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This is why we need independent oversight for these vast sums of money going out...100 million in sales and still a "small business"....?
Company With Ties To Trump Receives Millions From Small Business Loan Program
Many businesses have struggled to get any money from the Paycheck Protection Program. But a company owned by a prominent Chicago family received a $5.5 million loan.www.npr.org
While many small businesses have found it difficult or impossible to get one of the Small Business Administration's Paycheck Protection Program loans, a company owned by a prominent Chicago family with close ties to the Trump administration was able to get a $5.5 million loan under the program, according to documents the company filed with the Securities and Exchange Commission on Monday.
U.S. Ambassador to Belgium Ronald Gidwitz, who was appointed in 2018, was then-candidate Donald Trump's campaign finance chair for Illinois in the 2016 presidential campaign. According to filings with the SEC, Gidwitz's family owns the majority of Continental Materials Corp., which secured the 1% interest loan.
Continental Materials makes heating and cooling equipment and construction products. While it had more than $100 million in sales last year, it qualified for the loan because it meets the Small Business Administration's industry-specific "small business" size standards, according to company chief financial officer Paul Ainsworth.
Still, the company's loan is much larger than the typical PPP loan, according to a summary releasedby the Small Business Administration last week. The average loan was just over $200,000, and fewer than 1% of the loans under the program were greater than $5 million.
While the company may qualify as a small business under the PPP program, there are many much smaller businesses that have been unsuccessful in obtaining or even applying for the loans from their banks.
Why aren't you complaining about Ruth's Cris?
They have over 6,000 employees, had over $400 million in sales last year, and they secured over $20,000,000 in small business relief.
Kinda' dwarfs the example you're whining about, doesn't it?
As for what smaller businesses haven't received any relief, I read an article this morning which talked about a guy named Damon West who'd been convicted of murder, sentenced to prison in 2009, got paroled in 2015 and turned his life around and became a motivational and key note speaker. He applied for the loan because he could no longer travel.
His criminal record precluded him from getting the loan.
A question on the application form asked whether, within the last 5 years, he had been convicted of or pleaded guilty or no contest to a felony or "been placed on any form of parole or probation." Another asked whether anyone who owns at least 20% of the company was incarcerated, under indictment, on probation or parole. If so, they are ineligible.
Criminal records shut small biz owners out of aid program
There could be any number of reasons someone is denied a loan. This is just one example...
He would be eligible to collect unemployment.
.
Perhaps.
But we're not discussing unemployment...
The dude isn't a business, he's a contract worker.
.
Are you suggesting that people who are self-employed contract workers are not eligible?
Because I know a lot of self-employed photographers who would disagree with you...