Related Stories
Public companies received $1 billion in stimulus funds meant for small businesses
Key Excerpts from Article on Website of MSN News/Washington Post
Posted: May 11th, 2020
https://www.msn.com/en-us/money/other/public-companies-recei...
Publicly traded companies have received more than $1 billion in funds meant for small businesses from the federal governments economic stimulus package, according to data from securities filings compiled by The Washington Post. Nearly 300 public companies have reported receiving money from the fund, called the Paycheck Protection Program, according to the data compiled by The Post. Recipients include 43 companies with more than 500 workers, the maximum typically allowed by the program. Several other recipients were prosperous enough to pay executives $2 million or more. After the first pool of $349 billion ran dry, leaving more than 80 percent of applicants without funding, outrage over the millions of dollars that went to larger firms prompted some companies to return the money. As of Thursday, public companies had reported returning more than $125 million. Other companies have said they plan to keep the funds. While much of the programs criticism has focused on the relatively large companies that received the money intended for small businesses, there is some evidence that the program missed its target in other ways, too. The areas where small businesses have been most affected New York and New Jersey, for example were less likely to see loans from the program. Only about 15 percent of businesses in the congressional districts most affected by business losses were able to obtain PPP help; by contrast, in the least affected congressional districts, 30 percent were able to obtain them.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.
Related Stories
Latest News
Key News Articles from Years Past
