There seems to be absolutely no shortage of horror stories coming from records of the federal money that’s been approved and spent in the pursuit of rescuing America from the clutches of its own capitalism as a pandemic rages across the continent like Hurricane Rona. Not only have tens of thousands of people not gotten even their first round of enhanced unemployment benefits, but many haven’t gotten their stimulus checks either — all while corporations and the rest seem to have soaked up a lot of the money.
What’s more, the companies that HAVE gotten Paycheck Protection loans and grants have now often been proved to be outfits that don’t necessarily need the cash infusion — and somehow, miraculously, they’re all people with connections inside the Trump administration or within government somewhere.
For example, the administration has actually kept a list of those companies who got the most money from the PPP, and one of the most obvious connections between the Executive and Legislative branches — Trump and Senate Majority Leader Mitch McConnell — serves as the backdrop for one of the companies on that list of those businesses who have gotten more PPP money than anyone else.
Mitch’s wife, Elane Chao, is Trump’s Secretary of Transportation. She’s worth $24 million, and her husband Mitch is worth about $23 million — but somehow Elaine’s family seemed to need a massive bailout from the federal government for their company. The government hasn’t released exact numbers and may well never do so, but we know Foremost Group, the family’s business, got between $350,000 and a million dollars straight from our treasury.
That put them on the list of those companies that dried up the initial funds approved by Congress before small businesses that actually needed the money were able to get their hands on any.
The average size of a loan across all sizes of companies who got PPP loans was just $100,000 — meaning many businesses got much, much less than that. And most of the companies that got a number higher than that average were those with connections to politicians.
It just happens that Chao has connections to the two most powerful politicians in Washington, DC.
Featured image via Wikimedia Commons
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