have also come under fire after reports that bigger customers got better treatment and were generally much more successful in tapping the PPP than small mom-and-pop businesses, leading to allegations that lenders unfairly prioritized some clients. The loans are forgiven if business owners can show they used the money for approved purposes like payroll.modified an artificial intelligence program called Margaret to find mentions of PPP in regulatory filings.
"We had all this information we were already looking at it, we just had to put the AI on it," Frischling said in a phone interview. "We're confident that if a company disclosed it in a filing, we got it.", which says it applied for — and will return — $77 million from the PPP, because the firm hasn't disclosed the moves in regulatory filings., claiming that they had limited access to other sources of money and the program would help them to pay their employees.
The same goes for the three companies affiliated with Monty Bennett. Ashford Hospitality Trust, where Bennett is chairman and a large shareholder, was able to treat each individual hotel property as a separate business when filing for PPP. They applied for 117 of the loans, getting $38 million so far, the most disclosed by any company. Loans for another $38 million were still being processed.
"We plan to keep all funds received under the PPP, which were provided as a result of the application process and other specific requirements established for our industry by Congress," the Bennett-run companies said April 25 in a
stockstobuy WoW can a lg news network B any slower....? Or is this on Auto...?
This was the flaw in your poorly planned rollout. What were you all thinking?
Me laughing at Trump supporters cause they ACTUALLY thought he was gonna fight for the little guy! Rich white men DESPISE poor people...even the White ones...but they KNOW your racism means a PROMISED vote for them to continue to fuck y’all. A match made in hell 🤣🤣🤣
If these companies do not return the money every bank that wrote those loans needs to transfer the debt to their own books.
If a business qualified under the original PPP/SBA program guidelines then let it be! Not appropriate to change the rules! If more funds are needed then allotment of such should be increased! Original language stated “ all businesses” jimcramer
PPPloan is a joke. It's a banks fiscal responsibility to take larger guaranteed payout, ergo all money to big biz loans, public companies with reserves unlike most small biz, then sellers collect. trickle down? Lol robber barrons collecting then filling bankruptcy rinse + repeat
Shocking! And now the government will say “they shouldn’t have.” The banks that made the loans will say “change the rules if you want us to stop.” The public companies will say “if money is available, we’re taking it.” No morals and no accountability.
Our leadership should have known that would happen. They opened the door and welcomed the abuses. Why? Let’s find out.
OF COURSE. PEOPLE KNOW TRUMP TAKES GOOD CARE OF HIS FAMILY, LARGE CORPORATIONS AND HIS COHORTS WITH LOTS OF $$$$$$$. The little guys get peanuts.
Theses days the US can’t seem to do anything without controversy. Regardless of political standing, the US screws it up and then blames someone else. Embarrassing really.
The same old... stoplisteningtotrump
Ashford Hospitality Trust grabbed 76 million and said they plan to keep it. The question I have not seen the answer to is did the banks get a fee for dispensing funds and processing paperwork. Also did the applicants pay a fee to get the banks assistance.
Should the banks not be held accountable as well? This money should have to be paid back... A small business is less than 100 employees.....not 500 per location!!!!!!!
nikolamotor thank thieves
This is the United States, where the rich have everything, and the poor wait in line to die.
Thieves
Come on cnbc, this was from 5 days ago!! Slow news day?
This makes me ill.
Trump’s administration is a mess
Republicans are bottomless well of incompetence and corruption.
hugh_son Can we please stop the myth that PPPLoan are for protecting businesses? “Forgiveness is based... maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.”
and Lakers even if they are not public...
ChembioDX has some nerve. They got a PPP loan too, despite their ability to go into the Public markets to raise money. HSBCUSA should be ashamed for the assist. The SBA and SenMarcoRubio need to look into this and claw this money back.
It’s not frickin hard. Quit the PPP & use direct deposit by the IRS & Payroll firms. It’s about the employees, right. Then pay them directly $ cut out the middlemen banks, making 3-5% off of these loans, earning close to $30 billion. Why are they profiting, while others suffer?
That’s really caring.....
Fraud. It’s called fraud.
This better get 100 million retweets.
Was about to yell where da fuk the Lakers but then I learned how to read.
So my daughter's shop couldn't get anything cuz of these greedy corps?
Big companies like these can't even untame the Pandemic!
Hugh_Son $4.4 mil; to the $4.6 billion Lakers next question. IRSnews is a disgusting organization for even allowing it. criminal towards real nerdy businesses. indefensible.
