New $500 billion stimulus is as bad as the $2 trillion one cause the rich still

[theking]

..get paid even though they don't really need it so the wealth distribution is just as lame?  :

Publicly traded firms get $365M in small-business loans

Companies with thousands of employees, past penalties from government investigations and risks of financial failure even before the coronavirus walloped the economy were among those receiving millions of dollars from a relief fund that Congress created to help small businesses through the crisis, an Associated Press investigation found.

The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time.

But at least 94 companies that disclosed receiving aid were publicly traded, the AP found, and some had market values well over $100 million. And about 25% of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question.

By combing through thousands of regulatory filings submitted through Monday, the AP identified the 94 companies, or their subsidiaries, as recipients of a combined $365 million in low-interest, taxpayer-backed loans.

Nine of the loans were for the maximum $10 million possible, including one to a California software company that settled a Securities and Exchange Commission investigation late last year into accounting errors that overstated its revenue.

The firms getting maximum loans are likely just a tip of the iceberg: Statistics released last week by the U.S. Small Business Administration showed that 4,400 of the approved loans exceeded $5 million. Overall, the size of the typical loan nationally was $206,000, according to the statistics. The SBA will forgive the loans if companies meet certain benchmarks, such as keeping employees on payroll for eight weeks.

The list of recipients identified by the AP is a fraction of the 1.6 million loans that lenders approved before the program was depleted last week, but it is the most complete public accounting to date. Neither the Trump administration nor the lending industry has disclosed a list of Paycheck Protection Program beneficiaries.

On Tuesday, the White House referred questions to the SBA and Treasury Department.

In an email, an SBA representative did not respond directly to AP’s findings. Instead, the email listed bullet points including that “loans cited by recent media reports going to large companies comprise less than 10% of the loans made.”

News that the $1.6 billion Shake Shack burger empire had received a maximum $10 million loan ignited public anger. Company executives said late Sunday they would return the money after finding other sources of capital.

By design, the Paycheck Protection Program was meant to get money out quickly to as many small businesses as possible, using a formula based in part on workforce and payroll size. Some of the eligibility criteria was expanded making it possible for some businesses with more than 500 employees to qualify if, for example, they met certain size standards for their industries or other conditions.

The owners behind large restaurant 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.

Some other big companies that received loans appeared to have enough cash on hand to survive the economic downturn. New York City-based Lindblad Expeditions Holdings, for example, a cruise ship and travel company with 650 workers and a branding deal with National Geographic, got a $6.6 million loan. At the end of March, the business reported having about $137 million in cash on its balance sheet.

[hmgROCK]

..get paid even though they don't really need it so the wealth distribution is just as lame?  :

LMAO

you come spam and troll over at the money/investment
Now you realize that I WAS RIGHT ALL ALONG

HHAHAHAHA

THATS THE WHITE MANS GAME
BETTER START PLAYING IF YOU WANT TO WIN

[hmgROCK]

You haven’t learn it

But they have a MONEY PRINTING MACHINE
that just print money


Hahahaha


All those money are fake

[theking]

LMAO

you come spam and troll over at the money/investment
Now you realize that I WAS RIGHT ALL ALONG

HHAHAHAHA

THATS THE WHITE MANS GAME
BETTER START PLAYING IF YOU WANT TO WIN

NOPE, you're still WRONG with your "WISHFUL THINKING" -99.99% prediction accuracy and Reporter was RIGHT.

The other PH members labeled you the "biggest troll" for a reason..

"LMAO"..."HHAHAHAHA"

[theking]

You haven’t learn it

But they have a MONEY PRINTING MACHINE
that just print money


Hahahaha


All those money are fake

No more "fake" than "RAV4"..."picture"...

A day late and a dollar short as usual..

"Hahahaha"