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    It might have only taken a few court fights and a Capitol Hill lobbying campaign, but payday lending companies managed to get a cut of the near-$700 billion relief fund set aside by Washington to help the country’s small businesses weather the coronavirus outbreak. Records of who received loans under the Paycheck Protection Program released last week show that 35 companies that provide payday loans, car title loans, and other high-interest, low-dollar borrowing options netted millions of dollars in federal coronavirus aid—anywhere from $9 billion to $23 billion, in total. The Small Business Administration, which administers the PPP, does not release exact totals for each loan award.  The group of companies who benefited includes CashCall, Inc., a California-based company that was sued in 2013 by the Consumer Financial Protection Bureau for charging borrowers money they didn’t owe and was hit with a $100,000 penalty in 2017 when the District of Columbia’s Attorney General sued for charging interest rates of up to 169 percent on loans.  None of that mattered in April, when the company received a loan worth $350,000 to...
    ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. This article was originally published by ProPublica. The Paycheck Protection Program was launched to rescue the little guy, the millions of small businesses without the deep pockets needed to survive the COVID-19 shock. But among the restaurants, dentists and mom-and-pops was Vibra Healthcare, a chain of hospitals and therapy centers spread across 19 states with over 9,000 employees. The biggest PPP loan was supposed to be $10 million, but Vibra found a way to land as much as $97 million. In other contexts, Vibra boasts annual revenues of $1 billion, but when the company got in line to receive what is essentially free government money (the loans are forgivable), it made itself seem small. From Vibra’s corporate address in Pennsylvania, 26 limited liability companies received PPP loans, 23 of them from the same bank, with almost all the loan approvals coming on the same day in April. ProPublica found several other large businesses employing the same apparent...
    Reuters July 15, 2020 0 Comments The Paycheck Protection Program appears to have thrown a critical safety net under U.S. middle and upper-middle-wage jobs, but it faltered when it comes to lower-paying positions and the industries hit hardest by the coronavirus pandemic, according to a Reuters analysis of loan details. Analysis of data on nearly 4.9 million PPP loans released last week by the Trump administration showed the program, a subject of controversy because a number of larger well-connected borrowers tapped it even though it was designed to aid vulnerable small businesses, did partially hit its target. Separating U.S. industries into groups of around 60 each ranked by average annual pay, the Reuters analysis showed that employers in the middle of the wage scale received an outsized share of PPP loans both in dollar terms and the number of loans disbursed. The middle group includes a diverse set of industries such as automobile dealers, building electrical and heating installers, and freight trucking companies, representing around 16.5% of the U.S. workforce and a similar share of establishments. The group received...
    When Quan Huynh, the owner of a five-person janitorial company in Anaheim, California, sought a federal loan this spring designed to keep small businesses like his afloat during the coronavirus pandemic, his application was summarily denied. The reason: He was on parole for a 2002 murder charge. Huynh, who served 16 years in prison, was forced to lay off his workers as the state went into lockdown.  Other small business owners who had served time in prison were similarly excluded from the Paycheck Protection Program, or PPP. But a legal decision last month offers hope for entrepreneurs with a criminal past, with Judge Catherine Blake of the U.S. District Court in Maryland ruling that those exclusions are unlawful. Huynh, 45, reapplied for Paycheck funding on June 30 and two days later received a $17,000 loan. The money will pay for his workers' salaries and additional training so they can be licensed to sanitize homes and restaurants. He's now planning to pursue larger commercial contracts and expand his business. Get Breaking News Delivered to Your Inbox "If things go right...
    More than 80% of small businesses that received coronavirus relief loans will run out of funding by August, a Goldman Sachs survey found. [MAP: The Spread of Coronavirus] The survey released Tuesday found that 84% of small business owner respondents who received relief loans through the Paycheck Protection Program, or PPP, will run out of funds by the end of this month. Just 16% said they would be able to continue paying employees beyond July. Additionally, the survey found that 63% of small businesses report that less than three-quarters of their pre-COVID-19 revenue has returned. As coronavirus cases surge in parts of the country and states are forced to roll back their reopening plans, just 37% of the survey's respondents say their business can survive another coronavirus wave should more shutdowns be necessary. Cartoons on the CoronavirusView All 309 ImagesThe PPP was created through the Coronavirus Aid, Relief and Economic Security, or CARES, Act. Signed by President Donald Trump in March, it provided more than $521 billion in loans to nearly 5 million small businesses. The...
    Since March 1, 66,000 or so businesses in the U.S. have permanently closed, according to data from Yelp. And in the last two weeks of June, those permanent closures were happening at a higher rate than in the previous three months. Harvard researchers think it's even worse than that, estimating about 110,000 business had folded by early May. It's clear that what Congress has done so far to keep businesses afloat, largely the Paycheck Protection Program (PPP) in the March CARES Act relief bill, is not working across the board. (Disclosure: Kos Media received a Paycheck Protection Program loan.) Restaurants and retail businesses, led by beauty supply stores, have been hit the hardest. Where the government could have stepped in by subsidizing payrolls to make sure that businesses could stay solvent for the duration and people wouldn't feel forced by imminent financial ruin to prematurely reopen, it didn't. It did create a cumbersome loan program with confusing rules that even the banks, which have made billions off of the loans, have had difficulty navigating. Many in the banking community are advising that PPP be...
