Skip to main content

PPP for the rich and not for thee

This is pretty sickening. Both parties are to blame for this sham. Somehow this waste needs to be clawed back.




The billionaires and country clubs that received small business loans from the government
PUBLISHED TUE, JUL 7 20209:20 AM EDTUPDATED TUE, JUL 7 20202:32 PM EDT
Robert Frank
@ROBTFRANK
KEY POINTS
Billionaires, country clubs, private jet companies and Kanye West all received millions in government funding under the Paycheck Protection Program, according to filings.
The PPP loans and grants were designed to help small businesses hurt by the pandemic to retain or rehire employees.
West’s Yeezy fashion brand received $2 million to $5 million.


PPP billionaires: Following the stimulus money
Billionaires, country clubs, private jet companies and Kanye West all received millions in government funding under the Paycheck Protection Program, according to the Small Business Administration.

The PPP loans and grants were part of the $2 trillion CARES Act, which President Donald Trump signed into law this spring. The loans were designed to help small businesses hurt by the coronavirus pandemic to retain or rehire employees. Yet according to a list of individuals and companies that received loans or grants of more than $150,000, recipients included large companies and billionaires that had access to other sources of capital and have recovered quickly from the pandemic.

Exterior views of the Soho House on in New York City.
Exterior views of the Soho House on in New York City.
Neilson Barnard | Getty Images
Soho House, the exclusive membership club controlled by billionaire Ron Burkle, received loans totaling $9 million to $23 million by applying for seven loans through its New York, Miami Beach, Chicago and West Hollywood locations. Last month, Soho House raised $100 million from private investors, including Burkle, that gave the company a valuation of $2 billion — equal to its pre-pandemic valuation.

All together, more than 400 country clubs and golf resorts received PPP funding.

Billionaires, country clubs and celebrities like Kanye West received loans from PPP program
Billionaire developer Joe Farrell, famed for building and renting megamansions in the Hamptons, received a PPP loan of up to $1 million. Farrell made headlines in May when he rented a megahome called “The Sandcastle” for nearly $2 million for the summer.

US President Donald Trump shakes hands with West Virginia Governor Jim Justice, who announced during the rally he would switch parties from Democrat to Republican, during a Make America Great Again Rally at Big Sandy Superstore Arena in Huntington, West V
US President Donald Trump shakes hands with West Virginia Governor Jim Justice, who announced during the rally he would switch parties from Democrat to Republican, during a Make America Great Again Rally at Big Sandy Superstore Arena in Huntington, West Virginia, August 3, 2017.
Saul Loeb | AFP | Getty Images
The Greenbrier Hotel, which operates the famed luxury resort in West Virginia and is owned by billionaire West Virginia Gov. Jim Justice, received $5 million to $10 million. The Greenbrier Sporting Club, part of the residential development next to the hotel, also received $1 million to $2 million.

Gores Vitac Holdings, part of the company controlled by by tech billionaire Alec Gores, is listed as having received $5 million to $10 million.

Rapper Kanye West, left, shakes hands with U.S. President Donald Trump during a meeting in the Oval Office of the White House in Washington, D.C., U.S., on Thursday, Oct. 11, 2018.
Rapper Kanye West, left, shakes hands with U.S. President Donald Trump during a meeting in the Oval Office of the White House in Washington, D.C., U.S., on Thursday, Oct. 11, 2018.
Andrew Harrer | Bloomberg | Getty images
The most famous billionaire to receive PPP funds is Kanye West. West’s Yeez

Comments (14)

you forgot Angry Robert DeNiro!laugh
My daughter's job was reinstated through that program and she said 70% is mandated for employees' pay.dunno
Patti if your daughter was called back to work off of unemployment she probably took a big pay cut.
LaFonda
@ Soony, i blog about this problem often on other blogs.

Trump got rid of the person to oversea the disbursement of the money.

The rich are getting richer with no regards to the wage earners.

Most small businesses are closing doors.

When they gave a second stimulus for small businesses, some are still having problems getting that loan/grant. There are still 1 billion dollars left to be disperse, lets see who will get it.

Highway robbery at its best. devil devil devil
Yep, SYK. But with Dems in, it could be worse. Unless the get Biden to count.
I have notice you say that Lafonda.wine Wasting all this money will come with a high cost. Look for inflation to wipe away the purchasing power of hard earned saving of many older Americans. Even without this Social Security began running a deficit for the first time in 20202. Cuts to the amount you receive is already a given, how soon and how much is the only question. sigh
LaFonda
@ Soony:

Yes, fix income people will suffer especially if they do not increase the benefits with inflation.

