FYI... the PPP loan program for small businesses was funded with $350bn.
The U.S. has 30.2 million small businesses.
Thats an average of $10,769 per small business. It should have been plenty to help close a two month gap.
1/
A loophole in the CARES act allowed national corporations with less than 500 employees *per location* to qualify each individual location as a "small business."
Ruth's Chris steakhouse qualified.
2/
Last year they made $42 million in profits.
Last year they spent $41 million in stock buybacks.
Last week, they received $20 million in PPP loans - earmarked for small businesses.
3/
The government created loopholes and left it up to banks. Banks prioritized their top customers. Local businesses were waitlisted.
4/
Now that the program is out of money, applications are no longer being processed, and many of us cannot afford to cover payroll without borrowing personally.
5/
We can't access the money we need, because a nat'l restaurant chain who used the entirety of their 2019 profit to reward investors took the money earmarked to help 200 other small businesses, because it was cheaper & easier to get than the loan programs created for them, ...
6/
...which are still funded, BTW.
I don't really care who is to blame for this. The question is, who is going to fix it? Because, honestly, this is simply another cash-grab upward transfer of wealth.
That. Does. Not. Help. PEOPLE.
END/
#COVID19 #PPPFail #PPPloan #GOPScam
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