"Without deliberate action from Congress, large companies will continue to dominate, while small firms are left behind," said House SBA Chair Nydia Velazquez.
"Without deliberate action from Congress, large companies will continue to dominate, while small firms are left behind," House Small Business Administration Chair Nydia Velazquez told POLITICO. She said the SBA revelation highlights the need for Congress to set aside funding for the smallest of small businesses and community lenders.
The data showed for the first time that more than 600 PPP loans were issued for $10 million, which was the program's individual loan cap. Among the well-known businesses that took the maximum-size loans were big chains, such as P.F. Chang's China Bistro and Potbelly, and major law firms like Boies Schiller Flexner. Kanye West's company, Yeezy, received a loan for nearly $2.4 million.
The next wave of small business relief, if agreed to, is expected to allow businesses that took PPP loans to apply for a second round of money to help maintain payroll and operations during the worsening pandemic.
Duh... like we didn't know that was going to happen when trump pulled the appointed oversight person...
Take care of your supporters
There were rules built in to the original package that was passed that were designed to prevent this in regards to oversight and distribution of funds that Trump immediately determined could be disregarded and that Munchkin didn’t enforce as a result.
04/12/2020 | VIGÍLIA DE AVIVAMENTO | SÉRIE O ARREBATAMENTO DA IGREJA | FridayVigilExpo
Those bailouts were orchestrated. There was nothing accidental about it. Look how many TKCFs benefitted.