RELIEF MONEY WENT TO RICH, CONNECTED FIRMS

RELIEF MONEY WENT TO RICH, CONNECTED FIRMS
While the taxpayer-funded Paycheck Protection Program did actually make loans to struggling small businesses, it also helped major companies and politically connected firms, according to a disclosure demanded by Congress. Recipients included Newsmax Media, owned by a Trump campaign donor, restaurant chain P.F. Chang’s, wealth managers and Kanye West’s apparel company. Also on the list of recipients was Grindr, the LGBT dating app valued at $620 million, which was approved for a $2 million loan. Some of the listed firms, like scooter-sharing Bird and Foundation Capital, say they never sought nor received PPP loans.
SOURCES:  WSJ (SUB)  /   FOX NEWS  /  REUTERS   /  CNBC
Bill Fuller

Bill Fuller

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