Who Received the COVID-19 Stimulus Loans?
Actually, we know the answer to that question but, not everyone is happy about it.
The Treasury Department, through the PPP initiative, loaned out $520 billion dollars to help businesses pay their employees and keep folks from losing their jobs. Until now, the powers that be had been reluctant to explain who got what but, now they've named the 650,000 peeps who got $150,000 loans. (For some reason, businesses who received less than $150K weren't named.)
According to KFOX:
- From the start, many complained that wealthy/politically connected businesses acquired loans easier.
- The first round of PPP funding was gone in days while independent business owners were still navigating the application process.
- Minority-owned businesses were allegedly disadvantaged.
- The Wall Street Journal tweeted that 45 of the nation's biggest law firms got over $200 million in loans.
All that, coupled with the treasury's reluctance to explain exactly who got what has raised eyebrows across the country. Now, many are demanding some accountability.
Early on, people questioned whether or not the "right" people were getting loans designed to save jobs and help small businesses. While "big" businesses and wealthy owner/operators were actually receiving the loans. For example:
- A clothing line owned by Kanye West received between 2 and 5 million dollars while Kanye himself has an estimated personal net worth of $1.3 billion dollars.
- National restaurant chains TGI Fridays and PF Changs were approved for over $5 million.
- A restaurant chain owned by Robert De Niro, who it seems, has got a few bucks saved up also got an $11 million loan.
I don't mean to pick on the rich and famous but, some do need help more than others. Meanwhile, the "little guys" are going under all over the country; hence the call for more accountability. I agree. Do you?