It seems President Donald Trump is the only one who cares about taxpayer money in the swamp – Mitch McConnell and Nancy Pelosi sure don’t.
Pelosi and Mitch and have been drafting these stimulus packages and Trump was on record as saying they are too complicated and he wanted to just go direct to help struggling Americans.
But no, the swamp knows better and they just proved Trump right again.
It seems some huge, publicly traded companies are sucking up hundreds of millions of dollars from the Paycheck Protection Program.
When Trump found out Harvard took the money he was furious and demanded they give it back – Pelosi and Mitch?
Totally silent and are they about to pass another one that is complicated and will make the donors happy, who knows about the rest of us.
“I’m going to request it,” Trump said. “Harvard is going to pay back the money. They shouldn’t be taking it.”
“I’m not going to mention any other names but when I saw Harvard, they have one of the largest endowments anywhere in the country, maybe in the world. They’re going to pay back the money,” the president added.
Trump is a lone voice for the American taxpayer as the swamp gorges on the crisis.
From The Daily Wire:
In fact, the federal government has paid out more than $243 million of the total $349 billion to publicly traded companies, new research published by Morgan Stanley shows.
“The research shows that several of the companies that have received aid have market values well in excess of $100 million, including DMC Global ($405 million), Wave Life Sciences ($286 million) and Fiesta Restaurant Group ($189 million). Fiesta, which employs more than 10,000 people, according to its last reported annual number, received a PPP loan of $10 million, Morgan Stanley’s data showed,” CNBC reported.
“At least 75 companies that have received the aid were publicly traded and received a combined $300 million in low-interest, taxpayer-backed loans, according to a separate report published by The Associated Press.”
The AP put the number even higher. “At least 94 companies that disclosed receiving aid since the program opened April 3 were publicly traded, the AP found, some with market values well over $100 million. And about 25% of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question.”
“I think you’ve seen some pretty shameful acts by some large companies to take advantage of the system,” Howard Schultz, former Starbucks chairman and CEO, told CNBC. Instead, he said the government should act “as a backstop for the banks to give every small business and every independent restaurant a bridge to the vaccine. And that is the money and the resources to make it through.”
Massive restaurant chains have also cashed in. While the PPP was designed for companies with fewer than 500 employees, restaurants and hotels were exempt from the limit if they had fewer than 500 employees per location.
The owners of large restaurants chains like Potbelly, Ruth’s Chris Steak House and Taco Cabana qualified for the maximum $10 million in loans. Shake Shack, which revealed on Friday that it received a $10 million loan, faced massive backlash and by Sunday announced that it would return the money.
“When I hear that these big chains are getting millions of dollars, it’s like a slap in our face,” said Ram Mehta, owner of In-Fretta Pizza outside Dallas, in an interview with The Daily Mail. “It’s not fair.”