An Associated Press investigation finds at least 75 publicly traded companies, some worth more than $100 million, received $300 million from a relief fund meant to help small businesses through the coronavirus.
walloped the economy were among those receiving millions of dollars from a relief fund that Congress created to help small businesses through the crisis, an Associated Press investigation found.
Eight companies, or their subsidiaries, received the maximum $10 million possible, including a California software company that settled a Securities and Exchange Commission investigation late last year into accounting errors that overstated its revenue. President Donald Trump, asked Monday whether the criteria for who can receive loans should change, said that “we’ll look at individual things and some people will have to return it if we think it’s inappropriate.” He added that the loans are supposed to be awarded, in part, by “what we think is right.”an additional relief package
“We currently have no products on the market and expect that it may be many years, if ever, before we have a product candidate ready for commercialization,” it wrote. News that the $1.6 billion Shake Shack burger empire had received a maximum $10 million loan, disclosed in a filing Friday, ignited public anger. Company executives said late Sunday they would return the money after finding other sources of capital.
“When this crisis hit, we had two business planning cases: 1) substantial layoffs and furloughs or 2) receiving these funds and not impacting our employees,” spokeswoman Audrey Chang wrote in an email. “Lindblad is the very rare travel company that has not imposed any layoffs, furloughs or salary reductions to date.”
Broadwind Energy, a suburban Chicago maker of wind turbines that employs about 520, agreed to pay a $1 million penalty five years ago after the SEC accused it of failing to inform investors that reduced business from two major customers had caused “substantial declines” in its long-term financial prospects. Broadwind, which could not be immediately reached, received $9.5 million from the loan program.
The AP analysis found that about 1 in 4 of the companies, in fact, had warned investors months ago that they or their auditors had significant doubts about their ability to remain viable and meet their financial obligations despite the booming economy at the time. Deschamps said his company followed the same rules and applied like any other, and that its device could help thousands of people in the future. But he also understands why some people might question giving money to publicly traded firms.
Dickinson said he did not believe concerns about how long the company could survive were raised in the application process with its bank.
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