
I want to know how many of these companies does donnie hold interest?
And no one will lift a finger to address that
Same scam. Money steal by the connected!
Pissed.
'or their subsidiaries' ... those could certainly be small businesses.
Meanwhile I’m struggling to keep my small office space of a studio open because I’m a sole proprietor in the service industry
🤮
I don’t understand how more people aren’t pissed off about this
Make sure you look into Ocean City Maryland too.
Some idiot in the administration forgot to spell out in the rules that affiliates of Fortune corporations can’t apply?
Some hedge funds included.
Mathematicians! Stimulus $$ 1. Distribution based on business accounts 2. Direct pay & extra payments for all 3. Drain your employment benefits 4. Businesses are producing the same + Cash Flow 5. Employees get multiple A/R So, how many pies within a pie? POTUS USTreasury
No wonder that shit runout quickly
PPP CARE ACT That meets the SBA industry size standard if more than 500 Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Nanu4Equality W. T. F? Ffs. They need to be named & then boycotted. Ruth Chris is one (never been there, but they suck!).
ryanwanders This nightmare just keeps getting worse... I feel like I’m living in a movie. 😔
Hmm...I wonder if they will give/repay it back? I wouldn't hold my breath though.
Now this is the pandemic we so desperately need a vaccine for!!
The more things change......
criminal and greedy.
Name those names!
How many ot these companies are penny stock companies?
Capitalism = Communism
DatsDatBULLSHYT!!!
What happens when you fire the person in charge of oversight
It should be no surprise that in a system that is fueled by campaign contributions and led by the Grifter in Chief that this would happen.
🤯
Figures...
Isn’t this administered by the SBA? Doesn’t that acronym alone disqualify any publicly traded company? WTF?
GiveItBack Bastards
realDonaldTrump
Trickle up economics.
Corporate America at its finest! Anyone who is surprised at those news needs to wake up.
Even ignoring that loophole, the definition of 'small business' was a poor one IMO, as it included any with fewer than 500 employees. Let's face it, if a bank is choosing between you with your 20 employees, and a company with 499 employees and more assets, who will they choose?
WE WANT NAMES!
Make them pay it back
Out of 2.2 trillion🥴
America loves corporate socialism.
We need a mass public shaming campaign against these companies.
Trump is in charge. what would you expect?
Oversight? Nah! 😡
We need help too!
Criminal charges probably aren't even going to be filed. 😞
Therefore... BOYCOTT shake shack!! They got caught, they returned the money, real small business are, literally, dying every day for corporations like that!!
Thats how the US operates muh guys
WHY?
This stat goes to show who 45 and is cultist followers really care about; Big Campaign Donars
Who’s watching how this money is spent? Trump’s WH lawyer? Yea😏😤😡
You cannot leave a pin hole in legislation b/c GOP will turn it into the grand canyon for the rich and corporations.
Disgusting.
Meanwhile, many small businesses can't get any relief. Hmmmmmm......
Should big business get a bailout?
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: AP - 🏆 728. / 51 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: AP - 🏆 728. / 51 Read more »
Source: YahooNews - 🏆 380. / 59 Read more »
Source: AP - 🏆 728. / 51 Read more »