Hugh_Son I have not worked since 3/20/20 now I’m homeless and can’t even get a shower no stimulus check yet no unemployment I’ve worked my whole life this makes me sick ICANTSTAYHOMEIMHOMELESS!!!
Hugh_Son Yeah good points Kelly. They afterwards said that the companies have a 2 wks window to return it. So they did that to cover their necks when they realized they could soon have it come back onto them. Wow.
Hugh_Son need to redefine small business
Hugh_Son My wife's work received theirs.
Hugh_Son Not small business that needs help to stay afloat and keep their workers working so they support their families and help bolster our dying economy
Hugh_Son I want THIEF banks to release the list who got PPP and how much? And if those companies that received loans donated to Trump campaign or not!
Hugh_Son Thief banks and corporations! But wait , when they reopen the economy, you’re gonna regret it because there won’t be enough demand! big corporations and their workers won’t be enough to keep the economy going! Wait for a real collapse nearing!
Hugh_Son Don't be fooled. This is precisely what Trump, Mnuchin and McConnell cooked up. Then blamed the Democrats for holding things up when they desperately tried to get oversight on the spending. Mnuchin even got an untraceable slush fund.
Hugh_Son Just why are publicly traded companies taking any monies? CEOS are helming failing companies adding false value with stock buybacks and not investing in innovation/ human capital. These CEO’s need to be fired and replaced with a third grader
Hugh_Son Appeal to heaven
Hugh_Son This is the same corruption we have come to expect from our Red & Blue legislators and our banks. It’s sickening. HouseFloor SenateFloor
Hugh_Son Laser hair removal co CUTR gets 7mm of ppp just 2 days after Hedge Manager/Chairman of the co buys 1mm of stock and raises over 20mm plus they already had 20mm in the bank
Hugh_Son I know a lot of local small businesses had to closed. So Far I do not know one small business who receives the bailout.
Hugh_Son What? The government doesn’t actually give a shit about us? Who would’ve thought 🙄😒
Hugh_Son Old news. We knew about this a week ago.
Hugh_Son Apparently, the loans are going to the Lakers.
Hugh_Son Great oversight.
Hugh_Son The rich are getting the money AGAIN!
Hugh_Son But when democrat representatives are against these types of deals, trump supporters are crying calling them radical.
Hugh_Son We have 7 employees and received ours, reopening Monday. A friend has one employee... got his. Another friend has 5 employees and got his too. As bad as it is there are lots of small business getting them.
Hugh_Son That sounds about right. Always about big companies who have millions in reserves no doubt.
Hugh_Son This is insane. I've tried to apply for funds and run into dead ends, not to mention my bank WellsFargo isn't any help at all.
Hugh_Son These guys are big-time Charlies, only about big-time things they don't care about small business or the small man! Disgrace greed shall consume you all.
Hugh_Son They don't care about the small man or the small business
Hugh_Son The Dems put in an IG just for this reason....the WH ignored it though
Hugh_Son 220 companies, $870 million? That doesnt sound like small companies at all...
Hugh_Son I got one today.
Hugh_Son The rich get richer!
TeunvanGelder14 Hugh_Son mag ik je iets vragen TeunvanGelder11 in je dm?
Hugh_Son The BILLION DOLLAR CORPORATIONS are getting the money
JimmyA_Shook1s Hugh_Son Again? Congress has not blocked these sus from the trough?
Hugh_Son marcuslemonis
Hugh_Son Today? No one is getting funds. Absolutely no one. No one is getting money today because the Federal government can't get its shit together well enough to operate a website. PPP PaycheckProtectionProgram sbaPPP
Hugh_Son First the banks will sit on it and have a laugh complicating the simplicity 😢😢🤮🤮
Hugh_Son The 1-2 pm hour on with KellyCNBC has to be the most boring hour on TV. Single anchor, boring interviews and guests and a monotone that reminds me of a boring teacher in high school. Please add some flavor to this hour. PowerLunchhas become Power Nap.
Hugh_Son I got a story for you but you wouldn't take it how about this one one mom isn't giving up even being forced out there home state just to get what her son needs to help keep him with me longer with no money no way lots of hugs from team Charles
PPP is a great success! Clearly they are a small business lol.
Axios got $5 million of taxpayer funds from forgivable PPP loan. Never shut down and full revenue stream intact. Backed by billionaires with plentiful access to capital. Violates PPP eligibility rules. Fraud. Pay it back. Now.
