Small business aid went beyond hard-hit companies, data show
Related DU thread: Trump admin releases list of companies that received most money from small business bailout loans
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Source: Associated Press
Small business aid went beyond hard-hit companies, data show
By CHRISTOPHER RUGABER and JOYCE M. ROSENBERG
July 6, 2020
WASHINGTON (AP) The government on Monday identified roughly 650,000 mostly small businesses and nonprofits that received taxpayer money from a program that likely helped prevent the job market meltdown from growing worse but that also benefited some politically connected firms.
Recipients covered a broad swath of industries, with some that were less directly impacted by the coronavirus pandemic, such as manufacturing and construction, receiving a greater proportion of the loans than the hard-hit restaurant, bar and hotel industries. Many law firms and private equity companies also obtained loans.
Businesses owned by politicians also borrowed from the Treasury Departments Payroll Protection Program, including a minor league baseball team owned by the family of the governor of Ohio. A large franchisee of Wendys, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans totaling between $15 and $30 million.
The program launched April 3 and as of June 30 had handed out $521 billion. Treasury identified just a fraction of the total borrowers Monday, naming only those companies that got more than $150,000. Those firms made up less than 15% of the nearly 5 million small companies and organizations that received loans.
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Read more:
https://apnews.com/f2c79abd6acb08843b13f8a5be877b7c