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1a/ Since Congress is finally considering another Covid relief package, I started researching the results of the CARES Act. The following is a compilation of several articles.
https://www.nbcnews.com/business/business-news/release-ppp-loan-recipients-data-reveals-troubling-patterns-n1249629
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https://www.nbcnews.com/business/business-news/release-ppp-loan-recipients-data-reveals-troubling-patterns-n1249629
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1b/Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners. Fifteen of the businesses self-reported that they only kept one job, zero jobs or did not report a number at all.
1c/The loans to businesses located at Trump and Kushner properties included a $2,164,543 loan to the Triomphe Restaurant Corp., at the Trump International Hotel & Tower in New York City. The company reported the money didn’t go to keeping any jobs. It later closed.
1d/ Over 100 loans were made to companies where no business name was listed, were listed as “no name available” or showed potential data entry errors, such as names that appeared to be dates or phone numbers.
1e/ More than 300 companies appear to have each gotten more than $10 million in loans through their subsidiaries. Businesses were not supposed to receive more than $10 million per entity, except for those in the food, hospitality or hotels industries.
1f/ https://www.courier-journal.com/story/news/politics/2020/07/07/firm-run-elaine-chao-and-mitch-mcconnells-family-got-federal-ppp-loan/5390273002/
Foremost Group, a business Chao's parents founded, rec’d a loan between $350,000-$1 mill from the PPP, according to the U.S. Small Bus Admin.
Foremost Group, a business Chao's parents founded, rec’d a loan between $350,000-$1 mill from the PPP, according to the U.S. Small Bus Admin.
2a/ Trump Campaign donors receive PPP funds.
https://www.huffpost.com/entry/trump-campaign-donors-paycheck-protection-program_n_5f1602b6c5b615860bb6051a
William Scott, CEO of railroad contractor Trans-Global Solutions, donated $150K to the Trump Victory comm after his co. rec’d as much as $10 million from the PPP on 4/14/20.
https://www.huffpost.com/entry/trump-campaign-donors-paycheck-protection-program_n_5f1602b6c5b615860bb6051a
William Scott, CEO of railroad contractor Trans-Global Solutions, donated $150K to the Trump Victory comm after his co. rec’d as much as $10 million from the PPP on 4/14/20.
2b/ Alfred Hendrickson, the owner of a South Florida Toyota dealership, donated $41,100 to Trump’s Make America Great Committee on April 27, the same day his dealership received a PPP loan worth as much as $5 million.
2c/ Dan Eberhart, the head of oilfield services provider Canary LLC, gave $100,000 to Trump Victory on June 10, two months after receiving as much as $8.4 million in PPP loans for Canary and three affiliated companies.
2d/Trump Victory & Make America Great Committees pass along donations to Trump’s reelection campaign & the RNC. Donors to these 2 committees include 15 individuals & couples affiliated with 2 dozen businesses that rec’d between $40.8-$87.7 million in PPP payments.
3a/ Law & Crime
An asset mgmt firm run by Republican mega-donor, Monty Bennett chairman of Ashford Hospitality Trust (AHT), was given more money from the federal government’s $349 billion PPP than any other public company in the US. https://lawandcrime.com/covid-19-pandemic/major-trump-donor-pocketed-millions-while-his-firm-received-more-stimulus-funds-than-any-public-company-report/
An asset mgmt firm run by Republican mega-donor, Monty Bennett chairman of Ashford Hospitality Trust (AHT), was given more money from the federal government’s $349 billion PPP than any other public company in the US. https://lawandcrime.com/covid-19-pandemic/major-trump-donor-pocketed-millions-while-his-firm-received-more-stimulus-funds-than-any-public-company-report/
3b/ According to the report, AHT & several of its subsidiaries received approximately $30 million in PPP funds through 42 separate loans–more than ten times the average amount. At the same time, Monty Bennett, the company’s founder & chairman, paid himself & his father millions.
4a/ Susan Collins' role creating an exception in the bill.
https://www.thedailybeast.com/how-susan-collins-ppp-bill-helped-bail-out-big-businesses
Collins acknowledged her role in a radio interview on Maine broadcaster Mike Violette’s radio show.
https://www.thedailybeast.com/how-susan-collins-ppp-bill-helped-bail-out-big-businesses
Collins acknowledged her role in a radio interview on Maine broadcaster Mike Violette’s radio show.
