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New PPP Data Reveals Majority Of $525 Billion Went To Large Companies Including Trump Businesses

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New data released by the Small Business Administration (SBA), revealed coronavirus relief efforts like the Paycheck Protection Program (PPP) were pillaged by large companies.

The data showed that tenants paying rent at properties owned by the Trump Organization and Kushner Companies, owned by the family of Trump’s son-in-law Jared Kushner, benefited by receiving loans which were required to put toward rent for the loans to be forgiven.

According to NBC News, the SBA released a data set on every small business that received some of the more than $700 billion in forgivable loans from the PPP and Economic Injury Disaster Loan program.

In October, the SBA Inspector General told the Wall Street Journal, there were “strong indicators of widespread potential abuse and fraud in the PPP.”

That prompted 11 news organizations to file a Freedom of Information Act request to force the SBA to disclose the names, addresses and exact amounts issued through the PPP. A federal judge granted the request and ordered the SBA to release the information.

The data revealed that 28% of the total funds put into the programs were used for loans of less than $150,000 despite the SBA claiming more than 85% of the loans went to small businesses.

Businesses with addresses at Trump and Kushner real estate properties took more than 25 PPP loans worth more than $3.65 million. Fifteen of those businesses self-reported that they only kept one job, zero jobs or just did not report a number.

Two tenants at Trump Tower received more than $100,000 and kept only three jobs and the Triomphe Restaurant Corp., who has a restaurant at the Trump International Hotel & Tower, took a $2.1 million loan. However, none of the money was used to keep any jobs and the restaurant later closed.

Also, large restaurant companies such as UNO Pizzeria & Grill, Boston Market, law firms and professional staffing firms received the maximum amount of $10 million under the program.

 

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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