32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses
April 22, 2020 at 7:07 PM - Views: 64 #306542L0oniXModerator
- Total Posts: 481
With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeline. The $350 billion fund was intended to rescue small businesses with forgivable loans to cover their payrolls for two months.
But just days after the program launched, it ran out of money. Many small businesses, especially those without pre-existing lending relationships with a bank, were left out. Congress and the White House have reached an agreement to add more money to the program, but it has not been signed into law. It’s unclear when more money will be available and, meanwhile, numerous small enterprises have been forced to close permanently.
On Monday, Popular Information reported that, before the Paycheck Protection Program ran dry, the parent company of Ruth’s Chris Steak House obtained a $20 million forgivable loan. The publicly-traded corporation, Ruth’s Hospitality Group, is not small. It brought in over $441 million in revenue last year, maintains $86 million cash reserves, and pays its CEO, Cheryl J. Henry, $6.1 million. Despite the influx of free cash, Ruth’s Chris has laid off virtually all of its hourly restaurant staff.
Ruth’s Chris is the tip of the iceberg. A Popular Information investigation has identified 32 additional publicly-traded companies that pay their CEOs $1 million or more and have scooped up funds intended for struggling small businesses.
Veritone: $18,669,779 in CEO compensation
PolarityTE: $13.7 million in CEO compensation
Aquestive Therapeutics: $8,010,587 in CEO compensation
DMC Global: $2.7 million in CEO compensation
more in depth at link
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April 22, 2020 at 7:20 PM #306554
April 22, 2020 at 7:35 PM #306556
April 22, 2020 at 7:55 PM #306567Black LeBaronParticipant
- Total Posts: 84
I would question this sentence from the article, “The $350 billion fund was intended to rescue small businesses…” The corporate Democrats and Republicans aren’t stupid. I suspect they knew who would get the money from the law they wrote. I suspect they intended the money to go to the rich, but just wanted to trick the rubes (you and me, in their eyes) that the money was “intended to rescue small businesses.” Same as in 2007-2008 when they were SHOCKED that the bank bailout money went to billionaire bonuses.
Great men are almost always bad men.
April 22, 2020 at 8:07 PM #306571Red CloudParticipant
- Total Posts: 1,536
Time to grab our pitchforks and torches.
We should boycott every one of them until extinction.
April 22, 2020 at 8:35 PM #306582retired liberalParticipant
- Total Posts: 4,276
They have their tentacles in the supply lines, clear down to the local Mon & Pop, hole in the wall, on a side street, around the corner from the strip mall.
We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
If you are wrong, it will be because you are not cynical enough.
The older we get, the less "Life in Prison" is a deterrent.
Always wear a proper mask when out and about. The life you save could be both yours and mine.
April 23, 2020 at 4:34 AM #3069023fingerbrownParticipant
- Total Posts: 3,711
This is just open looting of the treasury.
All governments lie to their citizen's, but only Americans believe theirs.
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