SBA Aid went to Congress members, and private-equity-backed chains

The Small Business Administration (SBA) released data on the main recipients of the SBA Disaster Loan: businesses of those associated with the Congress, law firms that represented Pres. Donald Trump.

Nearly 90,000 companies took part of the $660 billion small business relief program funds without promising on their applications that they would rehire workers or create jobs.

The SBA Disaster Loan showed first-come first-serve program that did not evaluate actual needs of the recipients, rather; there was no filter in place to prevent those with political interest from obtaining those funds.

PF Change, Legal Sea Foods, Silver Diner, all major chain restaurants received funds from the SBA. Dozens of publicly-traded companies returned the money, but not all.

At least 8 members of Congress and their spouses received loans, including Elaine Chao (Transportation Secretary), who is married to Senate Majority Leader Mitch McConnell of Kentucky. KTAK corporation owned by Rep. Kevin Hern of Oklahoma was yet another recipient.

KTAK reported receiving $1-2 million to support 220 jobs.

Representative Mike Kelly of Pennsylvania received between $450,000 to $1.05 million for 95 jobs, Republican Markwayne Mullin of Oklahoma received $350,000 and $1 million per plumbing business affiliated with him, and of course, Pres. Donald Trump and Nancy Pelosi were not an exception.

Triomphe Restaurant Corp. operating Jean-Georges Restaurant at the Trump International Hotel in Central Park West, received $2 million to $5 million. Sushi Nakazawa in Trump DC hotel received between $150,000 and $350,000 for 22 jobs. There is of course, the law firm, Kasowitz, Benson & Torres, receiving $5 million to $10 million for 400 employees.

Many watchdogs and citizen rights advocates are demanding that lawmakers not create and then benefit, from the program that takes money from the taxpayers.

Even Korean Air received a loan of $5 to $10 million to support its “small operation of about 500 employees.”

It is unclear however, exactly how much job retention actually happened and the benefits remain to be seen.

코리일보/COREEDAILY

Coree ILBO copyright © 2013-2020. All rights reserved.

This material may not be published, broadcast, rewritten or redistributed in whole or part with out the express written permission.

Leave a Reply

Your email address will not be published. Required fields are marked *

Confirm that you are not a bot - select a man with raised hand: