As Safe Harbor Deadline Approaches, Public Companies Still Reap PPP Rewards
WASHINGTON, D.C. – The latest Securities and Exchange Commission filings show 30 additional publicly traded companies secured over $34 million in SBA Paycheck Protection Program (PPP) funds meant for struggling small businesses on main street, including at least one business with more than 500 employees.
For the first quarter of 2022, the Voss Value Fund returned -5.5% net of fees and expenses compared to a -7.5% total return for the Russell 2000 and a -4.6% total return for the S&P 500. According to a copy of the firm’s first-quarter letter to investors, a copy of which ValueWalk has been able Read More
Companies Face Safe Harbor Deadline
The latest filings come in the wake of an SBA Inspector General report finding the Trump SBA’s lack of guidance led to many minority and women small businesses -- as many as 90 percent -- being left behind in the first round of the PPP rewards.
Tomorrow, companies that have taken PPP money without needing it face a safe harbor deadline by which they either have to return unneeded money or face consequences for falsely certifying their company was in need.
“Same story, different day — large companies continue to siphon up precious resources meant for hurting mom and pop small businesses,” said Derek Martin, spokesman for Accountable.US. “The Trump administration claimed a ‘Scout’s Honor’ requirement would keep companies honest about whether they needed these funds. With tomorrow’s safe harbor deadline looming, America continues to see how corporate self-regulation works when push comes to shove: not well at all.”
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.
Among The Latest Publicly-Traded PPP Recipients:
|LOAN DATE||COMPANY||STATE||LOAN AMOUNT||MOST RECENT EMPLOYEE COUNT|
|5/11/20||Phio Pharmaceuticals Corp.||MA||$231,252.00||11|
|4/13/20||Iconix Brand Group, Inc.||NY||$1,300,000.00||118|
|5/1/20||Evoke Pharma Inc.||CA||$104,000.00||5|
|April 2020||BioXcel Therapeutics, Inc.*||CT||$537,000.00||24|
|5/6/20||Puradyn Filter Technologies Inc.||FL||$188,542.00||13|
|4/27/20||Wheeler Real Estate Investment Trust, Inc.||VA||$552,000.00||47|
|5/7/20||Rennova Health, Inc.||FL||$2,368,000.00||309|
|5/3/20||ProPhase Labs, Inc.||PA||$295,250.00||50|
|5/1/20||BT Brands, Inc.||ND||$460,400.00||107|
|5/1/20||Sun BioPharma, Inc.||MN||$102,000.00||5|
|5/6/20||CFN Enterprises, Inc.||CA||$263,000.00||58|
|5/7/20||Good Times Restaurants Inc.||CO||$11,645,000.00||2,535|
|4/14/20||Table Trac Inc.||MN||$473,400.00||24|
|5/1/20||Lantern Pharma Inc.||TX||$108,500.00||7|
|5/5/20||Jerrick Media Holdings, Inc.||NJ||$412,500.00||25|
|5/6/20||iSign Solutions, Inc.||CA||$123,077.00||6|
|4/21/20||CHF Solutions, Inc.||MN||$1,660,000.00||66|
|5/6/20||Bionik Laboratories Corp.||NON-US: Toronto, ON, Canada||$459,912.00||30|
|4/15/20||Fuel Tech Inc.||IL||$1,556,000.00||82|
*Company has indicated they will return the money.
Previously controversial PPP grantees include a foreign-owned uranium mining corporation with ties to the Trump 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.
BACKGROUND: The SBA’s Paycheck Protection Program has been plagued with reports of legitimate small businesses unable to access the help the President claimed would come in “record time”. They have faced a bureaucratic maze often ending in delays and rejection as banks reportedly prioritized those “with the best relationships — not the neediest or most deserving.” A recent survey of small businesses found only 13% of the 45% who applied for a PPP loan were ever approved. Meanwhile, CEOs of large companies have managed to coast through the process. Well over 400 publicly-traded firms or conflicted companies, some worth more than $100 million, have received over a billion dollars in taxpayer money. It’s no wonder the Trump administration has shied away from transparency in this process.
Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.