Soony, your idea of living in another country (USA dollars worth more) maybe a good idea.

Maybe i can hide in your luggage and tag along. wave
You're welcome to come along Lafonda, but I don't take much luggage. The secret to traveling is to travel light. Airlines are starting to charge extra for bags and lugging around suitcase is a pain in the a**. I got one suitcase/packback I take. It fits in the overhead compartment and I wear it when I get off the plane. I will also sometimes have a small bag for a small laptop if they allow it. Spirit now charges for a regular size carry-on, which can ruin a cheap flight bargin. You can usually buy more stuff when you get to where you are going. Mexico has Walmarts everywhere. Pretty much everywhere in Latin American they have huge open air markets that sell all manner of stuff. I think America sends a lot of used clothes down and you can sometimes find a nice used shirt for $2-3. You really can live and eat pretty cheap in a lot of countries where the locals may only make $10 a day on average. I had a friend from Canada who was living in Lake Atitlan Guatemala on $500 US a month retirement. They have big comfortable luxury buses you can ride all over Mexico on cheap too. Once you get away from the border towns most of Mexico is pretty safe if you use good common sense.
LaFonda
I also travel with a backpack.

When people can travel again, you can be my tour guide. tongue

I saw a documentary where they rent very small apartments in Mexico for cheap.

It is so small that you have to fold up the table to sit in the living room.

Fold up the chair to sleep in the bedroom.

All that folding got me tired and i took a nap. laugh
When I stay in Mexico I usually use airbnb. I like to stay in a house with a family just renting out a room. I usually look for one that speaks at least a little English and we can get by with my weak Spanish. I've met some really nice families that way and have made lasting friends. Everywhere I have stayed the people have been friendly and helpful. The best bargains are going to be away from tourist spots like Cancun or Puerto Vallarta. In some towns you find places for around $10 a night. In Cancun, PV, Guadalajara, Mexico City you will probably have to pay around $30 a night.(at least) You can get about 20% off if you rent for a whole month.

Some states in Mexico are safer than others. Traveling after dark it dangerous all over. Mexicans cops are really hassling people who drive cars with American plates from Arizona when going to Rocky Point aka Puerto Penasco. They are mostly looking for bribes and will make false claims. It really makes you appreciate how easy it is to travel in the US without being stopped. I just ride buses so it's not a problem. I want to go to Oaxaca and Puebla south and east of Mexico City. I was in Chiapas (southern most state in Mexico) a year ago......it is pretty and green with lots of rivers and waterfalls ......and cool temperatures and lots of interesting Mayan ruins. San Cristobal is a really an interesting city in Chiapas at about 7,000 ft elevation, with lots of colonial architecture.

I'm just waiting for the restaurants to get back to being pretty much all open. They have some really good street tacos stands in some cities though. But yeah traveling with a buddy is cheaper and more fun. Lets go.
wave
LaFonda
@ Soony, that sounds like a plan. I enjoy traveling where it is safe.

Call me. handshake
Receiving free money, gee, that's enough to bring on a bout of manic depression!
goldengloss
Conrad ~ Robert de Niro was my hero and idol when he was in The Godfather, and other great mafia films.
More recently he seems to have gone slightly deaf and obviously does not wear a hearing aid. He has also got very angry [as you say ]laugh
Angry is not sexy and not endearing in any way .
goldengloss
Soonyuleknow ~ I wish I was a political animal and got up the ladder it's all donations and under the counter brown paper envelopes [we call it over here ]. Alas you need to have a very hard neck to be a politician and some [not all ] have no sense of decency. Interesting blog.

Would YOU like to post a blog on Connecting Singles?

Would YOU like to post a blog on Connecting Singles? Have you written blogs that you'd like to share with other members? Posting your blogs shows your skill and creativity and helps members get to know you better. Your blog will appear on the Connecting Singles Blogs page and also in a link on your profile page. Click here to post a blog »

Attention: Report Abuse. If this blog is inappropriate please report abuse.
If one of the comments is offensive, please report the comment instead (there is a link in each comment to report it).
We use cookies to ensure that you have the best experience possible on our website. Read Our Privacy Policy Here