Africa Business and News World

Shocking- PPP Loan Greed-Partial List of Firms who got the loan

The Federal PPP Coronavirus money which may be forgiven, for the most part, was aimed to largely benefit small American Businesses like Mom and Pop family businesses and stores and other small scale companies which keep America functioning, many of these companies may not survive the devastating effect of Coronavirus shutdown.

These small businesses have been decimated by the Coronavirus impact and many may never survive without the Federal government help. The US Congress and the Federal Government approved the initial amount of $349 billion for this purpose. The disbursement of these funds has been turned into a case of the Shark swallowing small fish in the ocean.

Africa Business World has obtained a partial list of some firms who took advantage of this free loan guarantees at the expense of Small Business which the money was largely aiming to protect. Here is the shocking partial list of Large companies who took the loan some of these companies have market value in excess of $100 million.

DMC Global received $405 million

Wave Life Sciences received $286 million

Fiesta Restaurant Group got $189 million

Ashford Hospitality Trust received $76 million

Braemer Hotels and resorts got $34 million

Ruth’s Hospitality Group received $20 million

Ashford Inc received $16.1 million

J Alexander’s Holdings–$$15 million

Quantum Corp-$10 million

New Age Beverage-$6 million
ZAGG-$9 million
Potbelly $10 million
Broadwind Energy -$9.5 million
Hallador Energy-$10 million
There are many more companies that fit this category this is just a small fraction of firms who took advantage of the free loan money at the expense of small American businesses. Some of these companies have been asked to refund the money back.
“Small Business Administration last week showed that 4,400 of the approved loans exceeded $5 million”. The amounts approved for small businesses are comparably very small in nature.
The new Virus aid bill of $251 Billion was just approved by congress and it includes a mandatory payment of $60 to Small American Businesses and firms.
Africa Business World Reports

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