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