PP P paycheck prot Covid

ppp tag is pence perry pompeo

KAROLINE PARENTS

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she repeatedly bragged that her parents worked their way up from nothing and got no handouts ever. She told a local newspaper called the Eagle Tribune,

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quote, "My dad came from nothing and worked his way up, created a successful business that my brothers now work at. He didn't take any handouts from anyone.

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He reminds me of President Trump. He says what he believes." She also made that claim in a video on her campaign website. One of her favorite bugaboos

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was the so-called socialism of Biden's inflation reduction act. Except that wasn't the truth. You see, according to WUR, a local New Hampshire TV station,

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her parents gladly accepted a handout from the federal government during CO.

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Quote, data compiled from the US Small Business Administration show the company received $250,635

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in two paycheck protection program loans in February and April 2020, as well as two economic injury disaster loans

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totaling $160,000 also in April 2020. End quote. Hm. Well, you know what we say on this [ __ ]

Everybody Hates the SBA - The American Prospect

...Over the next 20 years, the SBA limped along, brutally underendowed, a frequent target for elimination by Congress, showing up in the public consciousness only as a scandal generator. As part of George W. Bush’s contemptible Hurricane Katrina response effort, the administration deputized the SBA’s Office of Disaster Assistance to disgorge more than $6 billion in loans to Gulf Coast disaster victims. Investigations later found that more than half of the loans were issued with shoddy paperwork, hundreds of millions of dollars went missing, and a significant percentage of borrowers fell into default without making a single payment. An alleged botched cover-up, according to journalist Keith Girard, “was a cynical, contrived campaign to clear a backlog of Katrina loans from the SBA books—at any cost—simply to help the Bush administration save political face.”

For the beleaguered agency, scandals became commonplace. In 2008, Congress created three new disaster relief programs, designed to get needy businesses funds within 36 hours. The SBA only piloted one of the programs, and it issued zero loans in seven years. A 2008 inspector general report found a quarter of SBA loans involved improper payments; a 2010 audit by the Government Accountability Office found 61 of the top 100 small-business contractors were in reality large businesses. In 2018, a review of the preceding decade found a glut of objectionable lending: funding to 74 yacht clubs, plastic-surgery clinics, $280 million to private country clubs, $12.2 billion to highly capitalized venture capital firms, and more.

Perhaps most important, the agency had done little to inconvenience a rapid, accelerating, and uninterrupted consolidation of the American economy. Born as an anti-monopoly tool, the SBA became as ineffective as the rest of the federal government to prevent the Second Gilded Age.

Despite that battery of indictments, despite enduring dysfunction, despite being so overlooked that President Trump initially appointed the first lady of professional wrestling Linda McMahon as its head, the SBA, up through this March, still offered an essential service. The vestiges of its mission can be seen in the professional development it gives to minority entrepreneurs, in the way it helps to a limited degree mitigate some of the obvious racial biases in the banking world. “It’s a relatively tiny sliver of the whole, but it’s critically important,” said Mitchell, of the Institute for Local Self-Reliance. “SBA loans have heavily gone to small businesses, women-owned businesses, people of color, people who don’t quite meet the underwriting criteria but are close. Bottom line, this is an agency that does important stuff but doesn’t function as well as it should.”

And then, the coronavirus hit.

IN 2019, THE SBA GUARANTEEDabout $30 billion in loans, not even 5 percent of all small-business lending from banks and credit unions. In the $2.2 trillion CARES Act pandemic response package passed on March 27, it was suddenly tapped to disburse $349 billion in emergency Paycheck Protection Program funding, more than 11 times its annual loan book, in a matter of days. “It was good policy to tie this notion of a forgivable loan to you holding on to your employees, that was a good feature,” Sarah Bloom Raskin, former Treasury official and Fed governor, told the Prospect. “But the SBA’s website is notoriously the most crashable website out there. Even pre-pandemic, businesses could barely rely on that website.”

The leader of this uncertain project would be Jovita Carranza, approved by the Senate in January 2020, just weeks before the crisis unfolded. Carranza had served as an adviser to Treasury Secretary Steve Mnuchin on the Opportunity Zones program in the Trump tax cuts, which within months had been revealed as a shallow and often openly corrupt ploy to help investors skirt the capital gains tax. At least she had experience at the agency, serving as the SBA’s deputy administrator from 2006 to 2009.

