Casino Developer Joins Now Over 500 Publicly Traded Companies Awarded SBA PPP Money

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Casino Developer Joins Now Over 500 Publicly Traded Companies Awarded SBA PPP Money
moisemarian / Pixabay

The latest Securities and Exchange Commission filings show 26 additional publicly traded companies secured over $56 million in SBA Paycheck Protection Program (PPP) funds meant for struggling small businesses on main street, including at least two businesses with more than 500 employees. Today’s filings also mark more than 500 publicly traded companies that have been granted Coronavirus PPP funds, totaling over $1.5 billion in taxpayer assistance.  Among the latest beneficiaries is Full House Resorts Inc., which “develops, owns, operates and manages casinos” and is planning to open its Las Vegas properties next week. The company obtained a $5.6 million forgivable loan after reporting over 1,500 employees and an executive payout of $1.3 million last year.

“Workers at small businesses are struggling to pay rent and put food on the table during this crisis and they need help. Instead, the administration continues to throw money at public companies that have other means to weather this storm,” said Derek Martin, spokesman for Accountable.US. Martin continued, “We will continue to see workers lose out on desperately needed assistance until the White House decides to get its act together and prioritize their urgent needs.”
These filings were compiled as part of an ongoing tracking project by government watchdog Accountable.US. TrumpBailouts.org documents the billion-dollar corporations and other large companies that have received taxpayer assistance under the CARES Act, and what advantages and assets they had going into the CODID-19 crisis that most small businesses could never access.

FULL HOUSE RESOURCE INC AMONG THE LATEST PUBLICLY-TRADED PPP RECIPIENTS: 

LOAN DATE

COMPANY

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STATE

LOAN AMOUNT

MOST RECENT EMPLOYEE COUNT

5/13/20

Health Right Discoveries Inc.

FL

$117,713

8

4/23/20

Parking REIT Inc.

NV

$348,000

16

5/11/20

Monaker Group

FL

$176,534

8

4/13/20

Altimmune, Inc.

MD

$632,000

25

4/21/20

HTG Molecular Diagnostics Inc.

AZ

$1,717,000

112

5/7/20

MoSys, Inc.

CA

$579,330

23

5/8/20

SAExploration Holdings, Inc.

TX

$6,801,372

981

May 2020

Harvest Capital Credit Corporation

NY

$30,300,000

7

5/12/20

Brownie’s Marine Group, Inc.

FL

$159,600

19

5/7/20

Blink Charging Co.

FL

$856,000

67

4/29/20

H-Cyte, Inc.

FL

$809,082

27

5/8/20

Nano Magic Inc.

MI

$130,000

12

4/20/20

Provectus Biopharmaceutical, Inc.

TN

$65,500

2

5/5/20

Sustainable Projects Group Inc.

FL

$52,327

2

4/23/20

Kempharm Inc.

FL

$800,000

22

4/29/20

Integrated Biopharma Inc.

NJ

$1,639,000

137

4/20/20

Curaegis Technologies, Inc.

NY

$227,700

7

April 2020

Gevo Inc.

CO

$1,000,000

57

4/15/20

Forge Innovation Development Corp.

CA

$19,400

2

5/7/20

Sysorex, Inc.

VA

$349,693

19

5/8/20

Baudax Bio, Inc.

PA

$1,537,300

24

4/10/20

Better Choice Co Inc.

FL

$400,000

71

4/15/20

CreditRiskMonitor.com

NY

$1,560,000

101

5/4/20

Leatt Corp.

NON-US: Durbanville, Western Cape, South Africa

$210,732

49

5/3/20

Full House Resorts Inc.

NV

$5,606,200

1570

April 2020

Veru Inc.

FL

$540,000

386

*Company has indicated they will return the money.
Previously controversial PPP grantees include a foreign-owned uranium mining corporation with ties to the administration, at least two companies that market their ability to ship U.S. manufacturing jobs overseas, major luxury hotel chains, a fashion model agency, and even the L.A. Lakers.
SMALL BUSINESSES LEFT BEHIND: The SBA’s Paycheck Protection Program has been bungled since day one, offering red tape and rejection to struggling small business owners while rolling out the red carpet for large publicly-traded companies that have access to resources average shops do not. Despite the administration’s claims these issues of access have been fixed, a shocking new academic report estimates over 100,000 small businesses have permanently closed since the pandemic took off in March. Meanwhile, well over 500 publicly-traded firms or conflicted companies – some worth more than $100 million – have walked away with over a billion and a half dollars in taxpayer money.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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