Your Taxes At Work: Private Billionaires Club Bellies Up To The Trough For PPP Money
Six Branches of Soho House came cap-in-hand for $22 Million PPP dollars.
There wasn't enough bailout money to go around. Some small businesses waited in vain for help that never came. But places that were in no danger of going under somehow managed to find their way to the government cheese.
Planned Parenthood was a heinous example we already knew about. But did you know about Soho House?
Global private membership club Soho House, which is valued at $2 billion, received as much as $22 million in six different loans intended for small businesses as part of the Trump Administration’s coronavirus bailout program, new records show.
Sanctioned under the Payment Protection Program (PPP), the loans went to six of the company’s US locations, situated in Los Angeles, Chicago, Miami and New York, for between $350,000 and $10 million each.
The loans came as part of a rush to inject billions into the economy as the coronavirus pandemic hit. PPP funding was intended to help small and medium-sized businesses weather the economic storm posed by subsequent lockdown orders.
Following mounting pressure to disclose specifically which businesses received loans through PPP - established by President Trump's CARES Act - the Small Business Administration released records on Monday listing every recipient.
According to those records, Soho House & Co saved 1,996 jobs across all of its US locations thanks to the government funding. --DailyMail
So if it bothers you that the local florist down your street ran out of cash and had to close their doors, at least you can be comforted by the fact that billionaires will have a special place to mingle without having to look at the unwashed masses.