Working on this new server in php7...
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Large corona aid for "small" companies

by Bulgan Molor-Erdene Wednesday, Jul. 15, 2020 at 2:45 PM

Dozens of tenants in buildings owned or managed by Trump received funds. More than 20 companies registered at 40 Wall Street, an office building Trump has owned since the mid-1990s, have also reportedly received government loans of at least million.

USA: Large corona aid for "small" companies

by Bulgan Molor-Erdene

Some companies get millions, others only a dollar. Trump's network also benefits

[This article published on 7/14/2020 is translated from the German on the Internet,]

The Paycheck Protection Program (PPP) is a loan program under the US government's two trillion dollar Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The program provides loans to companies with 500 or fewer employees that do not have to be repaid under certain conditions. It is aimed at businesses, the self-employed, small businesses, non-profit organizations and tribal businesses and is designed to help them continue to pay their employees. Overall, it is one of the largest economic stimulus packages in the world.

A number of provisions are designed to ensure that the money provides the incentive to safeguard jobs. If companies maintain their employment and remuneration levels from the time before the Covid 19 pandemic, loans do not have to be repaid. Similarly, loans will be completely waived if the previous number of employees is reinstated through reinstatement. This is one of the most important measures in the CARES package, given the millions who have lost their jobs and are looking for work again. It is funded by taxpayers' money. So far, some 4.9 million loans have been granted, with an average of 7,000.

Last week, the Small Business Administration and the US Treasury Department published a list of the recipients of 660,000 PPP loans with a total volume of over 600 billion US dollars. The list contains only those companies and non-profit organizations that have received at least 0,000 in grants. That is less than 15 percent of the total number of those who have received a loan at all. The list, which the Washington Post has compiled into a searchable database, also includes some of the law firms and organizations associated with Donald Trump:

The law firm of Kasowitz Benson Torres, founded and run by Trump's longtime personal lawyer, Marc E. Kasowitz, received a loan between and 10 million. Kasowitz and his firm represented Trump during the Mueller investigations. Trump has entrusted the company, which has annual sales of over 0 million, with the firm for decades.

The New York law firm of draftsman Ellman & Krause, whose partner is Trump's impeachment attorney Robert Ray, received a PPP loan of between and million.

Harder LLP, Trump's law firm for lawsuits against media companies and book publishers, received a loan between 0,000 and 0,000.

The New York firm Spears & Imes, which represents Trump, three of his children and his company The Trump Organization in various cases, received a PPP loan relief between 0,000 and million.

The non-profit American Center for Law and Justice, whose lead counsel is Trump attorney Jay Sekulow, received between and million. Sekulow also defended Trump during the Mueller investigations and during the impeachment proceedings.

The billionaire real estate developer Joe Farrell, Trump's prominent fundraiser, received up to million. Phunware, a data analysis company working for Trump's campaign this year, received .85 million - almost 28 times the average PPP loan.

Dozens of tenants in buildings owned or managed by Trump received funds. More than 20 companies registered at 40 Wall Street, an office building Trump has owned since the mid-1990s, have also reportedly received government loans of at least million. Among the recipients were law firms, financial services companies and non-profit organizations.

Churches affiliated with Trump and other organizations associated with current or former Trump evangelical advisers have received loans of at least .3 million. City of Destiny, the church in Florida that Trump's personal pastor and faith adviser Paula White-Cain from the White House calls home, received between 0,000 and 0,000. First Baptist Dallas, led by Trump's ally and senior pastor Robert Jeffress, received between and million. Other loan recipients included several churches and organizations that joined Trump's Evangelical Advisory Council during the 2016 campaign.

American Media, the publisher of the National Enquirer, received a loan from Bank of America Corp. in April in the amount of to million. American Media is led by Trump's longtime friend David Pecker. American Media is also owned by Chatham Asset Management, a New Jersey-based hedge fund that manages approximately billion.

Esplanade Livingston, a company owned by Trump's son-in-law, Jared Kushner, who owns the land in Livingston, N.J., where the family's Westminster Hotel is located, received between 0,000 and million. Esplanade Livingston has the same address as Kushner Companies, the real estate company.

Princeton Forrestal, a real estate company owned by various members of the Kushner family, except Jared Kushner himself, received a loan of between million and million. It is at least 40 percent owned by members of the Kushner family.

The New York Observer, the news website that Kushner ran before he moved into the White House and is still owned by Kunsher's brother-in-law's investment firm, was approved for 0,000 to million. In addition, up to million was approved for the Joseph Kushner Hebrew Academy, a non-profit religious school in Livingston, N.J., named after Jared Kushner's grandfather and supported by the family.

Some companies only receive one dollar

Restaurants, medical practices and car dealerships are among the main recipients of the loans. More than 40,000 restaurants with full or limited service received loans worth up to 32 billion dollars in total.

But John Arensmeyer, chairman of the Small Business Majority, criticized the non-transparent distribution of the funds as well as the large differences in the amount of the loans. "Nationwide, more than 21,800 small businesses, many of them with several employees, received a loan of less than ,000," Arensmeyer said in a statement. "More than 1,200 of these companies received less than 0 - some received loans of only .00!"

On the other hand, those organizations also receive money from the state, which are among the vehement opponents of state aid. The Ayn Rand Institute, named after the libertarian thinker Ayn Rand, received a loan of between 350,000 and 1 million dollars, which it described as "partial reimbursement for losses caused by the government". The think tank Citizens Against Government Waste, one of the country's most prominent voices against state social benefits and most recently a critic of the CARES law, also took up between 0,000 and 0,000 of the PPP funds. (Bulgan Molor-Erdene)

Report this post as:

© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy