Coronavirus USA Updates: Publicly traded firms get $300M in small-business loans

0
263
Coronavirus USA Updates: Publicly traded firms get $300M in small-business loans
Coronavirus USA Updates: Publicly traded firms get $300M in small-business loans

Companies with thousands of employees, past penalties from government investigations and risks of financial failure even before the coronavirus walloped the economy were among those receiving millions of dollars from a relief fund that Congress created to help small businesses through the crisis, an Associated Press investigation found.

READ  Coronavirus italy update: 10 priests have died from illness

The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time.

READ  Coronavirus Updates: Study stops using Eli Lilly's antibody treatment for COVID-19 patients due to 'lack of clinical benefit'

But at least 75 companies that received the aid were publicly traded, the AP found, and some had market values well over $100 million. And 25% of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.