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Topic Title: What businesses got the PPP bailout?
Topic Summary: gov't won't say...
Created On: 06/12/2020 01:03 PM
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 06/12/2020 01:03 PM
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Pagerow

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Trump Administration Refuses To Disclose Which Businesses Received $500 Billion In Government Bailout

The Trump administration said on Wednesday that it plans to keep the identities of more than 4.5 million businesses that received a government bailout through the Paycheck Protection Program a secret.

The lack of transparency is a stark break from the past. Normally, the Small Business Administration discloses the names of borrowers from the program on which it based PPP, The Washington Post reports.

But Treasury Secretary Steven Mnuchin, in testimony before the Senate Committee on Small Business and Entrepreneurship, said his department considered that information "proprietary" and "confidential."

That secrecy extends even to internal attempts at government oversight. The Government Accountability Office, which is supposed to brief Congress on whether COVID-19 relief funds are being distributed as intended, says the Treasury has refused to give the agency the names of recipients.


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 06/12/2020 01:13 PM
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HAPDigital

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The real looting of America. Now go back to work and get the rona!

Edited: 06/12/2020 at 01:14 PM by HAPDigital
 06/12/2020 04:22 PM
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Cole

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Like I said, a $500 billion reelection fund.

Too bad it isn't working. A loser is gonna lose. Unfortunately, the country got steaks'd for half a trillion.

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 07/07/2020 08:43 AM
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Pagerow

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Now we find out who got the loans

Kanye West's clothing line. The sculptor Jeff Koons. Law firms and high-dollar hedge funds. The Girl Scouts. Political groups on both the left and right.

On Monday, the government released the names and some other details of recipients who were approved for $150,000 or more.



JEFF KOONS

Koons, a modernist sculptor, is known best for his work with large, metallic balloon-like animals. His "Rabbit" sculpture fetched $91 million at auction last year.

WALL STREET AND PRIVATE EQUITY

Nearly 600 asset management companies and private equity firms were approved for money from the PPP, according to government data.

Financial firms were generally not badly hurt by the coronavirus pandemic. Their employees were largely able to keep working, and they weren't among the industries that had to be shut down by government orders.

KANYE WEST'S CLOTHING LINE:

Kanye West's clothing-and-sneaker brand Yeezy received a loan of between $2 million and $5 million, according to the data released by Treasury.

POLITICAL GROUPS

The Americans for Tax Reform Foundation, the nonprofit arm of the anti-tax lobbying group Americans for Tax Reform, was approved for a loan of up to $350,000.

THE GIRL SCOUTS

More than 30 Girl Scout chapters across the country received PPP loans, the Treasury said. The Girl Scouts of Montana and Wyoming were approved for between $350,000 and $1 million.

JIM JUSTICE, BILLIONAIRE GOVERNOR

West Virginia Gov. Jim Justice's family companies received at least $6.3 million from the program.

RESTAURANT CHAINS

TGI Fridays and P.F. Chang's China Bistro were among the major restaurant chains that were approved for loans.

Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between $5 million and $10 million in loans from the program.



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 07/07/2020 08:52 AM
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RustyTruck

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That's the way the system works. Politicians and political parties are great investments.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 07/07/2020 09:13 AM
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dab

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Originally posted by: Pagerow

Now we find out who got the loans



Kanye West's clothing line. The sculptor Jeff Koons. Law firms and high-dollar hedge funds. The Girl Scouts. Political groups on both the left and right.



On Monday, the government released the names and some other details of recipients who were approved for $150,000 or more.






JEFF KOONS



Koons, a modernist sculptor, is known best for his work with large, metallic balloon-like animals. His "Rabbit" sculpture fetched $91 million at auction last year.



WALL STREET AND PRIVATE EQUITY



Nearly 600 asset management companies and private equity firms were approved for money from the PPP, according to government data.



Financial firms were generally not badly hurt by the coronavirus pandemic. Their employees were largely able to keep working, and they weren't among the industries that had to be shut down by government orders.



KANYE WEST'S CLOTHING LINE:



Kanye West's clothing-and-sneaker brand Yeezy received a loan of between $2 million and $5 million, according to the data released by Treasury.



POLITICAL GROUPS



The Americans for Tax Reform Foundation, the nonprofit arm of the anti-tax lobbying group Americans for Tax Reform, was approved for a loan of up to $350,000.



THE GIRL SCOUTS



More than 30 Girl Scout chapters across the country received PPP loans, the Treasury said. The Girl Scouts of Montana and Wyoming were approved for between $350,000 and $1 million.