Carranza’s initial few weeks in office followed the time-honored tradition of Republicans in government advocating for the demise of the very agencies they direct. Her first proposed budget sported an 18 percent cut overall and a 36 percent cut to entrepreneurial development, despite the fact that the SBA, for all its limitations, essentially costs taxpayers nothing. This attempted hit on the budget came while coronavirus clusters raged in Washington and New York state.

By the time shutdown orders crested in April, at least 43 percent of businesses had temporarily closed, and employee counts fell to 40 percent of the level in January. Small business, which accounts for an estimated 44 percent of gross domestic product, was facing an extinction-level event, and would need a herculean intervention to have any shot at salvation.

It wasn’t a foregone conclusion that the SBA would head up this program. For many, it made more sense to have the Treasury, which is better staffed, more capable, and already in possession of the relevant documentation through the IRS, do such a task. But Congress tapped the SBA, an agency with just 4,000 employees. If there’s any bureaucratic muscle left in the atrophied Trump administration, the SBA isn’t it.

PPP loans, furnished as an expansion of the administration’s usual 7(a) lending program, would offer either $10 million or 2.5 times a small business’s average monthly payroll, whichever was less, at an interest rate of 0.5 percent (a rate that doubled after banks groused). The loan would be forgiven entirely so long as at least 75 percent of it was spent on payroll, and all employees were retained, or rehired. There was also a separate program for Economic Injury Disaster Loans, with an advance of up to $10,000, also forgivable.

Even in a normal year, the SBA is in no position to handle its own 7(a) lending. So it followed its familiar model: contracting lending out to private banks and financial firms (including upstart financial-technology companies, which earned new validation as vital lenders despite sitting outside the regulatory perimeter). The agency didn’t release guidelines for the program until the night before it was supposed to begin. Some banks were so flummoxed by the vagaries of the rules that they didn’t open lending for days, a real problem for business owners reliant on their long-standing banks, since the program was first come, first served. When the money ran out, the loans closed.

The PPP loan application opened on April 3, and the mad dash began, although it was more maddening for some than others. The SBA’s “E-Tran” system, which took in the loan applications for authorization, crashed repeatedly. The chair of the Independent Community Bankers of America claimed on April 7 that one-third of community banks were locked out of the system.

By April 16, less than two full weeks after the PPP’s kickoff, it was already out of money. In some sense, against all odds, that was a huge success. The SBA was tasked primarily with getting money out as fast as possible. Despite widespread confusion, and given its limitations, two weeks wasn’t bad. The paucity of funding, which pitted businesses against one another, wasn’t the SBA’s fault. “I think the program was relatively successful,” said Shaoul Sussman, legal fellow at the Institute for Local Self-Reliance and litigation clerk at Pearl Cohen.

But as recent history has shown, an inadequate bailout, in a moment of acute crisis, presided over by private financial entities with their own set of aims, breeds certain outrage. And even though money got out the door, the initial returns on where that money went were less rosy.

Due to shutdown orders, small business, which accounts for an estimated 44 percent of gross domestic product, was facing an extinction-level event.

The first scandal wave came from the restaurant industry. That should have come as no surprise, given the SBA’s unique subservience to fast food. But in many cases, it wasn’t franchisees, but the corporate headquarters directly, that reaped the benefits. Ruth’s Chris Steak House, applying as two separate legal entities, secured $20 million in loans, circumventing the $10 million cap. Shake Shack, which trades publicly on the New York Stock Exchange with a multibillion-dollar market cap, secured $10 million, and Potbelly sandwiches and Taco Cabana maxed out as well. None has fewer than 500 employees.

This was no accident, but a direct function of program design. Tucked deep in the 900-page bailout was a clause specifying that, while applicants were limited to businesses with fewer than 500 employees, large restaurant chains needed just fewer than 500 employees “per physical location” to be eligible. This enabled AutoNation, a Fortune 500 giant with $21 billion in revenues, to grab at least $77 million through 81 separate dealership locations.

As The New York Times reported, that loophole was lobbied for by the National Restaurant Association and the same International Franchise Association that captured the SBA in the 1960s. Sen. Marco Rubio, head of the Small Business Committee, with help from Chuck Schumer, ferried it through. AutoNation, Shake Shack, Potbelly, Taco Cabana, and Ruth’s Chris were all later shamed into returning the loans.

