U.S. COVID loans saved 51 million jobs, gave billions to the rich
A high-profile pandemic aid program protected about 51.1 million American jobs.
But federal money also found its way into the pockets of the wealthy and well-connected.
The Paycheck Protection Program, or PPP, enacted in April, was meant to shore up small businesses and keep their staff employed.
But data released this week by the U.S. Treasury Department and the Small Business Administration seemed to confirm worries among Democrats and watchdog groups that in addition to mom-and-pop shops, the funds went to well-heeled and politically-connected companies, some of which were approved for between $5 and $10 million.
Those include a law firm founded by Marc Kasowits, who has defended President Donald Trump.
The firm, Kasowitz Benson Torres, said the funding helped the law firm preserve hundreds of jobs at full salary at a time when federal courts and its offices were shut down.
American Media, owned by Trump friend David Pecker and publisher of the National Enquirer, got the nod for between $2 and $5 million. So did billionaire rapper Kanye West's Yeezy clothing company.
While the data shared does not say exactly how much money each borrower received, they are placed in one of five bands.
At the low end, they range from $150,000 to $350,000. The top traunch receivied loans from $5 to $10 million. More than 4,800 loans were issued in the top band, while the overall average loan size was $107,000.
Among those in the mix: the Americans for Tax Reform Foundation, the group led by Grover Norquist, whose stated mission is to curb government spending. It was approved for a loan of between $150,000 and $350,000.
Despite some eyebrow-raising recipients, the funds reached a wide swath of businesses: More than $67 billion for the healthcare and social assistance sector; $64 billion-plus for construction businesses; $54 billion for manufacturing; and at the smaller end, more than $7 billion for religious organizations.
