WASHINGTON, D.C. – Today marks the two-month anniversary of President Trump signing the CARES Act, the $2 trillion relief package addressing the COVID-19 health and economic crisis, government watchdog Accountable.US released a new report on how large Texas businesses walked away with $42 million in federal aid that was supposed to help struggling mom and pop small businesses.
“As small businesses continue to fail, their workers join the millions already unemployed during this pandemic, yet all the while, big Texas companies continue to grab cash meant to support mom and pop operations,” said Accountable.US President Kyle Herrig.
As part of the CARES Act, the Small Business Administration (SBA) set up the Paycheck Protection Program (PPP), claiming it would “bring immediate economic relief and eight weeks of financial certainty to millions of small businesses and their employees.”
In Texas though, PPP funds went to large businesses including a company currently under SEC investigation; a real estate investment trust that made $24 million last year; a political mobile app and data firm employed by the Trump campaign; a precious metal and natural resource investment firm; and a petrochemical products company which had significant Saudi Arabian operations.
BACKGROUND: The Trump SBA’s Paycheck Protection Program has been bungled since day one, offering red tape and rejection to struggling small business owners while rolling out the red carpet for large publicly-traded companies that have resources average shops do not.