In addition to franchises, over 200 publicly traded companies received PPP loans, despite having access to the capital markets for short-term assistance. This includes the two-decade-old tech veteran RealNetworks, traded on the NASDAQ. Another surprising PPP recipient was the Los Angeles Lakers, whose top employee LeBron James has a net worth of about $480 million, about 104 times the $4.6 million loan they received. (The Lakers, too, gave back the money.)

The second wave of scandal came from the banks. Congressional statute held banks com_{pletely harm}_less for any fraudulent activity within the loan applications. All they had to do was comply with anti–money laundering rules by confirming the borrowers were living, breathing human beings. For this, banks garnered outsized fees for processing the applications, as fixed percentages of the loan amounts. Though the percentages dropped from 5 percent for smaller loans to 1 percent for the largest, it still made bigger loans more lucrative, far outstripping the meager cost of processing.

Lenders did not need to wait for SBA confirmation of any sort, empowering them to do whatever they wanted. Large banks—JPMorgan Chase, Bank of America, and Wells Fargo, among others—predictably favored their own customers, because they could use their existing anti–money laundering compliance to cover those loans. They also, according to data and allegations in federal lawsuits, prioritized bigger loans to high-end clients, not only reaping bigger loan fees, but helping customers more likely to purchase other products.

More than 300,000 customers of JPMorgan’s business banking unit, which serves smaller firms, applied for loans; just 6 percent were approved. By comparison, some 5,500 high-dollar customers of the commercial banking business applied for funding, and nearly all of them got loans, according to the bank’s own data. The New York Timesreferred to that as “concierge service.” Within days, Wells Fargo, Bank of America, JPMorgan Chase, and US Bank were sued over alleged loan shuffling to prioritize high-dollar applications.

Despite this high-profile nefariousness, small banks seemed to navigate the program much better than their larger counterparts. An Institute for Local Self-Reliance study found that “three times as many PPP loans were made per capita in the ten states with the most community banks … compared to the ten states with the fewest.” Smaller banks, invested in the communities in which they lend, just worked harder to make the program succeed. Of course, those loans wound up being quite a bit smaller. Nearly 45 percent of the money in the first round of PPP went to just 4 percent of the firms that received loans.

In a cruel twist of fate, the PPP’s structure has resulted in the SBA presiding over a massive racial wealth transfer away from minority small-business owners. According to the Center for Responsible Lending, a galling 90 percent of women and minority business owners were shut out of the first round of the program, including 95 percent of black-owned businesses, 91 percent of Latino-owned businesses, and 91 percent of Native Hawaiian or Pacific Islander–owned businesses....

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The Paycheck Protection Program (PPP), which was part of the CARES Act of 2020, was launched under former President Donald Trump in response to the COVID-19 pandemic and continued into the Joe Biden era. Some PPP loans were investigated by federal officials and flagged for potential fraud. But according to a Project on Government Oversight (POGO) report released on Thursday, October 6, the Trump Administration eliminated an abundance of flags during its final weeks in office.

Truthout’s Sharon Zhang reports that according to POGO’s report, Small Business Administration (SBA) officials “eliminated 2.7 million flags between December 2020 and January 2021, as the Administration was in its lame duck period.”

In an article published on October 6, Zhang notes, “Special preference was given to the largest loans, which often also went to the largest corporations. On January 16, 2021, four days before President Joe Biden’s inauguration, Trump’s SBA wiped 99 percent of special review flags — which were given out to every loan above $2 million for separate investigatory purposes.”

Zhang notes that according to POGO, the Trump Administration “appeared to have favored the very largest loan recipients.”

“Trump continually gave huge financial favors to large corporations during his time in office — and though most large corporations were exempt from receiving PPP loans, some large corporations managed to skirt the rules and receive loans anyway,” Zhang observes. “Out of the $800 billion given out in the program, flagged loans accounted for at least $189 billion. Because the vast majority of PPP loans — 95 percent — have been forgiven, it’s likely that many of these loans that had previously been flagged have been forgiven entirely.”

Zhang points out that a National Bureau of Economic Research study released in January 2022 “estimated that only between about a quarter and a third of PPP loans went to saving workers’ jobs.”

