July 18, 2020
Progressive Non-Profits Exploit the CARES Act
The Paycheck Protection Program (PPP) established by the Federal government's Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides forgivable SBA loans, in substance grants. The goal is to help small businesses weather the economic adversity caused by the Covid-19 crisis. Through June 30th, the program funded $521.5 billion in loans. The program has $131.9 billion left, and the application deadline has been extended to August 8th.
Congress in its haste (what's new?) placed few restrictions on eligibility for the loan program. There has been ample news coverage shaming investment banks and publicly traded companies for receiving PPP loans designed for small businesses. Still, not surprisingly, the news media overlooked the PPP loans made to non-profits. This fact-based article identifies high-profile progressive non-profits, recipients of PPP loans, who influence public policy in very detrimental ways.
Linked for downloading is an...(Read Full Article)
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