![]() ![]() Taking the federal data at face value, recipients of the loans said the money would go to supporting more than 6.5 million jobs - or roughly 37% of the total jobs that existed in the state in February, before the economic effects of the COVID-19 pandemic began. But in a statement, the company said it never applied for or received a PPP loan, and Chief Executive Travis VanderZanden tweeted that the company is speaking with its bank and investigating how it ended up on the list. is listed in the government data dump as having received a loan of $5 million to $10 million in late April. ![]() The Santa Monica scooter company Bird Rides Inc. Mnuchin is refusing to disclose what businesses received coronavirus aid, insisting on secrecy for a $600-billion-plus loan program funded by taxpayers.īut within hours of the data’s release, California companies were disputing the accuracy. The Trump administration’s release of more detailed data on PPP borrowers - including the identities of those that got $150,000 or more - came after mounting pressure from Democrats and various private groups that demanded more transparency surrounding the roughly $660-billion loan program.īusiness Treasury Secretary Steven Mnuchin refuses to disclose recipients of coronavirus aid Manufacturing and construction companies received the highest percentage of those loans in California, but few parts of the economy went untouched, with money flowing to law firms, tech companies, film studios, healthcare companies, farms, hotels, restaurants and even a three-on-three basketball league founded by rapper and actor Ice Cube. The largest loans, in the $5-million-to-$10-million range, went to just 647 businesses in the state. The majority - more than $50 billion - went to a subset of 87,000 California businesses that received loans of $150,000 or more. The federal government doled out more than $68 billion to a vast and eclectic range of 580,000 California businesses in the last three months as part of the Paycheck Protection Program, which offers businesses with 500 or fewer employees loans that can be forgiven if the employer meets certain criteria, including using the money to keep pre-pandemic employees on the payroll for at least eight weeks after receiving the loan. Wells Fargo declined to comment but said it was “working as quickly as possible to assist small business customers with the Paycheck Protection Program.”īank of America did not immediately respond to a request for comment.Jelly Belly, Kanye West’s Yeezy apparel company and the SETI Institute, which searches for extraterrestrial life, are all California companies that received millions in loans from the federal coronavirus relief program for small businesses, according to data released by the Trump administration Monday. ![]() ![]() We continue to serve our small business customers and are prepared to process loans as quickly as possible should additional funds become available.” “The cumulative industry data provided by the SBA is not reflective of U.S. “We plan to vigorously defend ourselves as it is without merit,” the bank said in a statement. Bank also rejected the claims in the lawsuit. … Our intent was to serve as many clients as possible, not to prioritize any clients over others.” Each business worked separately on loans for its customers. “We have different lines of business that serve different types of clients. “We funded more than twice as many loans for smaller businesses than the rest of the firm’s clients combined,” it said. JPMorgan declined to comment on the litigation but disputed that the bank had given priority to bigger clients in answers to frequently asked questions on its website. SBA has released limited data showing granular loan activity by bank, making it hard to pinpoint how many loans and of what size each firm made on any given day. ![]()
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