JIM JUSTICE, BILLIONAIRE GOVERNOR



West Virginia Gov. Jim Justice's family companies received at least $6.3 million from the program.



RESTAURANT CHAINS



TGI Fridays and P.F. Chang's China Bistro were among the major restaurant chains that were approved for loans.



Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between $5 million and $10 million in loans from the program.





Whiteboard Finance - PPP Loan/Grants

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Great minds discuss ideas; Average minds discuss events; small minds discuss people.

 07/07/2020 01:46 PM
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Pagerow

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'McCongressman' Gets a Large Order of PPP

I wonder how many other members of congress benefited from this..

One of the four legislators who pushed for special bailout treatment for franchises in March was Representative Kevin Hern, a Republican from Oklahoma. Hern campaigned for his House seat in 2018 as a can-do businessman who has successfully operated a chain of McDonald's franchises in his home state.

On Monday, the Small Business Administration ... released the names of some of the biggest recipients of PPP funds and, as it turns out, a Tulsa enterprise controlled by Hern, KTAK Corporation I, received $1 million to $2 million.

KTAK operates fast-food franchises the Hern family owns.

...a direct financial benefit for the congressman himself. And Hern got that funding ahead of somebody else, possibly much smaller businesses that lacked his resources and connections.


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 07/07/2020 09:06 PM
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Cole

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There is a reason Trump fired the people who were supposed to oversee the spending of this tax money.

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 07/08/2020 04:22 AM
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Fish Killer

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Originally posted by: Cole

There is a reason Trump fired the people who were supposed to oversee the spending of this tax money.




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The REAL truth is....both of the forum idiots are OWNED.
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-They are both card carrying narcissists.
^These are PROVED facts.
 07/08/2020 04:24 AM
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HAPDigital

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^Loser
 07/08/2020 05:23 AM
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johnnyboy

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Trump will not even prosecute the medical supplies gougers. It's not because he owes them anything, it's because a con man can't see why gouging is a crime. To him, it's just market economics, demand in a sparse market. Giving away tax dollars, making the recipients secret and having it all go to the corporations first? There's no way trump could be convinced that's wrong.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 12/03/2020 12:53 PM
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Pagerow

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Lack of oversight on the PPP has kept small businesses from getting funds

Banks have reported record business-loan fraud suspicion in the months of June and July

Over half the funds from the US' Paycheck Protection Program went to just 5% of recipients, according to new data released by the Treasury Department on Tuesday.

Around 600 large companies "including dozens of national chains, received the maximum amount allowed under the program of $10 million, "according to the Washington Post, which had to file a lawsuit to acquire the data via a Freedom of Information Act request. Law firms and churches also received the maximum amount.

Officials from both the Treasury Department and the Small Business Administration have previously said the program had worked the way it was intended, with 87% of loans totaling $150,000 or less. However, the new data shows that only 28% of the $552 billion distributed were for smaller loans.

In September, House Democrats sent out a memo saying the PPP was susceptible to "fraud, waste, or abuse" because normal oversight was removed in order to get loans out sooner. That same month, banks released a report showing an increase of suspected business-loan fraud during both June and July, when PPP loans were being issued.


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 12/03/2020 12:57 PM
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Cole

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Big government funding big business.

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 12/03/2020 01:14 PM
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johnnyboy

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Jared is now implicated. He got funds.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 12/03/2020 01:47 PM
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tpapablo

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Yay, another prog conspiracy theory! Tell me progs, how does Russia fit into this one?

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 12/03/2020 01:52 PM
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fishkller

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They fit squarely into your dotard cornhole LOL

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 12/03/2020 04:17 PM
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Cole

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Originally posted by: tpapablo

Yay, another prog conspiracy theory! Tell me progs, how does Russia fit into this one?


Prog? Trump is the one hiding the information, is he not?



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 12/04/2020 05:52 AM
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Pagerow

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Originally posted by: johnnyboy

Jared is now implicated. He got funds.


Along with Mnuchin:

Officials from both the Treasury Department and the Small Business Administration have previously said the program had worked the way it was intended.

Of course they *intended* the program to work this way, to benefit their buddies, and not the small businesses!

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 12/04/2020 06:15 AM
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Cole

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Originally posted by: Fish Killer

Originally posted by: Cole



There is a reason Trump fired the people who were supposed to oversee the spending of this tax money.






Video removed for being a lie, imagine that.



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 12/04/2020 06:21 AM
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RiddleMe

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There might be something in This Inspector General Report

Actually no, nothing specific, but there are useful tidbits in it.

Edited: 12/04/2020 at 06:22 AM by RiddleMe
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