    The rules for SBA-supervised Paycheck Protection Program (PPP) loans authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) have been a moving target. If you took out a PPP loan for your small business, or if your employer has tasked you with keeping up with PPP loan developments, you know what I mean. As this was written, the target was still moving. Fortunately, it was moving in the right direction, in Tax Guy’s opinion. Here I cover some key PPP loan facts that were known to be true during the microseconds it took to write this. Things could be completely different by the time you read this. Just kidding. Sort of. Anyway, onward. New law eases PPP loan forgiveness rules The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) became law on June 5, which seems like a long time ago. The new law makes it much easier for many PPP borrowers to do what it takes to have all or part of their loans forgiven. The PPPFA also allows borrowers to take advantage of...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City BY LAWRENCE DELEVINGNE Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data. The companies – often referred to as “family offices” – approved for the forgivable loans from the Small Business Administration (SBA) included those that oversee money for the family that co-owns the National Basketball Association’s Sacramento Kings; the former manager of a multi-billion dollar hedge fund firm; and a serial Las Vegas entrepreneur. The new data from the U.S. Treasury Department and SBA shows only that the loans were approved from the Paycheck Protection Program (PPP) but does not say how much was disbursed or if they had been returned or forgiven. Still, it was not always clear why the families found it necessary to apply for emergency cash, usually for less than $1 million, given the...
    And they’re off — to a government bailout! Five of New York’s state-created horse-racing bookie offices with its Off-Track Betting Corporation are raking in millions of dollars apiece in federal loans meant to keep small businesses afloat amid the coronavirus, The Post has learned — and critics are crying foul. The regional OTBs of Nassau County and Suffolk County on Long Island and Western Regional OTB each received about $2.5 million in 1 percent loans, according to records from the federal Small Business Administration and obtained by The Post. Meanwhile, the Capital District Regional OTB qualified for $1.2 million, and the Catskill Regional OTB got between $350,000 and $1 million. While the SBA allows private businesses that receive gambling revenue to get Paycheck Protection Program loans, government entities aren’t supposed to partake in the hand-out. And since New York’s OTBs were created by the state legislature in 1970 as “public-benefit corporations’’ — operated by local governments through political appointees, with their revenue going back to state and local governments — they are clearly not private, critics say. “How they...
    Many of Uncle Sam’s coronavirus-driven loans did not go to Mom and Pop, but to the brotherhood of the thieving rich. The Trump administration’s reluctant disclosure of the names of more than 600,000 recipients of Paycheck Protection Program aid has shown that many of the loans went to firms that are well-connected. The companies don’t fit the image of mom-and-pop businesses we were led to believe would be the main beneficiaries. There is another problem: Many of the recipients previously engaged in behavior that amounts to paycheck endangerment. They failed to comply with minimum wage and/or overtime requirements and thus paid their workers less than what they were owed. In other words, they engaged in wage theft. Many of the recipients … failed to comply with minimum wage and/or overtime requirements and thus paid their workers less than what they were owed. In other words, they engaged in wage theft. This comes from an analysis of data my colleagues and I have collected for the COVID Stimulus Watch and Violation Tracker databases. That includes the big PPP dataset and information on penalties imposed...
    CHICAGO (CBS) — Taxpayers’ money is going a lot of places in the wake of COVID-19, including billions to the Catholic church, and some say it may never have to be paid back. There are allegations locally that the cash will revamp the church’s accounts hit hard by sex abuse settlements. “It makes me sadder more than anything,” said Zach Hiner. Through a special exemption, the U.S. Roman Catholic Church received at least $1.4 billion to more than $3.5 billion in taxpayer backed coronavirus aid. CBS 2 dug into what Chicago’s Archdiocese is getting and found between $150,000 and $300,000 to retain 18 jobs. Roman Catholic Diocese of Joliet got between $1 million and $2 million to secure 126 jobs. The Paycheck Protection Program was designed to help businesses — many small shops — with forgivable loans if used for wages, rent and utilities. “It doesn’t seem right. You should be angry because some of those small businesses didn’t get a loan,” said Dan McNevin, of the Survivors Network of those Abused by Priests. He is concerned the church funds will...
    An analysis by the Associated Press found that the U.S. Roman Catholic Church lobbied to become one of the top beneficiaries from the Paycheck Protection Program (PPP), which also helped companies backed by celebrities, billionaires, state governors and members of Congress. Catholic dioceses, parishes, schools and other ministries have so far received approval for at least 3,500 forgivable loans totaling up to $1.4 billion in tax-payer funded coronavirus relief, used in part to reimburse dioceses forced to payout settlements, or seek bankruptcy protection, due to clergy sexual abuse cover-ups, according to the AP. Since the government’s data didn’t name smaller churches that received under $150,000 and only included ranges instead of exact loan amounts the number could have possibly even been as high, or exceeded, $3.5 billion, the analysis stated. President Donald Trump was reportedly persuaded to alter the Small Business Administration’s rule that typically disqualifies loan applicants with more than 500 workers, something that would have made many Catholic dioceses ineligible, said the AP’s analysis. Federal records indicated that Catholic Charities USA (CCUSA), a social service agency of the...
