Скачать или смотреть UPDATE ON CARES ACT--- Will Your Paycheck Protection Plan Loan/Grant EVER Get Here? Who Got Money?!

Ah yes, truth, injustice and the American way…as hundreds of millions of dollars of Paycheck Protection Program emergency funding goes to….large, publicly traded companies. That is the word from Morgan Stanley. That’s right folks the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies.

The PPP was designed to help the nation’s smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country during the coronavirus pandemic.

But apparently it was a sick joke. Several of the companies that have received aid have market values well in excess of $100 million, including big restaurant chains like Shake Shack, Potbelly Sandwich and Ruth’s Hospitality Group, which employ thousands of people, had received tens of million of dollars in federal money. Also DMC Global which serves the energy, industrial, and infrastructure markets worldwide and is worth $405 million.

$405 million), Wave Life Sciencesworking in precision medicine for devastating diseasesand is worth $286 million and Fiesta Restaurant Group with brands Pollo Tropical and Taco Cabana and is worth $189 million. The Associated Press says at least 75 companies that have received the aid were publicly traded and received a combined $300 million in low-interest, taxpayer-backed loans.

Statistics released by the Small Business Administration last week showed that 4,400 of the approved loans exceeded $5 million.

This is how the PPP money was spent: (13.12%) to the construction industry. Professional, scientific and technical services received 12.65%, manufacturing received 11.96%, health care received 11.65% and accommodation and food services received 8.9%.

Meanwhile New York Federal Reserve President John Williams says he doubts growth will return to normal this year. When it does he says construction should be among the first to return.