AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Ppp loan big companies1/22/2024 ![]() ![]() ![]() Applications for the latest round of PPP close on August 8. More than 658,000 businesses total have received loans as part of the $670 billion program since it launched in April, and the government is expected to give out more with excess funding. GET FOX BUSINESS ON THE GO BY CLICKING HEREĪdditionally, lenders approved PPP for a number of big-name law firms, pharmaceutical companies and private schools. President Trump's impeachment stem from Biden's work with the company. Political organizations including the Florida Democratic Party, Ohio Democratic Party and the Women’s National Republican Club of New York received PPP loans.īlue Star Strategies, a public relations firm connected to Burisma Holdings, a Ukrainian natural gas company that put Democratic nominee Joe Biden's son, Hunter Biden, at the center of a national scandal also received loans. Matt Gaetz, R-Fla., also received millions in collective PPP.ĬOMPANIES RETURNED $30B IN VIRUS RELIEF LOANS FROM PPP Here is a list of some of the biggest and most popular businesses, ranging from restaurant chains to pharmaceutical companies, that got upwards of $1 million in loans:Ī number of businesses tied to politicians including House Speaker Nancy Pelosi, senior presidential advisor Jared Kushner, Transportation Secretary Elaine Chao and Rep. A handful of publicly traded companies say they aren’t planning to return loans received from a small-business rescue program, despite pressure from the Trump administration to repay the funds. TRUMP ADMIN RELEASES NAMES OF ALMOST 700,000 PPP BORROWERS Despite closing loopholes that allowed such businesses to receive PPP loans, the program has come under more scrutiny since releasing names. That’s almost 10 of the program’s nearly 800 billion budget. Researchers estimate that 76 billion in PPP loan money was taken illicitly. The loan program, which has allocated more than $521 billion for businesses so far, came under scrutiny initially after granting relief to publicly traded companies with access to other forms of capital. Around 1.8 million of the PPP's 11.8 million loans showed signs of fraud, according to an academic working paper cited by The New York Times. THESE BILLIONAIRE-BACKED BUSINESSES RECEIVED MILLIONS IN TAXPAYER-FUNDED AID THROUGH PPP He added that the Treasury is "particularly pleased that 27 of the program’s reach in low and moderate-income communities which is in proportion to percentage of population in these areas," and the average loan size was "approximately $100,000, demonstrating that the program is serving the smallest of businesses." "The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," Treasury Secretary Steven T. The list does not display the exact amount each business received but rather a range ranges included loans worth $150,000-$350,000, $350,000-$1 million, $1 million-$2 million, $2 million-$5 million and $5 million-$10 million. Small Business Administration and Treasury Department on Monday released a public list of Payment Protection Program loan recipients in its efforts to be more transparent. ![]()
0 Comments
Read More
Leave a Reply. |