Interesting article says loans were applied for, not received. Let's assume these companies received $1 billion in loans. That is 1/359 of the total funding. Let's report where a majority of the money went. And 75% of all loans go to employees regardless of the size of loan.
Vote out ALL red & blue sitting legislators for this corruption! Legislators set us up and banks are complicit. Our government has completely run amok! Sick of the rich getting richer while gov holds the rest of us underwater.
almost homeless small very small owner operated biz in new york didn't get even stimulus check uncle corporation your systems getting old and crooked like latest times of roman empires
Ask Brian Moynihan BOA why they charge 3 to 5% on these PPP loans. 5% on $600 billion is $30 billion that they don’t deserve. That’s why they are happy to do as many as possible as are the Fintechs, just not to those that need it the mosts. Direct payroll deposits is the answer.
Speak for yourself- sure seemed likely to me
TinaMarie_80s They “took” them or were loans given to them? Trump always said he didn’t pay taxes because he was smart enough to take advantage of the tax laws, blame the tax laws, not him. How is this any different? How are public companies getting $$$ unless eligible under Trump’s rules?
We are only asking for 25k to save our business that just opened without documented profit. 0 customers starting March. Not approved twice. Make the rich richer, well done you all.
MSPLLC This is really starting to make me sick!🤮🤮🤮
Block a rats path to the cheese... they just find another path to get to the cheese.
Public companies got less than $1 billion out of $350 billion? I would chalk that up to a learning experience, particularly if the recipients were qualified for the loans under the legislation. Fix it next time though.
katerogers This is insane, bigger companies were allowed to stay open and sell nonessential items, camping, camera, mattresses...further extending their market share lead then, get more of the loans. POTUS
Congress really is incompetent
Crook's ...
What about the Kennedy center or endowment for arts.....they do not need Covid assistance
3L3V3NTH The issue isn’t public companies taking the loans if they qualify. It’s companies, public and private, who don’t need the money because they are still employing people and doing fine. They are taking a windfall off the back of a pandemic.
More socialism. More criminal collusion between government and business, pandering to the privileged by stealing tax revenues and doling out welfare. To hell with GOP. To hell with TheDemocrats. To hell with POTUS.
stevenmnuchin1 you need to setup an investigation team TheJusticeDept to bring back all the moneys being stolen from Small Businesses please! This is such a shame. Fix it please... 🙄🙄🙄🇺🇸🇺🇸🇺🇸 realDonaldTrump KellyannePolls PressSec LaraLeaTrump
The public wants a full list of these thieving corporate criminals. They must be Boycott and clawed back.
What a Scam. Majority of all money gone again. It all goes to pumping up this over inflated market. What about the people? The small companies ? It’s disgrace these days to be an American. We got robbed
TDump administration can do nothing right. That's why he's gone bankrupt multiple times
If the population of the US is under 400 million people. Why not send a stimulus check of a million dollars to each and every American. Wouldn’t that help every American better then trillions of dollars to corporate America.
200 public companies applied for 854.7 billion in loans, while the businesses that truly need them were declined. Translation: small businesses will continue to close up and the economy will suffer long-term.
Of course they did. It's because K Street lobbyists influenced crafting of the CARES Act and first round of PPP loans. Why do you think small businesses were considered to be up to 500 employees? It's because public traded companies could apply.
The first question on the application should be. Is your business, completely or in part, publicly traded? If the answer is Yes, you do NOT qualify for this loan.
Calling China our main enemy is getting harder for me after reading this
Poorly and hurriedly designed.
realDonaldTrump IvankaTrump DonaldJTrumpJr EricTrump POLITICANS ARE FUCKING THE AVERAGE JOE. GIVE THE MONEY DIRECTLY TO THE PEOPLE Businesses will get the Money if they serve the people. ONLY REAL SOLUTION POOR PEOPLE SPEND TrumpLooksPissed
FoxNews GOP GOPGenocide DNC DNCisCorrupt NPR
Trump needs to be in prison
OF COURSE... Bigger companies have staffs with lawyers and accountants to quickly digest how to get a dollar from the government and quickly get the paper work done. Small businesses can't do it and don't have the money to pay to have it done by lawyers and accountants.
Only a medical stable genius uses sarcasm while saving his people after 50,000 deaths from a pandemic.
Damn, well the trough was open, and nobody was put in the filter gates so of course the biggest crowded out the smaller businesses. Wow... who woulda thought.
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