On Monday, the White House released a list of companies that received loans from the Paycheck Protection Program (PPP)—a government loan program for small businesses impacted by coronavirus lockdowns—of more than $150,000.
In total, the PPP authorized $520 billion for nearly 5 million businesses. Loans of over $150,000 went to 13.5% of total recipients. Restaurants, car dealerships, and medical offices got the largest loans from the program.
Of note, Billionaire Kanye West's apparel brand Yeezy received a loan worth between $2 and $5 million. Yeezy just signed a large partnership deal with Gap Inc.
Additionally, a law firm employing Trump’s longtime lawyer got a loan worth between $5 and $10 million, and popular national restaurant chains like TGI Fridays and P.F. Chang’s China Bistro were also approved for loans.
Interestingly, some companies that made the government's list say they did not apply for a PPP loan.
Electric scooter company Bird said in a tweet, "Bird spoke with Citi early on, but decided not to apply for PPP b/c the money was more deserved by small and local businesses. Citi will confirm this. Not sure how we made the PPP list, but we're investigating."
Disclosure: TheMaven Inc., the parent company of TheStreet, received a loan from the Paycheck Protection Program.
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