Treasury names small businesses receiving PPP loans
The government on Monday identified about 650,000 mostly small businesses and nonprofits that received taxpayer money through a federal program that was designed to soften job losses from the coronavirus but also benefited wealthy, well-connected companies and some celebrity owned firms.
The Treasury Department’s Payroll Protection Program approved loan applicants from a broad swath of industries. Some that were less directly impacted by the pandemic, such as manufacturing and construction companies, received a greater proportion of the loans than the hard-hit restaurant and hotel industries. Hundreds of law firms and private equity companies also obtained the forgivable, 1% loans.
Businesses owned by politicians also borrowed from the program, including a minor league baseball team owned by the family of the governor of Ohio. A large franchisee of Wendy’s, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans …continued .
[Source: CBS News]