Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data.
FILE PHOTO: U.S. President Donald Trump signs the Paycheck Protection Program and Health Care Enhancement Act financial response to the coronavirus disease outbreak, in the Oval Office at the White House in Washington, U.S. April 24, 2020. REUTERS/Jonathan Ernst/File Photo
“The PPP was meant for struggling small businesses who aren’t able to operate at normal capacity,” said Andrew Park, senior policy analyst at Americans for Financial Reform. “This is akin to dipping their hands into a charity jar.” “When this national program became available, the stock market had just experienced a significant loss with projections of more to come,” Bill Major, the executive director of Zarrow’s foundations, wrote in an email. “The funds were procured to maintain the staff and to maximize the funds available to support non-profits who were in crisis.”
Lisa Bhathal Merage, managing partner of RAJ, said in an email that the PPP funds the company accessed were on the “lower side” of the reported range.
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