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The billionaires and country clubs that received small business loans (PPP) from the Govt
Posted on 7/21/20 at 2:02 pm
Posted on 7/21/20 at 2:02 pm
The most famous billionaire to receive PPP funds is Kanye West. West’s Yeezy fashion brand received $2 million to $5 million. West has said his brand is worth $3 billion and recently announced a collaboration with Gap that could be worth $100 million or more depending on the company’s performance.
Private jet companies, which have rebounded quickly and received hundreds of millions of dollars under the aviation program of the CARES Act, also got millions in PPP funds. Clay Lacy Aviation, which received $27 million in CARES Act funding and prides itself on its celebrity and VIP client base, also received $5 million to $10 million in PPP funds.
Jet Linx Aviation, which received $20 million from the aviation program, received an additional $5 million to $10 million in PPP funds, according to the list.
cnbc.com
The list
Private jet companies, which have rebounded quickly and received hundreds of millions of dollars under the aviation program of the CARES Act, also got millions in PPP funds. Clay Lacy Aviation, which received $27 million in CARES Act funding and prides itself on its celebrity and VIP client base, also received $5 million to $10 million in PPP funds.
Jet Linx Aviation, which received $20 million from the aviation program, received an additional $5 million to $10 million in PPP funds, according to the list.
cnbc.com
The list
This post was edited on 7/21/20 at 2:07 pm
5
Posted on 7/21/20 at 2:05 pm to cajunangelle
One thing you need to recognize is that businesses are likely to act in their best financial interest even if they are wealthy businesses.
The goal of PPP was to keep people employed so that we could have a quicker recovery. It wasn't welfare for the poor.
The goal of PPP was to keep people employed so that we could have a quicker recovery. It wasn't welfare for the poor.
Posted on 7/21/20 at 2:09 pm to moneyg
Kenye West's latest Yeezy fashion brand and country clubs are not essential-sorry, but I get your overall point.
Posted on 7/21/20 at 2:16 pm to cajunangelle
quote:
Kenye West's latest Yeezy fashion brand and country clubs are not essential-sorry, but I get your overall point.
I don't remember that the goal was just to support essential businesses; the reason for distributing the funds was to keep money circulating through the economy to prevent a complete collapse. It was a short-term distribution of money, and it appears to have helped many that needed assistance - and plenty that didn't.
Posted on 7/21/20 at 2:17 pm to cajunangelle
quote:I don't think the requirements for PPP require a business to be "essential". I believe the point was to keep businesses afloat during the financial crisis so that the businesses didn't go under and take jobs with them.
Kenye West's latest Yeezy fashion brand and country clubs are not essential-sorry, but I get your overall point
Posted on 7/21/20 at 2:26 pm to jrodLSUke
While you have a point, it's been proven that certain banks like Chase stalled PPP applications from small businesses to make sure money would be funneled to higher-profile customers -- especially those who were at risk of defaulting on loans issued by Chase
Posted on 7/21/20 at 2:28 pm to cajunangelle
quote:
Kenye West's latest Yeezy fashion brand and country clubs are not essential-sorry
You injected the word "essential". The goal wasn't to protect "essential" jobs or "essential" businesses. It was to protect jobs for a temporary period of time so as to rebound as quickly as possible.
Your feelings are getting in the way of logical thought.
Posted on 7/21/20 at 2:29 pm to jmcwhrter
quote:
While you have a point, it's been proven that certain banks like Chase stalled PPP applications from small businesses to make sure money would be funneled to higher-profile customers -- especially those who were at risk of defaulting on loans issued by Chase
frick Chase for that, but I don't really see where that's relevant.
Posted on 7/21/20 at 2:33 pm to cajunangelle
I think shaming businesses for ppp loans is so stupid. The $ is to keep people on payrolls. Imo we should not have capped it and let every company apply no matter the size and need. It’s much better than people getting laid off
Posted on 7/21/20 at 2:46 pm to FooManChoo
quote:Every paycheck is "essential" to the person receiving it, whether from a mom/pop employer or an employer worth billions.quote:I don't think the requirements for PPP require a business to be "essential"
Kenye West's latest Yeezy fashion brand and country clubs are not essential-sorry, but I get your overall point
Posted on 7/21/20 at 2:58 pm to cajunangelle
quote:
The billionaires and country clubs that received small business loans (PPP) from the Govt
Not sure I understand why this matters. Are they paying employees with the money like the rules require? These companies dont just get to keep the money. Employees are employees.
Posted on 7/21/20 at 3:00 pm to cajunangelle
quote:
Kenye West's latest Yeezy fashion brand and country clubs are not essential-
tell that to the people who work there. Just because you think they are stupid doesn't mean they are. Posted on 7/21/20 at 3:02 pm to cajunangelle
A business is a business and has nothing to do with who uses the industry. A private airline with 20 planes likely has a staff of 150-200 people, mostly $30/hr flight attendants.
Theirs other support industries for parts and maintenance on these personal charter planes that millionaires use that are mostly middle class workers.
Theirs other support industries for parts and maintenance on these personal charter planes that millionaires use that are mostly middle class workers.
Posted on 7/21/20 at 3:59 pm to cajunangelle
Doesn't matter whether it was a mom and pop small business or a major corporation. The goal was to keep employees on the payroll and prevent massive layoffs and furloughs caused by Covid stay-at-home orders and capacity limitations placed on businesses. Even the billion dollar corporations would have been furloughing or laying off employees if their revenues were hurt due to all the shutdowns.
That said, I'm sure there were a bunch of businesses whose revenues weren't negatively impacted by Covid that applied for PPP loans anyway.
That said, I'm sure there were a bunch of businesses whose revenues weren't negatively impacted by Covid that applied for PPP loans anyway.
Posted on 7/21/20 at 4:01 pm to RebelExpress38
quote:
Not sure I understand why this matters. Are they paying employees with the money like the rules require? These companies dont just get to keep the money. Employees are employees.
It was a feelings based argument.
Posted on 7/21/20 at 4:07 pm to Tiger Prawn
The point is these companies didn’t require a tax payer funded paycheck program to pay their employees. This was designed to help companies so severely impacted by the by the shutdown that they’d not be able to pay employees. But of course Trump removes the one person responsible for oversight of the funds.
Posted on 7/21/20 at 4:13 pm to cajunangelle
quote:
The billionaires and country clubs that received small business loans (PPP) from the Govt
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