“The rest — about 66 to 77 percent — went to business owners and people like shareholders,” Zhang reports. “Many loans went directly to the rich. Several billionaires or companies owned by billionaires received loans, like Republican fundraiser Joe Farrell or Kanye West’s apparel company, valued at $3 billion. One loan, POGO found, went to a hotel owned by West Virginia Gov. Jim Justice, a Republican who is the richest man in the state and a former billionaire.”

Zhang adds, “The loan was worth $8.9 million and appeared to have been flagged eight times by the SBA. Another loan with nine flags, worth over $5 million, appears to belong to a Kentucky hospitality corporation whose annual revenue of $850 million would likely make it too large to receive a PPP loan.”

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Zhang notes that according to POGO, the Trump Administration “appeared to have favored the very largest loan recipients.”

Zhang points out that a National Bureau of Economic Research study released in January 2022 “estimated that only between about a quarter and a third of PPP loans went to saving workers’ jobs.”

“The rest — about 66 to 77 percent — went to business owners and people like shareholders,” Zhang reports. “Many loans went directly to the rich. Several billionaires or companies owned by billionaires received loans, like Republican fundraiser Joe Farrell or Kanye West’s apparel company, valued at $3 billion. One loan, POGO found, went to a hotel owned by West Virginia Gov. Jim Justice, a Republican who is the richest man in the state and a former billionaire.”

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https://boingboing.net/2022/08/24/jared-kushner-kanye-west-jeff-koons-and-other-wealthy-celebs-received-big-ppp-loans-that-they-didnt-have-to-pay-back.html

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ayn rand inst?!

no lnx twt

longtime anti-tax advocate Grover Norquist famously has said that the government should be small enough to drown in a bathtub. But turns out he’s not above benefitting from tax money to help keep his small-government advocacy efforts afloat.

On Monday, documents released by the Treasury Department disclosed that an ancillary arm of Norquist’s organization Americans for Tax Reform was among the millions of recipients of loans under the Paycheck Protection Program. The massive relief scheme provided loans to small businesses and enterprises that could eventually turn into grants if they keep their workers on payrolls during the coronavirus crisis.

For decades, Grover Norquist has crusaded against "big government." But in the hard times created by the coronavirus pandemic, a group that's an offshoot of his Americans for Tax Reform organization benefited from a massive government relief program.

The Americans for Tax ReformFoundation― whosemission is to “educate taxpayerson the true cost of government ... and costly government programs” ― received between $150,000 and $350,000 in aid, according to Treasury.

The parent group ― the Americans for Tax Reform ― sought to draw a legal distinction between its advocacy work and that of the foundation. The parent group also noted that it never directly opposed the PPP program.

“Americans for Tax Reform Foundation (ATRF) — a legally and financially separate research and educational 501(c)3— was badly hurt by the government shutdown,[NO ONE TO BRIBE?]” the group said in a statement. “It applied for and received a loan and has as a consequence been able to maintain its employees without laying anyone off. ATRF does not engage in lobbying.”

Norquist’s group wasn’t the only Washington advocacy organization that received federal aid under the program. Others associated with liberal causes did as well. And there’s nothing necessarily wrong about keeping people employed during a pandemic ― that was the whole point of PPP. But complaining about government spending on the one hand while directly benefiting from it on the other is just a little too rich.

Even more rich? The aid funneled to the California-based think tank dedicated to advancing the philosophy of Ayn Rand, the libertarian hero and author of “Atlas Shrugged”:

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MONEYBOX

Grover Norquist’s Anti-Tax Group Took Money From the Paycheck Protection Program

BY JORDAN WEISSMANN

JULY 06, 2020

Grover Norquist loves him some big government when it’s convenient, apparently.

Anti-tax crusader Grover Norquist, a loud opponent of government spending, notoriously once said: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” But his libertarian ideological commitments don’t seem to have stopped the group he leads from accepting government aid to weather the coronavirus crisis.

On Monday, the Feds released a giant trove of data on borrowers who received money through the Paycheck Protection Program, the rescue effort for small and midsize businesses that offered forgivable loans to employers in return for avoiding layoffs. Along with restaurants, dentists’ offices, manufacturers, and such, the PPP was also available to nonprofits, like Norquist’s outfit. Lo and behold, the Americans for Tax Reform Foundation—the “educational” affiliate of the lobbying group Americans for Tax Reform— appears to have taken between $150,000 and $350,000 in aid.