    JPMorgan Chase’s closest local rival in the race to lend out US coronavirus loans wasn’t Citigroup or BNY Mellon — it was a tiny, tech-savvy lender based in New Jersey. Jamie Dimon’s megabank handed out nearly $29 billion of government money to small businesses during the throes of the pandemic shutdown — the most of any US bank — and bagged an estimated $864 million in fees. But Cross River Bank of Fort Lee, NJ, with net assets of just $2.5 billion, says it partnered with more than 30 tech firms to create an agile lending platform that doled out nearly $5.4 billion in loans. The privately held lender snagged $160 million in fees, according to S&P Global, dwarfing the bank’s entire net revenue of $96 million last year. The eye-popping volume made Cross River the 13th most active of all US lenders participating in the US government’s Paycheck Protection Program. Citi and BNY didn’t even make the top 15. The fees have been controversial because the loans are backed by US taxpayers, making them virtually risk-free for the...
    More than 93,000 small businesses in Tennessee have received federal loans through the Paycheck Protection Program (PPP), according to a report released this week by the U.S. Small Businesses Administration (SBA). The 93,292 loans granted to Tennessee businesses total more than $8.9 billion. Almost 88 percent of loans, or 82,018, were for amounts less than $150,000. The remaining loans ranged from $150,000 to $10 million: 6,561 businesses received loans between $150,000 and $350,000; 3,398 businesses received loans between $350,000 and $1 million; 856 businesses received loans between $1 million and $2 million; 367 businesses received loans between $2 million and $5 million; and 87 businesses received loans between $5 million and $10 million. “The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” U.S. Treasury Department Secretary Steven Mnuchin said in a statement. According to SBA data, PPP loans in Tennessee support more than 900,000 jobs and more than...
    The Catholic Church raked in at least $1.4 billion in taxpayer-backed loans meant to help small businesses survive the coronavirus pandemic, a new report says. Catholic dioceses, parishes, schools and other entities made extensive use of a loophole in the feds’ Paycheck Protection Program to snag at least 3,500 forgivable loans as the pandemic scuttled worship services across the country, an Associated Press review found. Some $200 million went to roughly 40 dioceses that have paid out hundreds of millions of dollars to victims of sexual abuse in recent years — including the Archdiocese of New York, which got at least $28 million for its executive offices while its iconic St. Patrick’s Cathedral received at least $1 million, according to the Friday report. The so-called PPP loans were generally limited to businesses and nonprofits with fewer than 500 employees. But Catholic officials helped lobby the Trump administration to exempt religious groups from that rule, which would have disqualified many dioceses, the AP reported. Data released this week indicate Catholic institutions may have bagged as much as $3.5 billion in...
    Roger Sollenberger July 10, 2020 10:00AM (UTC) Alex Brady and Serena Tara contributed to this report. Charter schools across the country tapped the federal Paycheck Protection Program (PPP) for what could have been more  than $1 billion, according to a preliminary analysis of Treasury Department data. One network alone, the Knowledge Is Power Program (KIPP), appears to have pulled somewhere between $28 million and $69 million in taxpayer dollars. : Another network of publicly-funded, privately-run schools, Achievement First, appears to have taken in between $7 million and $17 million in PPP loans. The network also received $3.5 million from a special $65 million federal grant that Education Secretary Betsy DeVos awarded to 10 charter management organizations in April, weeks after the PPP was passed, to "fund the creation and expansion of more than 100 high-quality public charter schools in underserved communities across the country. Citizens of the World Charter Schools in Los Angeles received $1.7 million of the DeVos grant, and also took between $2 million and $5 million in PPP money. Mater Academy, Inc., in Miami received $19.2 million of the grant, the most of the field. Three days later, on April 13, it took out...
    WASHINGTON — A handful of businesses associated with Democratic lawmakers collected millions of dollars worth of Paycheck Protection Program loans after it was revealed House Speaker Nancy Pelosi’s husband also benefited from the stimulus deal. Companies linked to Reps. Matt Cartwright (D. Pa), Conor Lamb (D. Pa), TJ Cox (D. Calif) and Harley Rouda (D. Calif) received coronavirus loans, as did the family law firm of New York Democratic Rep. Anthony Brindisi, according to the data released by the Small Business Administration on Monday. Businesses linked to Cox collected up to $1.7 million in federal bailouts. His Madera nut processing factory received a loan between $100,000 and $350,000, as did an assisted living center of which he still has a financial stake worth up to $1 million, SBA and financial disclosure filings show. An affordable housing firm where the Democratic congressman was listed as director in 2019 also got between $350,000 to $1 million from the federal government, but a spokesperson said he resigned as director last year. “TJ Cox built and is now proud to be a passive...
