News and notes

Tuesday April 21st 2020: Big stimulus relief to “Small Businesses”? According to WHOM?

FAT CATS taking “stimulus money” intended

for “small businesses”. Shameful. Typical political chicanery rules the day after stimulus bill designed for the “little people: gets sucked dry by publicly traded corporations.

Here are the largest public companies taking payroll loans meant for small businesses

  • Hundreds of millions of dollars of Paycheck Protection Program funds have been claimed by large, publicly traded companies.
  • In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, according to Morgan Stanley.
  • Several of the companies have market values well in excess of $100 million, including DMC Global, Wave Life Sciences and Fiesta Restaurant Group.
20200421 PPPloans to private companies

Hundreds of millions of dollars of Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.

In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said.

The PPP was designed to help the nation’s smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country amid the coronavirus pandemic.

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