[RECENTLY IN MONEYBOX

Sorry, Inflation Isn’t Going Back to Normal This Year

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The Real Reason the Pandemic Killed Small Restaurants]

Now, some journalists have spent a lot of energy attempting to shame each and every company that accepted a PPP loan that didn’t strictly need the money to survive. I am not one of those reporters; on the whole, I think it is better that the government decided to hand out money quickly and generously, rather than trying to pinch every penny, even if it means that some cash ended up wasted on, say, Yeezy. And for all we know, it is entirely possible that the Americans for Tax Reform Foundation has found itself in financial trouble these past couple months.(I emailed the organization asking whether its contributions or revenues had dropped, but I have not received a response.) However, some might argue that it’s a tad hypocritical for an organization dedicated to drowning the federal government in a tub to turn to it for help the moment the economy starts swirling down the drain.

Norquist isn’t the only right-wing operator who decided to lean on government help when it was convenient, either. The Daily Caller is listed as having received a PPP loan, as is right-wing Youtube factory PragerU. Turning Point USA, the youth organization run by Charlie Kirk, applied for the aid, but eventually decided to reject it. “Accepting any form of government assistance would be in violation of our beliefs at Turning Point USA,” Kirk bragged at the time. Apparently, not all of his compatriots on the right shared even that minimal courage of their convictions.

UPDATE, July 6, 2020,

I mean:

As my colleague Ben Mathis-Lilley jokes, even John Galt is now a taker.

UPDATE, July 6, 2020: 5:36 PM:

Americans for Tax Reform has released a statement trying to justify itself:

Americans for Tax Reform (ATR) did not apply for or receive any grant or loan from the Paycheck Protection Program, designed to keep people employed during the pandemic. ATR never opposed enactment of the program however, viewing it as compensation for a government taking during the shutdown.

Americans for Tax Reform Foundation (ATRF)—a legally and financially separate research and educational 501(c)3—was badly hurt by the government shutdown. It applied for and received a loan and has as a consequence been able to maintain its employees without laying anyone off. ATRF does not engage in lobbying.

This statement is a little bit weaselley. While Americans for Tax Reform and the Americans for Tax Reform Foundation are technically separate nonprofits, they are run by the same leadership, according to their 2018 990 forms .Grover Norquist is the president of both groups. As of those filings, they also shared the same executive director, director of state affairs, director of international programs, and director of strategic initiatives. I askedcommunications director John Kartch precisely how ATRF was “badly hurt” by the shutdown, but have not yet received a response. He, by the way, works for both groups too.

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no lnx doc

NANCY PELOSI

Published July 6, 2020

Biden-founded law firm, as well as a company tied to Pelosi, received PPP funds, docs show

Loans come as Biden accuses Trump of 'cronyism'

Gregg ReBy Gregg Re | Fox News

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[Biden spent '40 years of doing nothing,' 'socialists' will transform country if elected: Sununu

John Sununu says the only success on Joe Biden's record after 40 years in public office is the crime bill]

A prominent Delaware law firm founded by presumptive Democratic presidential nominee Joe Biden received a Paycheck Protection Program (PPP) loan for between $150,000 and $350,000, according to records released Monday by the Treasury Department and the Small Business Administration.

The Trump campaign told Fox News that the records conflict with recent messaging from the Biden campaign that the PPP is both ineffective and a vehicle to reward Trump "cronies."

“Instead of attacking President Trump as an involuntary reflex, maybe Joe Biden should just say ‘thank you’ once in a while," Trump campaign director of communications Tim Murtaugh told Fox News. "The PPP saved 51 million jobs nationally, including at Biden’s old law firm and a number of companies connected to Obama administration alums. A very likely explanation is that Biden simply doesn’t know what he’s talking about and would rather make a political weapon out of a program that helped people make their rent and mortgage payments.”

The law firm that received the big payout was originally founded asBiden and Walsh and is now known as Monzack Mersky McLaughlin and Browder; Biden currently has no financial interest in the firm.

However, firm co-founder and partner Melvyn Monzack, whom Biden called one of his "great friends" in 2017, has maintained close ties to the former vice president. He served as Biden's 2002 Senate reelection treasurer, as well as the treasurer for Biden's 2008 presidential run.

