) said its first-quarter sales were expected to rise - and entered into a collaboration for coronavirus testing.In a statement to Reuters on Tuesday, Athersys said that it fully met the program certification requirements when it applied, due to the uncertain outlook and upcoming costly clinical trials. It said it returned the money after the Treasury Department said in late April that many public companies were unlikely to satisfy the certification criterion.
The small business loan program was initially funded with $349 billion. Congress had to top it off with another $310 billion because the money, which was supposed to be handed out on a first-come, first-served basis, ran out while many applicants were still awaiting the grants. Part of the problem, some critics say, is the loose wording of the program’s rules. Virginia Canter, chief ethics counsel at nonprofit watchdog group Citizens for Responsibility and Ethics in Washington, said the administration should have issued clearer guidance about who’s eligible. “The government should have seen this coming and is now trying to clean it up,” Canter said.
The Reuters analysis of borrowers’ needs has a limitation: The ratio of cash to average operating expenses used by the news agency does not provide a complete picture of a company’s financial health. The analysis is based on financial information disclosed through Wednesday morning. In its April 15 announcement, Athersys noted that it had $37.5 million in cash and cash equivalents as of April 9. That’s enough to cover nearly nine months of operating expenses, based on the company’s average expenses for 2019.
The people who wrote the bill never intended that money for small businesses. Our country is broken.
yet, no more stimulus funds for individuals and families, even as food lines grow daily.
Can only blame the Senate and the Congress as they set the rules for the borrowing
Wait, what? People took advantage of low interest and possibly no payback loans? Shocking!
corporatesocialism
I hate that the media is twisting many of these loans into “big companies” taking loans. Many “big companies” are actually low margin franchise owners.
I bet the entire purpose of the program was to set up ultra wealthy with more tax dollars. So far we've seen the likes of the LA Lakers make requests for funds. A company that manages to be considered 'small' but be one of the biggest franchises in the world.
There’s no honor among thieves.
Really nice, also companies like Square helping in the time of distress just tells how important is the partnership between the government and the civil society.
As long as business is in progress no problem.
Seems like the Catholic church, which is worth billions, could bail out Catholic businesses instead of 9,000 of them taking money from small business.
This should surprise no one. No damn pandemic gonna stop grifters from grifting, especially not when Trump & Mnuchin make it so easy.
Where the hell you been?
Trump administration is WorstAdministrationEver
I wish there is a better way than receiving money from the Mad Hatter.
41 public companies, and you name...3? Where's the rest? Sources please
Yea. What's up with that. And you are awful Cosy With Putin.
This will be known as the biggest swindle of the American taxpayer in history. Bailing out companies that did not need money over people without money to buy food. Future Americans will be outraged at the audacity and ineptitude of the people at Treasury & FED.
Corruption will never end
And we should be surprised about this, isn't that the way realDonaldTrump works, helping his buds...........
Those are the big corporations that lean on and bribe the electoral votes....! This is biz as usual for THE ORANGE CLOWN
I personally know two people who own their own jets and got money. 🤮
EclecticRadical They must be ToO BiG tO fAIL
You can’t punish responsible businesses and provide lifelines to businesses that over leveraged...
You Noh you. ... you
“All told, these relatively flush 41 companies were able to secure $104 million in government aid, at a time when legions of smaller companies w/little in their coffers were being turned down. 17 of the 41 recipients had market capitalizations of at least $100 million.”‼️‼️
“41 publicly traded co’s that got emergency aid already had enough to cover basic expenses for 2 months or more when they applied for the funds even if their revenue dropped to 0. 30 had 3 months or more cash. 6 had enough to last at least until December...”‼️
2:15 AM · 8 мая 2020 г.·True Anthem
My GF works for a hedge fund and they took in $10MM.
And this surprises you? Apparently you haven't been paying attention.
Once again, the genuine real small business owner and the average citizen left unemployed get shyte.
Malandro também lá mlk
Give us a full list of shame Not just a few companies
this is my shocked face
Golfing buddies
Of course.
I would like to get a list of these companies who are going to be audited. These CEOs should be publicly shamed!
If only there was some sort of oversight committee that could regulate this, and make sure only the people that needed funds got them.
Isn't this a definition of fraud?
It sounds to me like we need to make an example of some corporate executives who knowingly signed their names to commit fraud... I'd be OK with 5-10 years in prison served consecutively for each charge
just to fill
xni
Devleti soymak orda da var hayırlı traşlar..
This administration is all about Capitalism... until it isn’t!
We need a full list of shame This article does not name very many companies
How surprising... GOPCorruptionOverCountry How’s that PPP program going for those in need, RepRiggleman HouseGOP SenateGOP?
Of course they did, with Trump in charge, why would that even be news for the 100th time.
So it would be better giving them loans only when they burn up all their cash? Is this Reuter anymore?
why? why give companys money when they have plenty on hand?
Trump is the most incompetent President in American history!
No amount of lies can hide their incompetency.
açlar AMK
We kinda know this. I don’t think most of us are very happy about it.
Of course. All trumps friends. Sick”
God bless America the land of the idiots
They are looting our country. They know they are going to lose in November.
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