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Revealed: More than 200 public companies
were granted $854million in small
business relief and 12 have now returned
the huge loans amid growing pressure
while others refuse to pay them back

Original Article

Posted By: Ribicon, 4/27/2020 2:17:24 PM

More than 200 deep-pocketed public companies secured at least $854.7million in loans from the relief fund Congress created to help small businesses devastated by the coronavirus pandemic, according to a new analysis. The Paycheck Protection Program (PPP) was created to provide emergency loans to businesses with fewer than 500 employees and without access to other forms of capital to help keep workers on the job and bills paid on time. The initial $349billion allotment ran dry less than two weeks after the program opened on April 3, sparking outrage as early reports showed that dozens of multi-million dollar loans were granted to big public companies

Comments:

Some small businesses are less small than others, and the large small businesses have lawyers and accountants on staff so they can barge to the head of the line and grabbed the money that in theory was slated for mom and pop businesses. Created by Nancy Pelosi's Democrat Congress, blame pinned to the president, naturally. Notice too how little patriotic spirit there is these days; executive bonus money outweighs the livelihood of slobs farther down the ladder.

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Reply 1 - Posted by: DogFacedPonySoldier 4/27/2020 2:23:30 PM (No. 393402)
My local hardware store owner applied for the EIDL and PPP loans and he got both. BUT, his store is completely open and fully employing his staff. He had his best March sales and is having his best April sales in years.
6 people like this.

Reply 2 - Posted by: Quigley 4/27/2020 2:26:24 PM (No. 393405)
I’m not saying i know the answer to this issue. But i know people who make sandwiches at Potbellys pretty well. They need their jobs and the money they make. I don’t know the numbers but they’re telling me business is WAY WAY down. Potbellys could close up until this blows over. And let the people go. Bigger companies can go broke too. Of course they have access to the public markets. Maybe. It’s really a bad situation.
3 people like this.

Reply 3 - Posted by: Starboard_side 4/27/2020 2:27:04 PM (No. 393406)
All the money folks are connected with the banks. Heard it's hard for many banks to say no to their top clients. That some hedge funds also received money from this program. I'm hoping there is a list made public so everyone can determine who they may not want to do business with in the future. If you have access to cash, you are able to raise money through stock sales, or an endowment, you should not be applying for funds under this program. When Disney secured $6 billion in funds to ensure they could meet their obligations they did the right thing in the right way. Maybe the next program should be about how to allow many companies to use the tax code on this year's taxable income. Some write-offs for certain things instead of just passing out cash. Maybe allow landlords who delayed collecting rent payments on businesses and individuals, to let them write that off as an example.
5 people like this.

Reply 4 - Posted by: snapper451 4/27/2020 2:44:10 PM (No. 393431)
What part of 500 or fewer employees did these people not understand? The 500 or the fewer? No reason on earth for this to have happened. I have 4 employees but figured it was not worth the hassle to go through this so I am just paying them.
3 people like this.

Reply 5 - Posted by: Northcross 4/27/2020 2:47:18 PM (No. 393437)
Like welfare and student loans and foreign aid, easy to fund but impossible to administer fairly and equitably. The government is inept at managing anything, and Democrats always want bigger government.
3 people like this.

Reply 6 - Posted by: JediJerry 4/27/2020 2:47:53 PM (No. 393439)
Funny how it was supposed to be for small business but in reality, the bulk of it went to big business. So glad Ruths Chris got theirs. From a news story: "AutoNation, a national network of auto sellers, received more than $77 million in federal small-business funds despite being a company worth billions." So the big corporations get the lions share while the rest of us suffer.
6 people like this.

Reply 7 - Posted by: Lawsy0 4/27/2020 3:23:18 PM (No. 393482)
Shoveling all that largess up the pipeline would have been better appreciated had they sent every man, woman and child in the United States a cloth face mask. Hindsight 20=60.
0 people like this.

Reply 8 - Posted by: mc squared 4/27/2020 3:24:40 PM (No. 393483)
Pay monster companies to stay closed so they don't pressure the feds and the states to re-open. The small businesses can go to hell. Do I need to add /S? That's our money they got.
1 person likes this.

Reply 9 - Posted by: kono 4/27/2020 3:52:53 PM (No. 393506)
Aren't ALL of the covid-19 relief payouts expected to be paid back? Whether interest is added to the balance or not, the public will have a great interest in getting the funds repaid -- provided the state, county, and municipal forced shutdowns are actually temporary.
0 people like this.

Reply 10 - Posted by: JL80863 4/27/2020 3:54:38 PM (No. 393509)
Tell us who they are. The market place is perfectly capable of dealing with the issue. I believe the vast majority of Americans have an excellent sense of fair play. Take from those that the assistance was supposed to help and we will "repay" you. As Shakespeare wrote, "first kill all the lawyers".
3 people like this.

Reply 11 - Posted by: DVC 4/27/2020 4:38:51 PM (No. 393556)
Public companies have access to money by selling stock. They should not be eligible for these loans/grants.
3 people like this.

Reply 12 - Posted by: The Remnants 4/27/2020 4:41:41 PM (No. 393559)
Noticed a really fine Chinese restaurant's name was no longer on a marquee (if that is what it is called) with other businesses, and rode over to find out why. Sign on the door said "fully equipped restaurant" closed, etc. etc. But I heard today on radio that the Ritz Carlton was scheduled to receive $50 million. In the rush to get the money out there, that does not seem fair, especially for the restaurant which was so good and usually packed.
0 people like this.

Reply 13 - Posted by: The Remnants 4/27/2020 5:18:32 PM (No. 393592)
Just read on Breitbart that Cornell, who has an endowment of $7 BILLION, is expected to receive $12.8 million from the federal government; i think that means us. How can young college kids, or anyone, learn anything about integrity when they learn things like this? No wonder all our institutions are corrupt.
4 people like this.

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