Corporate welfare is alive and well: Here are 4 appalling features of the taxpayer-funded coronaviru

[SheltieLover]

https://www.rawstory.com/2020/04/corporate-welfare-is-alive-and-well-here-are-4-appalling-features-of-the-taxpayer-funded-coronavirus-bailout/

Corporate welfare is alive and well: Here are 4 appalling features of the taxpayer-funded coronavirus bailout
Published 6 hours ago on April 22, 2020By Robert Reich, AlterNet- Commentary



With the coronavirus pandemic wreaking havoc on the global economy, here’s how massive corporations are shafting the rest of us in order to secure billions of dollars of taxpayer-funded bailouts.

The airline industry demanded a massive bailout of nearly $60 billion in taxpayer dollars, and ended up securing $50 billion – half in loans, half in direct grants that don’t need to be paid back.

More at link.

[msongs]

1. well democrats in the house will never vote for this....lol nt

[SheltieLover]

2. Meanwhile, not even a hint if $ to empower families or to save USPS!🤬

Infuriating!

[FoxNewsSucks]

3. No shock there.

I applied for the PPP loan for my business, and actually intended to use it for payroll. One of what I heard were thousands of low-5-figure applications. It was disgusting that national chains sucked up most of the money.

Today, first thing this morning, I got an email from the bank referencing the latest funding proposal. Basically, it stated that even though there's more money coming, it still will run out long before reaching down to the small loan applicants.

The damn bill hasn't even passed yet, and they already sent out the "sorry" letter.

Maybe the banks should have been bypassed. The billions in fees could go to a lot of five-figure loans, and maybe there would have been less favoritism.

[essaynnc]

5. Try a different bank...

Banks are beholden to their big customers, and big banks have the big customers; they give them preferential treatment. Try a smaller local bank to apply for the new PPP loan.

[Igel]

6. Here's a breakdown of where the first $349B went by company size.

https://www.zenefits.com/workest/where-did-the-paycheck-protection-program-money-go-loans-by-state-industry-and-size/

Average loan size was $206k. 2 1/2 times as many loans under $150k as over $150, so I'm guessing there were a lot of 5-figure loans.

Elsewhere somebody toted up the amount received by the notorious list of national chains and I think it was less than 5% of the total.

[mercuryblues]

7. Send a copy of that letter to your congress critter

along with your own letter. Let them know what you think of them trying to help out the "small" businesses with your tax dollars.

[Celerity]

4. K & R