AP’s review also found examples of companies that had foreign owners and that were delisted from U.S. stock exchanges, or threatened with removal, because of their poor stock performance before the coronavirus caused a downturn. Other companies have had annual losses for years.
Michael Minnis, who has studied the SBA program as an accounting professor at the University of Chicago Booth School of Business, said he understood the frustrations of smaller businesses that have not received funding when publicly listed companies have. But he said it would be hard to go into the program and change the parameters now.
The owners behind large restaurants chains like Potbelly, Ruth’s Chris Steak House and Taco Cabana were able to qualify and get the maximum $10 million in loans despite employing thousands of workers. Quantum Corp., a data storage company based in San Jose, California, that has a workforce of 800, paid a $1 million penalty last December over allegations that accounting errors resulted in overstated revenues. Quantum received a maximum $10 million loan.
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 in an interview that his company would not have folded without the $1.9 million loan it received. But, he said, he welcomed the money and would’ve had to let go more employees than he already has without it. Enservco’s annual report cited 186 employees; Dickinson said payroll has “reduced significantly” from that mark, without giving specifics.
Greedy greedy greedy. Sickening
Name, Shame, boycott.
Rich are always going to stay rich!
Yeah, Harvard isn’t the problem.
YET, most college students didn’t get a single dime
😡😡😡😡😡😡
Here's a link with some of the companies that shouldn't have received the money -
How about Harvard fakenews? Kennedy Center? Great unbiased reporting.
MidwinCharles Now see which of those companies are funneling that money into tRump’s pockets... GrifterInChief moneylaundering
Pjpuas TKe it back
That’s $3M of taxpayer funded fees for the lending banks to make no risk loans to companies they would have likely lent to anyway because they are preexisting customers. This is abusive and disgusting. Shame on the banks, the companies and the politicians who enabled this.
Call the companies out!!!
So very Trumpian. Did anyone really believe the money would be distributed the way 'we' were told it would be.
KlasfeldReports Why did it even get approved? WTF, people?
And there are loads of seniors on SS that haven't gotten their $1200 stimulus check yet!
Remember when the Democrats tried to stop this from happening by holding up the bill so the proper verbiage was in it and so Congress could have oversight on who was receiving it? Good job GOP...
I guess they will have to pay it back then.
Who does this surprise when you fire someone who is supposed to do oversight. Unreal........this is exactly why no one trusts the government.
Does this surprise anybody, why do you think the fake president banned any type of oversight, all he cares about is helping his wealthy big corporate buddies, so they can turn and help him win the election
Just watched a video on YouTube by clear value tax on stimulus checks and this was brought this up shake shack and pot bellies and reported that they have not used it for what it was meant to...they still laid off their employees !!!!
u2_randy Give it back
KlasfeldReports I'd like to see a follow-up investigation on how many of these CEOs are Trump donors
KlasfeldReports We have the same set-up in France, but the money is actually going to small businesses. It was easy. They just put into the law a max number of employees at 10...
KlasfeldReports SenWarren RepKatiePorter
KlasfeldReports Considering the hoops individual people have to jump through to get assistance, you'd think . . . oh, never mind. :(
Looting the public purse during a pandemic Sounds like a capital offense
KlasfeldReports And the GOP can't understand why Dems wanted oversight.
nastystacface That's 4 million per company and 1/1000th of the total pie. I'm actually shocked it's not more.
Still thinks he's getting away with it !! 😷🌊 might wanna look and see how many are related to donnie dipshit !!!
Acyn I can remember a time when we called this defrauding the government and American people.
Acyn SenStabenow SenGaryPeters justinamash Ludicrous !
Acyn RandiRhodes StephMillerShow
PPPathetic
TinaMorphis This administration continues to run over all the rules with no consequences. It is so frustrating.
They all should give up that money.
KirstenNovelist Yeah, and they screwed all of us mom and pop businesses that really needed it.
Corporate welfare.
More incompetence. Get this money back!!!!!
😡😡😡😡 jerks!!!!!
AssociatedPropaganda 🙄🙄🙄
No cool
goldietaylor Go get that Pulitzer. The Feds are coming.
JR_justJR Not surprised 🤷♂️
Gop is stealing tax dollars in multiple ways, all to benefit billionaires.
Trump did make the bill, the bill was created in the House which is controlled by the DNC. 1.6 million small businesses (less than 500 employees) have been accepted. Focus on the positive.
Newyorker2212 I'm worth much less and I employ 5 people and support their families. I'm also paying everyone's health insurance during the furlough. There's $0 left for me to help with mortgage and other fixed costs that continue to accrue even though the business is closed.
Not saying I agree with large companies getting them, but that $300MM represents less than .1% of the entire program. Hard to say they ate up the funds.
Name them, shame them into doing the right thing here, like shakeshack did.
They all should return the money like the Shake Shack has.
PayDownTheDebt CNN NPR MSNBC SpeakerPelosi SenSchumer realDonoldTrump This must be investigated & they must be punished. The banks failed once again 2 protect & care 4 the American people. The corruption has got 2 stop! Small businesses & their employees R playing the price 4 these crimes
This is despicable. We want our money back. Enough with the corruption and grifters. Trumpandemic takeoutthetrash
This is so wrong. marcorubio An investigation is needed as to how this happened.
OVERSIGHT NOW
It will be stupid not to think donny will not take advantage of this stimulus with all the donations he wants from big business, he is stealing money like crazy from this stimulus, it goes to his re-election campaign from big business, it looks legit but is not.
Typical Trump corruption!DumpTrump TrumptheWorstPresidentEVER
H_Combs Publicly shame all 75. It’s not surprising but still outrageous.
Greed is for the greedy. I guess that HUGE tax cut was not enough. Is it ever enough? It's all about money and nothing else for those companies and their CEOs.
Make them give it back. Then take back the other 1 Trillion Dems gave to their political allies.
Shameful. Just shameful.
My little 3 employee company needed lots. We got nothing. We will be strong.
davidjoachim Are banks prioritizing their biggest business clients over smaller business owners? Banks are the ones processing these applications.
Congress/Dept of Treas have very different definitions of 'small' business from regular people....
And my brothers construction company cannot get jack shit.
ChicagoPhotoSho I’m so surprised!! Said absolutely no one
I know Ruth’s Chris’s steakhouse took a loan. A local restaurant here in OH said he tried to get a loan and found out they were one of the big companies that got money that should have gone to small business. It’s really shameful what they’ve done.
This is maddening. SpeakerPelosi and SenSchumer , what will you do about this. I beg you to put ewarren and katieporteroc in charge of oversight. NOW!
This is why people really need to wake up to who is screwing them over & stand w Dems & the little guys over Pubs & the fst cat corporate conglomerates.
sherilynch No surprise here. So of course the truly small business can't get the help they need.
That's why we need a Democrat president. Won't give money to rich people. And if they do, throw them out too.
And the grift goes on And the grift goes on
Greed in the time of quarantine.
reenie62 All the people that are being screwed over need to come together and vote these MFers out of the office!! VoteBlue2020 VoteBlueToSaveAmerica RepublicansAreKillingUs
H_Combs Thieves, embezzlement Criminals Shame on you SenateGOP The World is keeping track of your crimes, murderers.
The free-money handout crowd is not restricted to lower incomes. And now they want to 'refill' the fund so some more people can feather their nest.
AliciaMcElhaney Come check out our Bunker!
It’s a good thing Trump has oversight.
Why aren’t more ppl angry about this?
The list of the greedy corporations should be made public and return the money to PaycheckProtectionProgram so small business get the money
Noooooo, this can only happen in Afreekah and the third world
who would have thought
What's the full list? Oh right... You're the AP. Corporate owned.
HouseDemocrats SpeakerPelosi who's in charge of oversight?
TeamPelosi RepAdamSchiff WTH HAPPENED HERE 🔥🔥🔥🔥
That should not have happened.
When do Americans riot?
WTF ewarren SpeakerPelosi SenSchumer RepAdamSchiff
👀
Not to mention the kennedycenterscam Dems insisted on funding. Disgraceful!
All animals are equal, but some animals are more equal than others.
Businesses that employ people should get the money, that's it.
Oligarchs taking care of the little oligarchs.
Nothing like connecting with your donors through special programs. This is why people hate Washington. The small business people especially in rural areas have no one to speak for them. They are just screwed as usual.
Worth more then a 100 million is just stock value, its not like the company has that money. The question is do these companies actually have enough money to pay for stuff if parts are closed down, or do they have to eliminate employees to do so?
They should refund the money with 20% interest so the money be directed to real small businesses
Yeah most of that went to franchisees. dunkindonuts is a publicly owned but also franchised. Big difference. Some franchisees got the money. You need C grade to get into Jounalism school nowadays 🙄
Trumpty giving money to his campaign donors. Literally buying their votes for 2020.
They ALL need to return the millions of dollars that were supposed to help out mom & pop businesses. These companies are CROOKS!
