Names of Larger PPP Recipients Released
Who wound up with some of the largest loans/grants?
The Paycheck Protection Program is a $669 billion business loan program passed by congress in an attempt to ensure businesses stay afloat during the COVID-19 pandemic. The loans are low-interest, and may be forgiven if the business receiving the loan keeps their employee counts and wages stable.
This was a program sold on the idea it was made to help small business don't close during the pandemic. The US Small Business Association and Department of Treasury have released the names of some of the businesses who have been approved for these loans, which include:
- Transportation Secretary (And Mrs. Mitch McConnell) Elaine Chao's family business, Foremost Maritime received a loan between $350,000 and $1 million.
- Kanye West's Yeezy LLC apparel brand received a loan from $2-5 million dollars, to help support ~100 of its employees.
- The Church of Scientology has offices in New York, Florida and Washington DC which each took loans of $150,000-$350,000. Their rehabilitation centers (Narconon) were also approved for loans for $150,000-$350,000.
- Planned Parenthood chapters across the country received loans. Planned Parenthood of Central and Western New York received a loan between $2 and $5 million.
- The Grosse Pointe Yacht Club received a loan between $1-$2 million. The South Carolina Yacht Club received between $150,000-$300,000.
It's easy to be frustrated with the above list of recipients. It would be more frustrating to find out that some of these businesses have explicitly declared that they are saving zero employee's salaries with the money given from the loans. It would be MORE frustrating to find out that the Department of Treasury initially didn't want to divulge the names of any PPP loan recipients at all.
I see this as not a time to be frustrated. It doesn't matter that some of these loans/grants in the six figure range went to oil and gas companies that previously held stock buybacks (a sign that they aren't exactly hurting for cash). What clearly matters is if/when this sort of relief effort happens again, I have to make sure divvyo.com is a qualified LLC.