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AP: Publicly traded firms get $365M in small-business loans

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Posted at 9:41 PM, Apr 20, 2020
and last updated 2020-04-21 21:01:21-04

An Associated Press investigation has found that a relief fund Congress created to protect small businesses amid the coronavirus crisis has helped companies with thousands of employees, past regulatory run-ins and risks of financial failure even before the economy got walloped. The Paycheck Protection Program was supposed to help small businesses, which typically have less access to quick cash and credit. Its $349 billion in emergency loans are intended to keep workers on the job and bills paid on time. But the AP found at least 94 publicly traded companies or their subsidiaries that collectively received $365 million. Some had market values well over $100 million.