Thank God 4 a vigilant Press! It is imperative Public hv real time access 2 trillions of $$ being spent! 4 Democracy 2 flourish, governments must provide real time data 4 public 2 C how it’s functioning! Technology is there r the Lawmakers ready ?
Terrible
Good ol American ingenuity during a crisis. Let’s see how much the elite capitalists can rob from the peasants.
Name every last one of them & theyr execs!! I can tell you for myself, if there’s any I shopped at, are at, etc I will never give them another dime of business. They needto be publicly shamed like Shake Shack & maybe they’ll return the money as they did.
Oh no 👎🏽
But as a sole proprietor I cannot get a dime. Our government is a thief and criminal.
Step 1 - rush a bill loaded with pork thru the Congress. Step 2 - blame Trump for everything wrong in the bill. Step 3 - create another bill with another $2T to fix the first bill Step 4 - blame Trump again
LOL! The angle here, quite obviously, is that it's Trump's idea, Trump's doing, Trump's fault, Orange man bad, bad, bad. Every business is able to apply and every single business, from the large to small, is hemorrhaging. And 75% of this money is mandated to go to employees.
Great us greed.
Great job.👏
🤦♂️
Publish the businesses so we can boycott them.
They banks ran out of money in five minutes of opening it to joe public... Meanwhile insiders already had their paperwork in days in advance.
This is exactly why I said that this stimulus bill needed oversight. This is what happens when citizens don’t hold politicians accountable.
It's disgusting!!!
The program didn't fail, it worked exactly as expected and designed. This isn't about small businesses, Trump couldn't care about them. It's about he and his donors. BTW, Trump got mega-millions from the total stimulus plan. Don't be fooled when he says he didn't.
List all 75 companies please
lauferlaw The rich get richer and the working class can’t even feed their kids. This is Trumps America. Wake up!
lauferlaw Boycott these folks
billprady They are laughing at you, America. Laughing all the way to the bank. You love it.
Sickening
Bet if the ap do some more digging they’ll corruption. Bet these 75 companies have some link to politicians. Poor people are the victims of the American government while rich people are the beneficiaries
Thats why trump removed the person overseeing the relief funds
They should return it
Four more years baby
Follow the $$...you'll find President Skidmark's family and cronies are major stockholders in those businesses.
JustAGirl515 Please don't forget the 70 million Americans who still haven't gotten their check.
Keep investigating please. Small business loans ran out of $ and not all adults receive or are recipients of the $ either. Combined we are talking ~ 700Billion. Where did the rest of the $ go?
Write your Senator.
Not news. And will continue to be until there is Real accountability takes place. This was not a “mistake”. As usually, just like with people, those who need it the most are not getting it.
Received as in they applied to get the money. Now that they will be put to shame & will blame the government, congress, everybody else's and the grandma because 'the company didn't know they were applying to get millions in taxpayer's money for small businesses. ShameOnThem 😡
What a completely corrupt country
of crs they did. that's what happens when u live in a monarchy w a 'king' disguised as a democracy. rich get richer; ev1 else doesnt mtr.
Thank the gop when you don’t get your small business loans. They only care about big biz. You little guys? 🤷🏼♀️
Is this surprising?
That’s cus they laid people off to qualify for free money. 🤷🏻♂️
THE WEST IS BEING SCREWED AND IS IN REAL DANGER watch this
So publicity traded companies that have bankers specializing in raising cash through debt or offerings are being given forgivable loans from the Federal Government...paid for by your tax dollars All while furloughing the employees Seems fair
So is this the reason why the fund which was supposed to last 8 weeks ran out of money after 3 1/2 weeks, DanCrenshawTX?
Just 300? Count again!
UGH
MAGA GOP Quid Pro Quo baby!!!! I'll bet you poor struggling TrumpBots are feeling Great Again after this news! Hope your not a struggling small business TrumpBot!!
And is this a problem and what's the solution, AP? Problems without solutions are just scare tactics. We need more from the nation's media. Every story about a problem needs to include proposed solutions, please thanks.
No one should be surprised this is happening since Trump fired the oversight team
Everything is a scam under Trump. Everything is a shady deal. I know people who voted for him because they said he was good for small businesses. They were wrong then and they’re wrong now.
Who didn’t see this coming
So we gonna refill the SMALL BUSINESS LOANS PARADING AS ROUND 2 MILLIONAIRE TAX CUTS. AND THESE PLANS ARE FORGIVABLE.
This is the travesty let loose against the small businesses that are suffering... surely big business with its lawyers got to the front of the line..shame on them
SpeakerPelosi SenSchumer cnn msnbc
WTF !!
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