The Celeri Journal #112: Who Got the PPP loans?

Written by Michael

On July 8, 2020

Global Markets Recap

Some wealthy businesses and people got Payroll Protection Program dollars while many honest-to-goodness, legitimate mom-&-pop shops were shut out, NBC News reports. “Billionaire property developer Joe Farrell, a prominent fundraiser, received up to $1 million in taxpayer coronavirus relief funds, according to federal data released Monday.

Other players in the world of celebrity & influence who took advantage of loans under the Paycheck Protection Program, or PPP, to help struggling small businesses hurt by coronavirus shutdowns included a rapper’s $3 billion clothing company, multimillionaire pop artist Jeff Koons & the Church of Scientology, which is reported to be worth at least $1 billion.”

Stories like this point to a major flaw in the system; the government itself cannot serve as the liaison on a complex program of this nature. The Fed hired BlackRock to trade bonds for them & that kind of thinking might have gone a long way here, too.

“Even if they technically could argue that they did meet the criteria, taking the money clearly violates the spirit of the law and just seems greedy & wrong. This is one of the reasons why transparency is so important,” said Neil Barofsky, the former special inspector general for TARP, which had relief oversight in the 2008 crisis.

Limited preview. Subscribe below.

You May Also Like…

Episode 25 with Leo Lu

Episode 25 with Leo Lu

On Episode 25, we welcome Leo Lu, Vice President on the Digital Partnerships team at BNY Mellon. Leo graduated from NYU Stern School of Business with a Bachelor’s degree in Finance. He has a background in fintech partnerships, venture investments, and has experience...

read more

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *