As David Dayen has told us repeatedly, there is no oversight chair still for the CARES Act...We begin to understand why...
Data released Monday by the Small Business Administration show that companies owned by several members of Congress and the law practice that represented President Trump were among the hundreds of thousands of firms that received federal stimulus aid from the agency.
Nearly 90,000 companies in the program took the aid without promising on their applications they would rehire workers or create jobs.
At 40 Wall Street, an office building Trump owns in Lower Manhattan, 22 companies received loans, for a combined total of at least $16.6 million. The recipients included mortgage giant Countrywide, the pro-Israel group Hadassah, the Girl Scout Council of Greater New York, and the engineering and consulting firm Atane, according to the data.
Among the loan recipients, 48,922 reported zero as the number of jobs they would retain with the money, and 40,506 applicants appeared to leave that section blank. It appeared that 10 other companies received between $5 million and $10 million but reported retaining only one job with the money they received.
https://www.washingtonpost.com/business/2020/07/06/sba-ppp-loans-data/?
As part of its $660 billion Paycheck Protection Program, the SBA also handed out loans to firms owned by foreign companies and large chains backed by well-heeled Wall Street firms.
As part of its $660 billion small-business relief program, the SBA also handed out loans to private schools catering to elite clientele, firms owned by foreign companies and large chains backed by well-heeled Wall Street firms.