READ THE FULL LIST OF COMPANIES THAT RECEIVED PPP FUNDS OVER 150G

According to CBS News, Monzack, who has donated thousands to Biden's presidential campaign, attended astate dinner at the White House for Chinese President Hu Jintao in 2011. The law firm is also a registered agent for companies tied to Biden.

Records reviewed by Fox News show that on July 6, 1987, Biden gave Monzack his legal power of attorney to "demand, sue for and receive all debts, moneys, securities for money, goods, chattels, or other personal property."

[Power of attorney signed by Biden.

Last week, the Biden campaign released a video that included a small business owner saying the Trump administration had done nothing to help her; the advertisement did not disclose that the business owner received thousands in federal relief money. Biden and his allies have also stepped up their attacks on what they call President Trump's cronyism in the distribution of stimulus money.

A Biden aide shot back after this story was published -- both at the Trump campaign, and Fox News.

"The only thing this story tells us is how desperate the Trump campaign is to find an attack on Vice President Biden that sticks, and how eager Fox News is to help them in their efforts," the aide said. "Joe Biden isn't the president (yet) and has no control over how PPP funds are distributed, so perhaps instead of covering how a law firm Biden worked briefly at decades ago got a loan, Fox News should examine why the single biggest recipient of PPP funds was a massive Trump donor, or why 40 Trump-connected lobbyists were able to steer more than $10 billion in taxpayer money to their wealthy clients."

EXCLUSIVE: PLANNED PARENTHOOD AFFILIATES IMPROPERLY RECEIVED BAILOUT MONEY

Meanwhile, House Speaker Nancy Pelosi's team is rejecting reports that a business connected to her husband received big money under the government's emergency coronavirus relief program — arguing that his connection to the company is minimial.

The company,EDI Associates in San Rafael, California, has 52 employees and says it's in the "full-service restaurant business,"government documents show. The company received between $350,000 and $1 million in Paycheck Protection Program (PPP) money.

“He’s an investor," Pelosi spokesperson Drew Hammill told Fox News. "He wasn’t involved in the application for the loan nor was he aware of it.”

The Washington Post and Bloomberg reported that EDI Associates is identified in Pelosi's disclosure forms "as a limited partnership with an investment in the El Dorado Hotel. ... The value of the asset on the form -- identified as belonging to Pelosi’s spouse -- is listed as between $250,001 and $500,000."

Pelosi orders removal of portraits of former House leaders who served in ConfederacyVideo]

The paper noted that "four other House members surfaced in previous reports about businesses" that took PPP money, including Republican Reps. Roger Williams of Texas and Vicky Hartzler of Missouri and Democrats Susie Lee of Nevada and Debbie Mucarsel-Powell of Florida, who "have ties to companies that are either run by their families or employ their spouses as a senior executives."

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The Daily Beast reported that other well-known individuals and entities received generous PPP funds, including "a fiscal responsibility advocacy organization run by anti-tax crusader Grover Norquist, a high-powered consulting firm run by former Secretary of State Madeleine Albright, the nonprofit headed by former Trump campaign officialDavid Bossie, and a political strategy firm linked to two alumni of the Obama White House who’ve turned anti-Trump podcasting into a lucrative enterprise."

President Trump signed a bill on Saturday extending the PPP, a lifeline to businesses struggling to keep paying employees, through Aug. 8

[UNIV OF DELAWARE BOARD MEMBERS KEEPING BIDEN'S RECORDS SECRET -- AND DONATED BIG TO HIS CAMPAIGN

The measure also separates the authorized limits for commitments under the PPP from other Small Business Administration loan programs.

On Monday, the Treasury Department and Small Business Administration disclosed businesses that have received $150,000 as part of the PPP -- a list that includes about two-thirds of total dollars lent, but a much smaller percentage of total loans. The loans can be converted into grants in certain conditions.

Fox Business Network's James Legatte contributed to this report.

Gregg Re is producer of "Tucker Carlson Tonight" on the Fox News Channel. He has an A.B. from GeorgetownUniversity and a J.D. from New York University School of Law, where he edited the Law Review. Follow him on Twitter @gregg_re or email him at gregory.re@fox.com.

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