WASHINGTON/SAN FRANCISCO (Reuters) – Over two frantic weeks, the U.S. government pledged $350 billion to Main Street businesses across America desperate for cash after coronavirus lockdowns.
FILE PHOTO: A person in a mask walks on a nearly empty street in the coronavirus outbreak near the Treasury Department in Washington, U.S. March 30, 2020. REUTERS/Jonathan Ernst
Now a picture is emerging of who got the money. More than 25% of the total pot went to fewer than 2% of the firms that got relief. They include a number of publicly traded companies with thousands of employees and hundreds of millions of dollars in annual sales.
The loans from the U.S. Small Business Administration – totaling $342.3 billion as of Thursday – went to companies in all 50 states, the District of Columbia and five U.S. territories, and were spread across all 20 of the main industry sectors.
Congress directed the SBA to award $349 billion to struggling businesses with 500 or fewer workers as part of a $2.3…
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