Politically connected firms were among the 650,000 businesses to receive government funded small business aid, according to recently released government data. They included a large restaurant franchisee whose CEO is a major donor to President Donald Trump.
companies with fewer than 50 workers before the pandemic saw their hiring rise 12% in May, while jobs grew just 5% in larger firms, suggesting PPP helped fuel rehiring.But the program was only intended to carry the economy through a short interruption from the pandemic, which is now threatening to have a longer-lasting impact. The Treasury Department initially required the loans to be spent within eight weeks of being received, though that was later extended to 24 weeks.
A survey by the National Federation of Independent Business found that as of mid-June, 14% of small businesses that borrowed from the PPP expected they would have to lay off some workers when their loan ran out. The public may never know the identity of more than 80% of the nearly 5 million beneficiaries to date because the administration has refused to release details on loans under $150,000. That secrecy spurred a lawsuit by news organizations including The Associated Press.
Among the Trump-linked churches that received PPP loans was First Baptist Dallas, the Texas megachurch where senior pastor and White House ally Robert Jeffress hosted Vice President Mike Pence for a pre-July 4 service. Jeffress’ church reported retaining nearly 300 jobs with its loan of between $2 million and $5 million.
And according to an analysis by Beth Ann Bovino, U.S. chief economist at Standard & Poor’s, some states with the smallest increases in unemployment from the pandemic got more loans than harder-hit states.
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