While President Biden’s CARES law guarantees a lifeline for thousands of businesses struggling to survive the COVID-19 crisis in many ways, the PPP loan program under the Small Business Administration (SBA) has also been the subject of much controversy. , Many critics argue that the provisions have been misused by large corporations that do not want further increases.
The December issue of The New York Times Reported Only 1% of Federal COVID-19 businesses have paid off more than a quarter of their total debt. According to the Times, “money is disproportionately high, and large sums of money are slipping into the hands of poor companies.” An estimated 600 large businesses received $ 10 million in loans. Even large state-owned companies – such as Ruth Chris, Keck Shack and Autonomous – have borrowed PPP loans, raising doubts about the program’s ability to distribute aid.
However, even months ago, when this report revealed that many legislators (and their families) had received millions of loans for their own private businesses, the program may have written off the program’s provisions, even if they were in the hands of these legislators. To begin with, some of these legislators oppose legislation that increases the transparency of the program, allowing them to use behind-the-scenes federal aid.
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As a description of sedation Report, At least 28 members of Congress (or their spouses) have benefited from small business loans worth $ 27 million. Some of these members represented Dean Phillips, De-Min, Kevin Hern, R. Okla, Greg Pence, R-In. , And Carol Miller, R.
One of these lawmakers, Representative Mike Kelly, R-Pa, received $ 150,000 to $ 350,000 in federal loans from various car dealers, the Philadelphia claimant reported. Kelly, who You voted In fact, the law says “no” – SBN, in addition to their loan amount, all PPP. Who wants to identify recipients – Mike Kelly Automotive Group Inc. LP, Mike Kelly Hyundai Inc, and Kelly Chevrolet Cadillac.
A spokeswoman for the bureau told the interviewer: It was not part of the conversation between the lender. ” However, The Post Gazette Found Last July, he, like Mike Kelly Hyundai, Mike Kelly Automotive and Kelly Chevrolet Cadillac, reported in a recent financial statement as president that his wife had reported salary from Kelly Chevrolet Cadillac.
A.D. As of 2018, Kelly is the 39th richest member of Congress Analysis A non-partisan political center with a net worth of $ 12.4 million.
By PPP. Other legislators who have benefited from the program include Roger Williams, R-Tex, and Vern Buchanan R. R. Flan.
According to Slude, Williams, valued at $ 27.7 million, In 2019, it raised more than $ 1.4 million for the JRA Corporation, estimated at $ 50 million. The conservative legislator cut off federal aid to Roger Williams Chrysler Dodge Jeep in North Texas. .
“I did not use it personally [the loan], ”He told Fox Business Network last year.“ I have hundreds of employees – they have benefited.
At the beginning of the same year, In March 2020, Williams showed a very different picture of government subsidies. To speak Epoc Times: “A socialist wants to get a check from the government … he wants a check from a capitalist where he works”
In fact, Williams voted in favor of the law. 2016 Hidden Private provision in President Obama’s U.S. Land Transport Act. The line item he himself wrote effectively confirms the federal ban on safe rental cars.
A.D. By 2018, the third richest member of Congress, Bukana, will be participating in a similar process with various car dealers. Brendon Herald Reported The Florida Legislature has received $ 74 million to $ 7 million in loans for three private businesses, valued at $ 74 million. The eldest went to Sarasota Ford, which is said to have a $ 50 million stake in a Sarasota-based car dealer.
Like Kelly, Bucha underestimated the need for federal assistance by arguing that he himself did not run a business. However, many government accountants believe that Bucha’s actions are an abuse of power.
“While small businesses in Sarasota and Bradonton were fighting for federal aid, Bucha was cut off and got a loan in the early days of the program – after the Trump administration prevented members of Congress from undergoing a formal mandatory review. , “Sarah Guggenheimer, DCCC Regional Press Secretary; Writer wrote.
Buchanan did not vote for the real law. The previous campaign was funded by corruption allegations, as well as allegations by the Department of Justice, the FBC, and the FCC. And the House Ethics Committee investigated the defendants.
During the administration of the program, which ended in May, there was no law prohibiting federal lawmakers (or their families) from applying for loans to the PPP, and no one openly argued that such legislators violated any law.
However, “it looks really bad and it smells bad,” said Aaron Shikorb, a spokesman for the Commonwealth. He told him Fortune’s participation in the program suggests a serious conflict of interest. According to Politico Report Since last year, Congress has not issued any specific rules regarding PPP loans to its members.
Citizen Capitol Hill lobbyist Craig Holman told Roll: “There may be many other issues for family and friends who receive insurance.” However, most PPPs do not. The general ignorance of the cashiers prevents them from knowing all the legislators who have benefited from their actions.