What big businesses got PPP loans?
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The U.S. Small Business Administration and Treasury Department on Monday released a public list of Payment Protection Program loan recipients in its efforts to be more transparent.
The list does not display the exact amount each business received but rather a range; ranges included loans worth $150,000-$350,000, $350,000-$1 million, $1 million-$2 million, $2 million-$5 million and $5 million-$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," Treasury Secretary Steven T. Mnuchin said in a statement.
In this May 8, 2020 photo, Store for rent sign shows at the closed store in Chicago.(AP Photo/Nam Y. Huh)
He added that the Treasury is "particularly pleased that 27 [percent] of the program’s reach in low and moderate-income communities which is in proportion to percentage of population in these areas," and the average loan size was "approximately $100,000, demonstrating that the program is serving the smallest of businesses."
THESE BILLIONAIRE-BACKED BUSINESSES RECEIVED MILLIONS IN TAXPAYER-FUNDED AID THROUGH PPP
The loan program, which has allocated more than $521 billion for businesses so far, came under scrutiny initially after granting relief to publicly traded companies with access to other forms of capital. Despite closing loopholes that allowed such businesses to receive PPP loans, the program has come under more scrutiny since releasing names.
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Here is a list of some of the biggest and most popular businesses, ranging from restaurant chains to pharmaceutical companies, that got upwards of $1 million in loans:
- Acorda Therapeutics
- Alice & Olivia
- Alexander Wang
- Amyris Inc
- Byton
- Black Angus Steakhouses
- Bluestone Lane
- Burning Man Festival
- Chop't
- Church of Scientology
- Dig Inn
- Five Guys
- Forbes Media
- Getaround
- Gregory's
- Grindr
- Karma Automotive
- MOD Pizza
- Museum of the Bible
- Newsmax Media
- NIO
- Novavax
- Yeezy
- P.F. Chang’s
- Rag & Bone
- Rubio’s Restaurant
- Sennheiser
- SoHo House
- Sorrento Therapeutics
- TGI Friday's
- Vibra Healthcare
- Whitney Museum of American Art
A number of businesses tied to politicians including House Speaker Nancy Pelosi, senior presidential advisor Jared Kushner, Transportation Secretary Elaine Chao and Rep. Matt Gaetz, R-Fla., also received millions in collective PPP.
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House Speaker Nancy Pelosi of Calif., speaks during a news conference on Capitol Hill in Washington, Thursday, May 28, 2020. (AP Photo/Carolyn Kaster)
Political organizations including the Florida Democratic Party, Ohio Democratic Party and the Women’s National Republican Club of New York received PPP loans.
Blue Star Strategies, a public relations firm connected to Burisma Holdings, a Ukrainian natural gas company that put Democratic nominee Joe Biden's son, Hunter Biden, at the center of a national scandal also received loans. President Trump's impeachment stem from Biden's work with the company.
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Additionally, lenders approved PPP for a number of big-name law firms, pharmaceutical companies and private schools.
More than 658,000 businesses total have received loans as part of the $670 billion program since it launched in April, and the government is expected to give out more with excess funding. Applications for the latest round of PPP close on August 8.