Relevant:
- Coronavirus and Loans: Shake Shack Gets $10M While True Small Businesses Are S.O.L
- Small business Coronavirus loan rescue program apparently far less generous than advertised
- Coronavirus Small business rescue loans: US issues new guidance, pressures public companies to return funds
- Big Banks and Fossil Fuel Industry Poised to Get Bailed Out Under Fed's "Main Street" Lending Program
- PPP: Relief went to hair salons, restaurants, law firms -- and some members of Congress
2020-04-19 — wolfstreet.com
...
4,412 loans were issued in amounts larger than $5 million each. And we already know which company with 5,700 employees got $20 million. Yup, a restaurant chain, because they and hotel chains were exempted from the employee limit. Restaurants and hotels got their own limit: 500 employees per location. They accomplished this through magnificent lobbying efforts...
And then there is the curious case of Longview Power LLC, in which KKR, one of the big private equity firms, has a 40% stake as a result of Longview's bankruptcy in 2015. Longview owns a 700-megawatt coal-fired power plant in West Virginia and has about 140 employees. It was approved for a PPP loan last Friday, and on Tuesday it announced that it filed for Chapter 11 bankruptcy... If the company follows the rules of the PPP loan, it will be forgiven and turn into pure profit for then new owners.
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