4b/ In the interview she explains she was one of the senators who’d worked to include an exception in the bill that allowed big hotel & restaurant chains to receive PPP money as long as they had fewer than 500 employees “per physical location.”
4c/ According to The Washington Post, publicly traded companies rec'd more than $1 billion in PPP funds meant for small businesses including 43 companies w/ more than 500 workers, & several recipients prosperous enough to pay executives $2 million+. https://www.washingtonpost.com/business/2020/05/01/sba-ppp-public-companies/
5a/ The CARES Act created 3 key oversight bodies to scrutinize the spending & lending mandated:
1)Office of the Special Inspector General for Pandemic Recovery (SIGPR)
2)Pandemic Response Accountability Committee
3)Congressional Oversight Commission https://www.pogo.org/resource/2020/04/oversight-provisions-in-the-cares-act-what-they-are-what-they-do-and-how-to-make-sure-they-work-for-americans/
1)Office of the Special Inspector General for Pandemic Recovery (SIGPR)
2)Pandemic Response Accountability Committee
3)Congressional Oversight Commission https://www.pogo.org/resource/2020/04/oversight-provisions-in-the-cares-act-what-they-are-what-they-do-and-how-to-make-sure-they-work-for-americans/
5b/ So, where did this oversight of the CARES Act go wrong that enabled such abuses?
5c/ Trump attached a signing statement to the law saying his Admin won’t abide by a key provision in the legislation that would require the special inspector general to notify Congress “without delay” if any agency is “unreasonable” in denying a request for information.
5d/ The SIGPR is required to deliver independent reports to Congress on how the money is being spent or if the White House ever tries to block their request for information. Trump’s signing statement undermined this fundamental role.
5e/ March 30, 2020 Glenn Fine, the acting inspector general for the Pentagon, was appointed to lead the newly created committee, the Pandemic Response Accountability Committee (PRAC) that oversees implementation of the $2 trillion coronavirus relief bill signed into law.
5f/ The PRAC commands an $80 million budget meant to “promote transparency and support oversight” of the massive legislation. Fine was Appointed by a fellow committee of inspectors general assigned by the law to pick a chairman. https://www.politico.com/news/2020/03/30/pentagon-coronavirus-committee-155721
5g/ In April, Trump begins his assault on Inspectors General.
https://publicprocurementinternational.com/trump-igs-in-depth-assessment/
https://publicprocurementinternational.com/trump-igs-in-depth-assessment/
5h/ April 7, 2020, Trump removes Glenn Fine & replaces him with Sean W. O’Donnell, the IG at the Environmental Protection Agency. https://www.washingtonpost.com/national-security/trump-removes-inspector-general-who-was-to-oversee-2-trillion-stimulus-spending/2020/04/07/2f0c6cb8-78ea-11ea-9bee-c5bf9d2e3288_story.html
5i/ This action makes Fine ineligible to lead the PRAC. Michael Horowitz, DOJ Inspector General, began serving as acting chairperson of PRAC. https://www.cnbc.com/2020/04/07/coronavirus-relief-trump-removes-inspector-general-overseeing-2-trillion-package.html
5j/ Is it any wonder that @TeamPelosi tries to drive a hard bargain.
April 29, 2020, Speaker Pelosi appoints 7 Democratic members to a newly created House panel meant to police the Trump administration’s coronavirus response efforts. https://www.politico.com/news/2020/04/29/pelosi-coronavirus-committee-221192
April 29, 2020, Speaker Pelosi appoints 7 Democratic members to a newly created House panel meant to police the Trump administration’s coronavirus response efforts. https://www.politico.com/news/2020/04/29/pelosi-coronavirus-committee-221192
5k/ June 11, 2020, Michael Horowitz sends a two-page letter to several House and Senate committees warning that previously unknown Trump administration legal decisions were being used to block oversight. https://www.washingtonpost.com/business/2020/06/15/inspector-general-oversight-mnuchin-cares-act/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter
