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1. The Paycheck Protection Program was supposed to support struggling SMALL BUSINESSES

But a Popular Information investigation, based on hundreds of recent SEC filings, found 32 companies that pay their CEOs $1 MILLION OR MORE that scooped up PPP funds

popular.info/p/32-millionai…
2. @veritoneinc paid its CEO, @ChadSteelberg, $18.7 MILLION in 2018. His brother, @steelberg_oc, was paid $13.9 million.

As of 12/31, the company had $44 million in cash reserves.

Last week, Vertione received $6.5 million in forgivable PPP loans

popular.info/p/32-millionai…
3. In a press release, Chad Steelberg said that the $6.5 million in taxpayer money meant that Veritone can "continue operations without salary reductions"

"[W]e are grateful the CARES Act established a safety net to help companies like Veritone"

popular.info/p/32-millionai…
4. .@PolarityTE paid its CEO $13,714,337 in 2018. Its CFO was paid $13,862,967 and its COO received $4,525,587.

As of March 31, the company had $39.5 million cash on hand.

On April 12, PolarityTE received a PPP loan for $3.6 million.

popular.info/p/32-millionai…
5. On April 16, four days after receiving $3.6 million in taxpayer money, @PolarityTE awarded $290,000 in cash bonuses to two top executives.

popular.info/p/32-millionai…
6. These companies are behaving this way because they are betting no one will pay attention.

The information is buried in hundreds of obscure SEC filings.

My newsletter, Popular Information, is about creating more ACCOUNTABILITY

Sign up --> popular.info/subscribe
7. In all, I identified 32 companies that paid their CEO $1 million or more in total compensation and received a PPP loan.

Here's the list:

popular.info/p/32-millionai…
8. Congress is set to approve hundreds of billions in additional money for this program.

But as far as I know there are no efforts to make sure that, this time, the money goes to companies that actually need it.

popular.info/p/32-millionai…
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