              The U.S. Small Business Administration (SBA) and the U.S. Treasury Department this week released the names of 4.9 million Paycheck Protection Program (PPP) loan recipient businesses and nonprofits that received $150,000 or more. The mostly forgivable PPP loans were funded through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. Disclosures include business names, addresses, ZIP codes, business type, demographic data, nonprofit information, name of lender, jobs supported and loan amounts from $150,000 to $10 million. Disclosures do not include specific dollar amounts but amount ranges: $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million. Auditors at OpenTheBooks.com mapped the largest loans – nearly 83,000 loans in amounts of $1 million to $10 million – located in 13,700 zip codes across the country. Advocating for government transparency, the nonprofit watchdog that receives no federal money says taxpayers can use the map tool to find out which non-small businesses received PPP loans over $1 million. The search tool allows users to input a...
    The owner of a small shop, Charlie’s Round the Corner Ice Cream, in Saugatuck, Mich., was shocked when she realized she had been listed as a recipient of $2 million under the Paycheck Protection Program (PPP). "I answered the phone and I thought this was some kind of a joke," owner Lisa Freeman, 54, told the Detroit Free Press. "I learned about this from a reporter over here." The Small Business Administration (SBA) recently released data outlining recipients of the PPP authorized by Congress in order to combat business closures caused by the coronavirus pandemic. FEDS WARN SMALL BUSINESSES OF POTENTIAL CORONAVIRUS SBA LOAN FRAUD Businesses that received more than $150,000 were listed by name, whereas smaller loans omitted the same details. Freeman’s ice cream shop was reportedly listed near the top tier recipients in the $2 to 5 million loan range, next to Zehnder's of Frankenmuth, Buddy's Pizza and National Coney Island, according to the local publication. But the SBA told the Detroit Free Press that “the amounts listed are the amounts approved, not necessarily the amounts disbursed." "The public...
    At least $4 million in PPP loans went to a real estate company at the center of a federal bribery investigation involving a Los Angeles city councilman. Shenzhen New World Group, owned by Chinese billionaire Wei Huang, received two PPP loans for hotels it operates in Los Angeles.  Jose Huizar is accused of accepting more than $800,000 in bribes from a real estate company chairman referred to in a federal indictment as “Chairman E.”  Charging documents against Huizar make it clear that the real estate company in question is Shenzhen New World Group, which is working on a 77-story skyscraper project in Huizar’s district.  The Trump administration loaned between $4 million and $10 million in coronavirus relief funds to a real estate company whose chairman allegedly bribed a Los Angeles city councilman with nearly $260,000 in poker chips, escort services and $600,000 in payments to settle a sexual harassment lawsuit. Jose Huizar, the city councilman, was arrested on June 23 on charges that he accepted $1.5 million in bribes to help the developers of various real estate...
    CHELSEA (CBS) – Chelsea’s Cafe El Dorado has a storied past. “We were in business since 1981. Our bakery burned down on Thanksgiving, in November of 2013,” said co-owner Jenny Camacho. It took nearly seven years for the landmark, first established by Jenny’s in-laws, Carlos Camacho’s parents, to re-open. And once they did, they were shut down again, this time by a pandemic. “We opened March 1 and the following week everything shut down,” Jenny said. “It was heartbreaking. But we wanted to stay open and start getting to know our customers once again. There’s a lot of people that still remember the old bakery.” Determined to keep their dream alive, the Camachos applied for a Paycheck Protection Program (PPP) loan, only to find out they didn’t qualify. For one, they opened two weeks after the cut off date set by the Small Business Administration. They also didn’t have the payroll required for eligibility. Among the rules, borrowers had have to been in operation on February 15, 2020, have established banking relationships and documents tracking payroll expenses....
    WASHINGTON — A handful of businesses associated with Democratic lawmakers collected millions of dollars worth of Paycheck Protection Program loans after it was revealed House Speaker Nancy Pelosi’s husband also benefited from the stimulus deal. Companies linked to Reps. Matt Cartwright (D. Pa), Conor Lamb (D. Pa), TJ Cox (D. Calif) and Harley Rouda (D. Calif) received coronavirus loans, as did the family law firm of New York Democratic Rep. Anthony Brindisi, according to the data released by the Small Business Administration on Monday. Businesses linked to Cox collected up to $1.7 million in federal bailouts. His Madera nut processing factory received a loan between $100,000 and $350,000, as did an assisted living center of which he still has a financial stake worth up to $1 million, SBA and financial disclosure filings show. An affordable housing firm where the Democratic congressman was listed as director in 2019 also got between $350,000 to $1 million from the federal government, but a spokesperson said he resigned as director last year. “TJ Cox built and is now proud to be a passive minority...
    Roger Sollenberger July 9, 2020 6:17PM (UTC) A company run by White House Press Secretary Kayleigh McEnany's parents received more than $1 million dollars in Paycheck Protection Program (PPP) loans, according to Small Business Administration data released this week. McEnany Roofing, a commercial roofing company in Florida owned by McEnany's parents, Michael and Leanne, received somewhere between $1 million and $2 million in government assistance. The loan was first reported by The Daily Dot. : Because the Small Business Administration, which runs the loan program, released only ranges — and not the specific amounts of the loan amounts — the exact sum remains unknown. Congress created the PPP as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, intending it to help small businesses meet payroll during the economic fallout from the coronavirus pandemic. If employers put their PPP money towards job retention and other operational expenses, they will not have to pay the government back. (Disclosure: Salon received a PPP loan to keep our staff and independent journalism at 100%.) The Daily Dot reported that about 30 people work in McEnany Roofing's corporate offices. The company employs 141 people total, according to the loan data. : In...
    White House Press Secretary Kayleigh McEnany has been highly critical of Americans who receive any type of government assistance and isn’t shy about expressing her disdain for “welfare recipients.” But McEnany’s parents, according to data released by the Small Business Administration earlier this week, received millions of dollars in loans from the Paycheck Protection Program. McEnany’s parents, Michael and Leanne McEnany, own a commercial roofing company in Tampa, Florida called McEnany Roofing. The amount of the loans they received under the PPP, journalist Eric Levai reports in the Daily Dot, was somewhere between $1 million and $2 million. But Levai notes, “Because the SBA will not release loan details, the exact figure could not be determined.” In March, Congress established the PPP as part of the CARES Act of 2020. The PPP was designed to help businesses that are suffering financial hardship because of the coronavirus pandemic. Levai reports, “McEnany Roofing appears to employ close to 30 people in its corporate offices, according to its website, and the number of total employees could not be determined. According to the loan data, McEnany...
    WOODWAY, Texas – Chip and Joanna Gaines of “Fixer Upper” fame have built an empire that includes tv shows, books, retail and real estate but like so many other business owners, they seem to be dealing with financial repercussions of the COVID-19 pandemic. Three companies that fall under the Magnolia Market umbrella owned by the famous couple filed for Paycheck Protection Program loans from the Small Business Administration in April. PPP loans were requested for Magnolia Flour, LLC and Magnolia FTT, LLC in the amount of $350,000-$1 million. A PPP loan request was also made for Magnolia Kitchen in the amount of $150,000-$300,000. Exact amounts for business loans were excluded from the data released by the SBA. Magnolia Flour, LLC does business as Silos Baking Co. and Magnolia FTT, LLC does business as Magnolia Table. Data shows the loans for Magnolia Flour, LLC and Magnolia FTT, LLC were made on April 8, and the loan for Magnolia Kitchen was made on April 9. The loan requests were made weeks after Gov. Greg Abbott’s March 19 executive order requiring all restaurants...
    Thousands of Oregon’s small businesses received federal loans from the Paycheck Protection Program, but a new study has shed light on which industries have seen the most assistance. The nationwide program was created as part of the CARES Act in March to provide financial aid to small businesses with fewer than 500 employees. Information on companies receiving loans of under and over $150,000 is now public based on Small Business Association data released by the Treasury Department on Monday. The Oregon Office of Economic Analysis (OOEA) broke down the data by county in a study, accounting for two key factors: the percentage of wages covered by PPP loans; and the percentage of local businesses that received PPP loans. PPP loans by county According to OOEA’s findings, PPP loans accounted for a high percentage of wages from small businesses in Oregon’s rural regions. In Grant, Harney, and Lake counties, PPP loans covered more than 20 percent of wages compared to the statewide average of around 7.5 percent. Nearly 60 percent of small businesses...
    Photo by Randall SlavinSports Leadership and Management, Inc., a sports-centered charter school operator in Miami whose founders include rap star Pitbull, received at least $1 million in interest-free federal loans to prevent layoffs during the COVID-19 pandemic, according to records released by the federal government this week. The charter school operator, known as SLAM, received a loan ranging between $1 and $2 million in April, data released by the federal Small Business Administration said. The school used the loan, which is part of the Paycheck Protection Program passed by Congress in April, to retain 220 jobs, according to the records. The federal program was designed to bolster businesses during the economic downturn caused the COVID-19 pandemic. Pitbull, also known as “Mr. Worldwide” and “Mr. 305,” is a heavy promoter of the charter school, which serves students in grades six through 12. The reggaeton superstar, whose real name is Armando Christian Pérez, in June posted an Instagram video filmed atop a Miami SLAM school congratulating the class of 2020. “These are historical times, and you guys...
    New York (CNN Business)He may be a self-proclaimed "Christian Genius Billionaire," but Kanye West is catching flak after his Yeezy apparel brand applied for government assistance to weather the coronavirus crisis.Yeezy received a loan worth at least $2 million through the Paycheck Protection Program, the $660 billion economic relief fund designed to help small businesses survive and avoid laying off employees. That's according to the Small Business Administration, which disclosed this week the list of companies that received more than $150,000.While some very small companies struggled to access aid from the program, especially early on, West's $3 billion streetwear brand is one of several companies with wealthy or well-connected owners to receive loans from the program. West is hardly the only billionaire to run a company that received a sizable loan. Rich people receiving government funds looks bad, especially considering how many non-famous owners found themselves unable to collect the money they needed to keep their businesses alive. But these companies were eligible for money including potentially forgivable loans, so it's little wonder they pursued it.Yeezy did not return a...
