About: http://data.cimple.eu/news-article/d1744e3f5d16dc3bb5ceafcbdc9a73959af48e77b7a21222f72f5133     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

AttributesValues
rdf:type
schema:articleBody
  • A centerpiece of US President Donald Trump's economic relief program was under renewed scrutiny Tuesday following revelations it aided white-shoe lobbying firms and businesses linked to Kanye West and other billionaires. Besides West's Yeezy brand and law firms connected to famed trial lawyer David Boies and Trump defense attorney Mark Kasowitz, recipients of Paycheck Protection Program (PPP) loans included the PF Chang's restaurant chain and businesses linked to several members of Congress, according to US media reports. The controversy is the latest to befall the PPP, which was launched in April as a key job-saving program in the immediate wake of coronavirus shutdowns that shuttered countless businesses and led to tens of millions of layoffs. The program provides forgivable loans to coronavirus-impacted small businesses to cover employee salaries and some expenses. Architects of the program at the US Treasury Department and Small Business Administration emphasized the need to make money immediately available to embattled companies. That led to heavy criticism after large, publicly traded firms such as Ruth's Chris steakhouse snagged loans from the program, which had been pitched as a savior for mom-and-pop businesses. The Treasury Department subsequently tightened the rules to exclude larger companies with access to funds from public markets. The Trump administration defended the program Monday as they released identifying data on firms accounting for about 75 percent of the more than $520 billion lent so far. The administration had resisted releasing the information, but relented following bipartisan calls for transparency. "The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," US Treasury Secretary Steven Mnuchin said. But the latest revelations seem certain to amplify questions about how the program has been administered. The recipients include the Church of Scientology, various businesses connected to the family of Jared Kushner, a White House advisor and the husband of First Daughter Ivanka Trump, and Foremost Group, a shipping business owned by the family of Transportation Secretary Elaine Chao, the wife of Senate Majority Leader Mitch McConnell. Also receiving funds were several entities that rent space in buildings belonging to the Trump Organization. One loan went to the Ayn Rand Institute, a California-based research organization that preaches "laissez-faire capitalism" and "a complete separation of state and economics," according to its website. jmb/cs
schema:headline
  • Fresh outrage as well-connected firms nab US loans
schema:mentions
schema:author
schema:datePublished
http://data.cimple...sPoliticalLeaning
http://data.cimple...logy#hasSentiment
http://data.cimple...readability_score
Faceted Search & Find service v1.16.115 as of Oct 09 2023


Alternative Linked Data Documents: ODE     Content Formats:   [cxml] [csv]     RDF   [text] [turtle] [ld+json] [rdf+json] [rdf+xml]     ODATA   [atom+xml] [odata+json]     Microdata   [microdata+json] [html]    About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data] Valid XHTML + RDFa
OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 5 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software