Wednesday, July 29, 2020

Who Was the Aid (PPP) Intended For?

©iStock/Drazen Zigic
The Paycheck Protection Program (PPP) was billed by the U.S. Treasury Department as a way for small businesses with generally fewer than 500 employees to cover overhead, retain employees, and rehire those who had been laid off as a result of the pandemic.
But data released earlier this month by the U.S. Small Business Administration shows large PPP loans were received by District-based companies that have global business interests, pay some of their employees six-figure salaries, and, in certain cases, appear to have other means of raising money. (Precise loan amounts weren’t specified in the data; the SBA reported loan ranges up to $10 million.)
Explore more about how big D.C. companies scooped up pandemic aid intended for small businesses.

No comments: