Скачать или смотреть SBA LOANS: PPP & EIDL WHERE DID IT GO? Public Companies Taking PPP Funds Intended for Small Business

#PPP #Stimulus #StimulusChecks #PaycheckProtectionProgram #SBA #CARESact

Large public companies are receiving hundreds of millions of Paycheck Protection Program funds intended for small business.

Hundreds of millions of dollars of Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.

In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said.

According to the research, everal of the companies have market values well in excess of $100 million, including DMC Global ($405 million), Wave Life Sciences ($286 million) and Fiesta Restaurant Group ($189 million).

At least 75 companies that have received the aid were publicly traded and received a combined $300 million in low-interest, taxpayer-backed loans, according to a separate report published by The Associated Press. UPDATE: More than 200 large companies including the Los Angeles, California LA Lakers NBA franchise, Hallmark Financial Services Inc., Ashford Hospitality Trust Inc., Broadwind Energy Inc., etc

Who was the Paycheck Protection Program, or PPP, intended for? As part of the Cares Act, the government’s Covid-19 rescue package, Congress provided $349 billion to help small businesses keep paying their employees.

Shake Shack gained attention when they were giving back their $10 million PPP loan.

Ruth Chris Steak House is being urged to return their $20 million PPP loan by a petition on Change.org

The Department of the Treasury just issued guidance that said borrowers had to certify themselves as unable to obtain credit elsewhere. It was "unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification," the document noted.

The new virus aid bill in the House of Representatives includes $251 billion in PPP, $60 billion to small lenders

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