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“The vast majority of these loans—74% of them—were for under $150,000, demonstrating the accessibility of this program to even the smallest of small businesses,” Treasury Secretary Steven Mnuchin said in a joint statement with the Small Business Administration. “We think that the PPP will be of interest to our REIT clients because it should be a resource for tenants and borrowers to obtain funding that is expressly designed to be used to pay rent and debt service," the law firm Clifford Chance said in a briefing last month."Additionally, REITs may wish to use funding under the PPP for their own payroll expenses.
But in the case of REITs, it’s desperation—not greed—that has pushed them into pursuing PPP loans, said Chip Rogers, the CEO and president of the American Hotels & Lodging Association, a hospitality industry trade group. Kelleher agrees. “I find it hard to believe that any actual financial analysis of these companies could genuinely satisfy a certification of necessity,” he said.“Although our companies are publicly listed, they do not have access to this volume of emergency funding from the capital markets that we believe we need during this crisis due to their relatively small market capitalizations,” Ashford Inc. said in a statement to ABC News.
The SBA is allowing borrowers to return funds which may have not been “necessary" to sustain their businesses by May 7 without penalty. Mnuchin also announced Tuesday that the government will audit any business that takes out a loan over $2 million before it can be forgiven.
Gross negligence & severe lack of oversight of the program is why there are so many multi-million dollar companies receiving money from this program that shouldn't have.
We have NOT received our PPPLoan from ChaseBank nor have we gotten the economicdisaster relief loan SBAgov NOR Stimuluscheck realDonaldTrump CNNnewsroom KUSINews for ourselves not our SanDiego business EmbroidMeSDN
They are a part of America, treat them that way.
Are they? The purpose of the PPP was to make payrolls, to keep people employed. All instead of unemployment. The focus should be on the employee, a true employee. A NBA basketball player should not qualify as an employee.
This was anticipated. Did anyone actually expect the Trump administration would not be involved in a scheme like this?
Here we go AGAIN!!! One percenters feeding at the public teat. Enough already!!!
Small businesses would be thrilled to get a million or less to help them. Any business getting 20 million is not a small company. 20 million could save 20-40 Mon & Pops
If you don’t have oversight people will cheat you. The more money they have the less you should trust , in general folks, but they are proving my point by their actions. No moral compass
It’s not a scheme it’s a lifeline for many of us. Shame on those that have taken advantage. We should be criticizing those companies and institutions that are taking advantage ( Harvard Ruth’s Chris LA Lakers etc.) not the program.
Not fair
Big banks taking advantage
Greedy SOB
Shameful
499 employees should not be considered a “small” business
This is horrendous! Our banker told us that only 1 loan in their 9,000 customer submitted has gotten approved.
Where’s the oversight? Oh yeah, trump fired them.
I'm still trying to follow the machinations of those who lauded the erosion of oversight but feign indignation when businesses find loopholes to grab money not intended for them.
And here I am, 4 employees, waiting & hoping for a little $15,000 slice that would really help us. 😭
2008 all over again. The middle class gets the shaft.
Are you suggesting that the Paycheck Protection Program is a 'Scheme'...? OR, are you so blinded by your hatred for the USA, Trump & his supporters (REAL Americans) that you don't even realize what you tweet?
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