    White House Press Secretary Kayleigh McEnany’s parents received millions of dollars in Paycheck Protection Program (PPP) loans, according to data released by the Small Business Administration this week. Hide The data was released Monday after government accountability experts and journalists, concerned about the program’s lack of transparency and secrecy, pressured Treasury Secretary Steven Mnuchin to make it publicly available. Hide Unrecorded McEnany Roofing, a commercial roofing company in Florida owned by McEnany’s parents, Michael and Leanne McEnany, received somewhere between $1–2 million dollars from PPP. Hide Because the SBA will not release loan details, the exact figure could not be determined. PPP was created by Congress as part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, and implemented by the executive branch, to assist small businesses in navigating an economic crisis brought on by the coronavirus. According to program rules, as long as the money is used to pay employees, and for rent and utilities, the government will forgive the entire loan. Hide McEnany Roofing appears to employ close to thirty people in their corporate offices, according to...
    Billy Eichner Replaces Kimmel to Put a Comedic Spin on Some Devastating News (Video) DeSean Jackson invited to tour Auschwitz by Holocaust survivor Tom Bradys TB12 company accepting up to $1M in PPP loans is so gross This is the online version of our daily newsletter, The Morning Win. Subscribe to get irreverent and incisive sports stories, delivered to your mailbox every morning. © Provided by For The Win I gotta say something up front here – I’m a Tom Brady guy. I’m from Boston, I like the Patriots, and I am smart enough to know that Brady is the GOAT. I’m also smart enough to be able to chastise the GOAT for things that he deserves to be chastised for and this is clearly one of those things – this week it was revealed that his TB12 company received a PPP loan from the government that fell in the $350,000 to $1 million tier of loan payments for companies looking for help during the coronavirus pandemic. That, quite frankly, is a joke. And a terrible one at that. While I’ve long been...
    The CEO of a massive Wendy’s franchisee diverted $1 million in Paycheck Protection Program financial loans intended to retain workers used to invest in a new property, according to a new lawsuit. Andrew Levy, the CEO of the Starboard Group, which operates 101 Wendy’s destinations, instructed former employee Sandi Adler to checklist some of his private workers as corporate employees to pull off the plan, Adler alleges in a new whistleblower accommodate filed in Florida, CNBC documented. “The impact of this, in perspective of the PPP funding, was to defraud the United States and the Little Small business Administration,” the criticism said. Starboard in whole obtained $9 million in complete by way of the federal reduction system established to support ailing organizations all through the coronavirus pandemic. The franchisee oversees 3,200 workers at spots in 7 states. But a million of that relief went to finance Levy’s new household in Montana, in accordance to Adler, a previous vice president at the organization. Levy also allegedly instructed Adler to lie to creditors, landlords, distributors, and suppliers, telling them the corporation...
    The CEO of a large Wendy’s franchisee diverted $1 million in Paycheck Protection Program loans meant to keep workers employed to buy a new house, according to a new lawsuit. Andrew Levy, the CEO of the Starboard Group, which operates 101 Wendy’s locations, instructed former employee Sandi Adler to list some of his personal employees as corporate employees to pull off the scheme, Adler alleges in a new whistleblower suit filed in Florida, CNBC reported. “The effect of this, in view of the PPP funding, was to defraud the United States and the Small Business Administration,” the complaint said. Starboard in total received $9 million in total through the federal relief program created to aid ailing businesses during the coronavirus pandemic. The franchisee oversees 3,200 employees at locations in seven states. But a million of that relief went to finance Levy’s new home in Montana, according to Adler, a former vice president at the company. Levy also allegedly instructed Adler to lie to creditors, landlords, vendors, and suppliers, telling them the company had not received PPP funding and couldn’t...
    The CEO of a large Wendy’s franchisee diverted $1 million in Paycheck Protection Program loans meant to keep workers employed to buy a new house, according to a new lawsuit. Andrew Levy, the CEO of the Starboard Group, which operates 101 Wendy’s locations, instructed former employee Sandi Adler to list some of his personal employees as corporate employees to pull off the scheme, Adler alleges in a new whistleblower suit filed in Florida, CNBC reported. “The effect of this, in view of the PPP funding, was to defraud the United States and the Small Business Administration,” the complaint said. Starboard in total received $9 million in total through the federal relief program created to aid ailing businesses during the coronavirus pandemic. The franchisee oversees 3,200 employees at locations in seven states. But a million of that relief went to finance Levy’s new home in Montana, according to Adler, a former vice president at the company. Levy also allegedly instructed Adler to lie to creditors, landlords, vendors, and suppliers, telling them the company had not received PPP funding and couldn’t meet...
    Dr. Phil’s manufacturing firms obtained as much as $7 million in authorities support loans throughout the pandemic — whereas his son splashed out on a $10 million Beverly Hills, Calif., mansion, Web page Six has realized. In keeping with newly launched paperwork, Dr. Phil’s manufacturing firms obtained as much as $7 million from the paycheck safety program, the huge federal plan designed to assist small companies trip out the monetary disaster attributable to the coronavirus. Stage 29 Productions, run by Phil McGraw and his son Jay McGraw, obtained a mortgage valued at between $1 million and $2 million. The corporate makes applications, together with Dr. Phil’s eponymous speak present and “DailyMailTV,” and was on an inventory of recipients disclosed on Monday by the Small Enterprise Administration. Dr. Phil’s different manufacturing firm, Peteski Productions, additionally obtained a mortgage valued at between $2 million and $5 million, the federal government company reported. On the identical day these numbers had been reported, Selection reported Phil’s youngest son, aspiring rock star Jordan — who’s engaged to reality-TV star and E! host Morgan Stewart...
