Yesterday, the Small Enterprise Administration launched knowledge on which companies acquired forgivable loans underneath the Paycheck Safety Program (PPP) in quantities between $150,000 and $10 million.
So, who acquired how a lot taxpayer cash by way of this system? Our auditors at OpenTheBooks.com mapped the large loans – the practically 83,000 loans between $1 million and $10 million. These companies are situated in 13,700 zip codes throughout the nation.
Now, you could find out your self, zip code by zip code, with an interactive instrument we’ve constructed on our authorities transparency web site.
This mapping instrument permits customers to shortly overview each PPP transaction exceeding $1 million. Simply click on a pin (zip code) and scroll down to see the outcomes that can seem within the chart beneath the map.
The general subsidies are fairly breathtaking.
Kanye West, who simply declared for president and claims a internet worth of $1.three billion, took between $2 million and $5 million for his clothes and sneaker firm, Yeezy LLC.
Robert Redford’s Sundance Institute acquired between $2 million and $5 million in lending. The non-profit’s newest IRS 990 lists $55.Four million in belongings (FY2018).
Then, there’s Francis Ford Coppola the legendary filmmaker of the Godfather and different motion pictures.
Coppola can be a famend wine maker and two of his affiliated firms acquired PPP funding together with Francis Ford Coppola Presents LLC ($5 million to $10 million);and Niebaum Coppola Property Vineyard, LP ($1 million – $2 million).
A spokesperson responded to our request for remark:
“Francis Ford Coppola Vineyard and Niebaum Coppola Property Vineyard, LP utilized for the PPP loans based mostly on enterprise necessity and are utilizing everything of the loans on wages and advantages to avoid wasting the employment of its wineries, hospitality, and restaurant workforce throughout these unsure instances.
We’re family-owned wine companies, and the PPP loans have enabled us to deliver again over 2 hundred of our Direct to Shopper staff, though we may not have work for all them for the foreseeable future.”
Nevertheless, Coppola’s vineyard wasn’t alone as 601 wineries throughout America acquired a minimum of $192 million in PPP lending.
Right here is only a pattern of our findings from the general database:
- 43,815 eating places throughout America acquired between $13.6 billion and $32.7 billion.
- 31,559 dentists and doctor places of work acquired between $9.9 billion to $24.three billion. The world’s most well-known beauty dentist – Dr. Invoice (William) Dorfman – affectionately generally known as “America’s dentist” and featured dentist on ABC’s Excessive Makeover, and writer of best-selling books – acquired as much as $350,000.
- 14,306 legislation places of work acquired between $5.three and $12.eight billion together with the distinguished agency of Boies, Schiller and Flexner in Washington, D.C. who acquired $5 million to $10 million.
- 12,694 new automotive dealerships acquired between $7 billion and $16.7 billion together with the Land Rover and Ferrari dealerships in Hinsdale, Illinois – every acquired between $350,000 to $1 million.
- 10,684 spiritual organizations acquired between $three billion and $7.5 billion. Positioned in Notre Dame, Indiana, the Sisters of the Holy Cross acquired as much as $5 million; Holy Cross Faculty acquired as much as $1 million; and the Company of St. Mary’s Faculty Notre Dame acquired as much as $10 million. (Schools already acquired $12 billion in bailout cash by way of the CARES Act.)
The big ranges (above) are the results of a transparency hole within the knowledge.
The Trump administration didn’t launch the identified loan quantities. As a substitute, the quantities had been disclosed inside bands: $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.
Not surprisingly, many corporations and non-profit organizations who signed up for a PPP loan will argue that the subsidies helped hold individuals employed when federal, state, and native authorities actually closed down the financial system. And, in reality, these companies employed 31.5 million individuals.
Nevertheless, critics contend that many companies legally gamed the system.
For instance, Residents Towards Authorities Waste (CAGW) – a conservative Washington, D.C. oversight group based to assist President Reagan minimize pork – publishes the annual “Congressional Pig Book.” But, they took as much as $350,000 regardless of itemizing $4.2 million in belongings on their latest IRS 990 (FY2018).
CAGW responded to our request for remark saying, “… COVID-19 had a significant impact on our funding sources and threatened our ability to provide continued employment to our staff.”
Media Issues For America – a Soros-funded progressive group – had $5.three million in belongings on their newest out there IRS 990 (FY2018) and acquired as much as $2 million in PPP lending.
“R” Street Institute, a self-described conservative and libertarian free market group based mostly in Washington, D.C. and devoted to limiting authorities, took between $1 million and $2 million.
In San Francisco, Apple co-founder Steve Wozniak co-founded the Digital Frontier Basis and so they acquired between $1 million and $2 million though they’ve belongings of $40.three million on their newest IRS 990.
A spokesperson responded to our request for remark:
“We support full transparency about the PPP program, and the public’s right to know who received loans. EFF applied for and received a PPP loan to avoid having to lay off employees during the pandemic…”
Utilizing the interactive map, residents will discover numerous examples of companies, church buildings, and non-profit organizations proper in their very own neighborhoods that acquired large PPP subsidies.
As you search the federal PPP loan portfolio, needless to say taxpayers can pay for many of those “loans.” The loans are forgivable – handled as a grant – so long as the companies retain their staff and don’t minimize their paychecks.
What is going to you discover in your personal yard? No matter it’s, let Washington know.
Word: Our watchdog group at OpenTheBooks.com doesn’t take authorities funding underneath any circumstances. Moreover, we reached out to each entity talked about and can replace the piece in the event that they reply.