Adressing The Failures In The Next Phase Of PPP…

Adressing The Failures In The Next Phase Of PPP…
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Last night, Politico reported on how the Paycheck Protection Program’s (PPP) flawed implementation allowed well-connected corporations to access the program’s crucial taxpayer dollars while small businesses were boxed out, and how lawmakers are aiming to address these failures in PPP’s next phase.

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Q2 2020 hedge fund letters, conferences and more

Expectations From PPP's Next Phase

Here are some key quotes from the experts on what we need to see from PPP going forward:

Fund Manager Profile: Kris Sidial Of Tail Risk Fund Ambrus Group

invest Southpoint CapitalA decade ago, no one talked about tail risk hedge funds, which were a minuscule niche of the market. However, today many large investors, including pension funds and other institutions, have mandates that require the inclusion of tail risk protection. In a recent interview with ValueWalk, Kris Sidial of tail risk fund Ambrus Group, a Read More

  • Ashley Harrington, federal advocacy director at the Center for Responsible Lending: "The question is not just did [well-connected corporations] deserve the loans, did they need the loan... But they had access that other communities did not have. That's something we need to recognize and address when we think about what small business relief looks like going forward."
  • Amanda Fischer, policy director at the Washington Center for Equitable Growth: “...some reporting showed that private equity portfolio firms gamed rules to gain access when they were otherwise prohibited. Hedge funds also received some PPP funds. This clearly was not the congressional intent."
  • Lisa Gilbert, executive vice president of Public Citizen: "Big businesses that can keep people on the payroll without a PPP loan should not get one. The purpose of these taxpayer dollars going out the door was to ensure that entities that truly needed money to keep regular Americans employed received it.”

For more information on how the Trump administration has failed small businesses owned by people of color, please click HERE for a new op-ed, HERE for a fact sheet, and HERE for a memo.

Politico: Congress Wary On Future Aid As Well-connected Businesses Rake In Millions

The numerous anecdotes and controversies pouring out of the Paycheck Protection Program loan data are shaping lobbying efforts around the next economic relief package.


The revelation that well-heeled businesses and nonprofits benefited from emergency small business loans is making it more likely that Congress will impose new limits on aid in its next rescue plan for employers and workers.

The Trump administration disclosed Monday that the recipients of the more than $521 billion in forgivable loans included top lobbying and law firms, private equity-backed restaurant chains like P.F. Chang’s, investment companies and even Kanye West’s clothing brand. Though $130 billion remains uncommitted under the so-called Paycheck Protection Program, it's rekindling long-running concerns about the degree to which businesses with ample sources of financing are getting government-backed support while smaller employers continue to struggle.

[Read the full article HERE.]


While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at [email protected]</i>
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