    Dr. Phil’s production companies got up to $7 million in government aid loans during the pandemic — while his son splashed out on a $10 million Beverly Hills, Calif., mansion, Page Six has learned. According to newly released documents, Dr. Phil’s production companies received up to $7 million from the paycheck protection program, the massive federal plan designed to help small businesses ride out the financial crisis caused by the coronavirus. Stage 29 Productions, run by Phil McGraw and his son Jay McGraw, got a loan valued at between $1 million and $2 million. The company makes programs, including Dr. Phil’s eponymous talk show and “DailyMailTV,” and was on a list of recipients disclosed on Monday by the Small Business Administration. Dr. Phil’s other production company, Peteski Productions, also got a loan valued at between $2 million and $5 million, the government agency reported. On the same day those numbers were reported, Variety reported Phil’s youngest son, aspiring rock star Jordan — who is engaged to reality-TV star and E! host Morgan Stewart — had paid $10 million in...
    Your tax dollars, hard at work. In spite of the GOAT inking a two-year contract worth $50 million with the Buccaneers this offseason, Tom Brady’s business venture, TB12 Inc., has apparently experienced hardships due to the coronavirus pandemic and received up to $1 million in federal funding through the Paycheck Protection Program (PPP). Federal data published Monday disclosed all recipients of at least $150,000 from the relief program, which the Small Business Association says accounts for 75 percent of the total loan amount approved. VideoBusinesses had to apply for the PPP loan, which is a component of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act: a $2 trillion relief package passed by Congress and President Trump in March, the goal of which is to support small businesses and combat job loss during the economic downturn caused by COVID-19. BRADY THINKS 'FOOTBALL'S FUN AGAIN' AFTER LEAVING PATRIOTS FOR BUCS Exact loan amounts were not released, but businesses were stratified into tiers of $150,000 to $350,00, $350,000 to $1 million, $1 million to $2 million, $2 million to $5 million and $5...
    Three Senate Democrat candidates have criticized the Paycheck Protection Program (PPP) despite benefiting from it, according to a report released Wednesday. The Washington Examiner’s Emily Larsen reported Wednesday that three Senate Democrat candidates have benefitted from the PPP loan program. These include Cal Cunningham, the challenger to Sen. Thom Tillis (R-NC); Mark Kelly, who faces Sen. Martha McSally (R-AZ); and Sara Gideon, who hopes to unseat Sen. Susan Collins (R-ME). Gideon, who is Maine’s state House speaker, attacked Collins for suggesting that campaign contributions pushed Collins to write a “loophole” into the legislation that established the PPP to benefit out-of-state hotels. The personal injury law firm for which Gideon’s husband works received a PPP loan between $1 and 2 million. Cunningham also warned that PPP could lead to corruption. “We’ve seen that money end up in some of the wrong hands,” Cunningham said in May. Yet WasteZero, an eco-friendly trash reduction company for which Cunningham worked, received a PPP loan between $1 and $2 million in May. Cunningham left WasteZero in March to focus on his Senate bid. Kelly wrote in June...
    Mat StaverScreengrab via Liberty Counsel/FacebookMat Staver, a guy who once said the “Q” in LGBTQ stands for pedophilia and that Jay-Z is a known satanist, received hundreds of thousands of dollars from tax payers.  On Monday, The Department of the Treasury and the Small Business Administration released the names of over 650,000 beneficiaries that received forgivable federal loans though the Paycheck Protection Program, and many include organizations labeled as hate groups by the Southern Poverty Law Center, including Staver’s Liberty Counsel.  According to the list, the Maitland-based Liberty Counsel received between $350,000 and $1 million on April 27, from Seacoast National Bank, and reportedly retained no jobs. It’s important to note that the Small Business Administration's release of PPP data only gives ranges, and not exact amounts, of the loans. We reached out to the Liberty Counsel for comment, and will update this post if they get back to us.  On April 8, the Liberty Counsel actually released a how-to guide for religious organizations to apply for PPP loans, which you can read here. The guide outlines not only how to apply for...
    Laurie Hernandez is Changing the Game by opening up and embracing her emotions Prince Harry and Meghan Markle "Brought a Calm, Relaxed Energy" to a Recent Call About Racial Equity Lawsuit alleges Wendys franchisee spent $1 million of PPP funding to finance home A lawsuit alleges that the chief executive of Starboard Group, a large Wendy's operator, diverted $1 million in Paycheck Protection Program loans to finance his home in Montana. Starboard received about $9 million in PPP loans, according to the complaint from the company's former vice president of legal affairs and human resources.  Starboard says it operates 101 Wendy's locations across seven states and has 3,200 employees. A former employee of Starboard Group, a large Wendy's operator, alleges that the franchisee's chief executive diverted $1 million in Paycheck Protection Program loans to finance his home in Montana. Load Error Sandi Adler, who was Starboard's vice president of legal affairs and human resources, filed the complaint on June 30 under Florida's whistleblower statute. She also alleges sexual harassment in the suit, filed in state court...
    Nobu, the international luxury chain of sushi restaurants and hotels, took up to $28 million in loans from the U.S. small business relief program as part of the Paycheck Protection Program (PPP), according to recently released government filings. The chain, which includes 46 restaurants and 13 luxury hotels across the world, was co-founded by actor Robert De Niro, celebrity chef Nobuyuki “Nobu” Matsuhisa, and film producer Meir Teper. Nobu took 14 loans totaling as much as $27.7 million, CNBC reported. Because the Small Business Administration (SBA) provides only a range for loan sizes instead of precise dollar amounts, however, the Nobu group may have received as little as $11 million, CNBC said. DeNiro, for the record, is worth an estimated $500 million. “Restaurants were among the biggest recipients of the Paycheck Protection Program, a key component of the government’s response to the economic impact of the coronavirus pandemic. The news that big, well-funded chains like Shake Shack and Ruth’s Hospitality Group had initially gotten loans set off a furor in April, prompting the administration to warn companies to make sure they qualified for the...
    Your tax dollars, hard at work. In spite of the GOAT inking a two-year contract worth $50 million with the Buccaneers this offseason, Tom Brady’s business venture, TB12 Inc., has apparently experienced hardships due to the coronavirus pandemic and received up to $1 million in federal funding through the Paycheck Protection Program (PPP). Federal data published Monday disclosed all recipients of at least $150,000 from the relief program, which the Small Business Association says accounts for 75 percent of the total loan amount approved. Businesses had to apply for the PPP loan, which is a component of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act: a $2 trillion relief package passed by Congress and President Trump in March, the goal of which is to support small businesses and combat job loss during the economic downturn caused by COVID-19. Exact loan amounts were not released, but businesses were stratified into tiers of $150,000 to $350,00, $350,000 to $1 million, $1 million to $2 million, $2 million to $5 million and $5 million to $10 million. TB12 Inc.’s application...
    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 totaling $15 million to $30 million. Get Breaking News Delivered to Your Inbox Other recipients included Kanye West's clothing and sneaker brand Yeezy, Ice Cube's professional basketball league, Planned Parenthood clinics in more than two dozen states,...
    The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed. But government data suggests that hundreds of thousands of businesses across the country got access to funds without indicating how many jobs would be saved. On Monday, the Trump Administration released data on the small businesses nationwide that received loans through the $669-billion Paycheck Protection Program. The loans distributed through the program were partially or fully forgivable depending on how much of the proceeds were used to keep employees on payroll. The Small Business Administration has said the program has helped support about 51 million jobs. Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven. A MarketWatch analysis of the government data found that just over 554,000 small businesses who got PPP funds reported retaining zero jobs. Nearly 50,000 of these business had received loans larger than $150,000, and more than 300 have received loans between $5 million and...
    Jack Gillum - Mike Spies - Jake Pearson - Isaac Arnsdorf July 8, 2020 8:36AM (UTC) This article originally appeared on ProPublica. Businesses tied to President Donald Trump's family and associates stand to receive as much as $21 million in government loans designed to shore up payroll expenses for companies struggling amid the coronavirus pandemic, according to federal data released Monday. A hydroponic lettuce farm backed by Trump's eldest son, Donald Jr., applied for at least $150,000 in Small Business Administration funding. Albert Hazzouri, a dentist frequently spotted at Mar-a-Lago, asked for a similar amount. A hospital run by Maria Ryan, a close associate of Trump lawyer and former mayor Rudy Giuliani, requested more than $5 million. Several companies connected to the president's son-in-law and White House adviser, Jared Kushner, could get upward of $6 million. : There's no ban on businesses connected to Trump's orbit receiving money. Democrats added a provision to the CARES Act excluding government officials and their family members from receiving some bailout funds, but not those from the PPP. The firms sought funding under...
            by Andrew Kerr  The $670 billion Paycheck Protection Program (PPP) has supported more than 51 million jobs since its launch in April, the Treasury Department and Small Business Administration announced Monday as it released information on 4.9 million loans disbursed by the program. “The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Treasury Secretary Steven Mnuchin said in a statement Monday. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas.  The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” Mnuchin added. Between 72 percent to 96 percent of small business jobs across all 50 states have been supported by the PPP, according to the SBA. More than half of PPP loans went to small businesses in the health care, professional and technical services, construction,...
    Several Democratic Senate challengers in key races who criticized the distribution and transparency of government Paycheck Protection Program loans indirectly benefited from the funds. Last month, Cal Cunningham in North Carolina, Mark Kelly in Arizona, and Sara Gideon in Maine all took swipes at the program, which was created as part of the emergency coronavirus relief CARES Act and intended to help small businesses through the pandemic-related economic downturn. The program did not adequately distribute funds to the most in-need businesses or communities, they argued. But the candidates appear to be fine with loans going to companies they are connected to, which were not widely known until the Small Business Administration disclosed all the companies that received loans on Monday. The candidates are among the most highly-touted Democratic challengers to help their party win a Senate majority in November. Republicans now control the chamber 53-47. There is no legal or ethical rule preventing candidates or sitting lawmakers from benefiting from the PPP loans. Many sitting lawmakers benefited from the loans. Recipients that were unknown before the...