I am appalled that large conglomerates, subsidiaries and chains would even be considered for the Paycheck Protection Program, as part of the earlier $350 billion in federal aid.
CBS News’ headline on its website reads: “Paycheck Protection Program billions went to large companies and missed virus hot spots.” Some examples from CBS include Ruth’s Chris Steak House receiving $20 million (more than 5,000 employees and $468 million in revenue last year), Potbelly and Shake Shack, both with extensive revenue and value. CBS also shares that Quantum, a publicly traded company that makes computer storage devices, received $10 million from the program, reported more than $400 million in sales last year and its CEO was paid nearly $2.3 million in 2019. The company reports 800 employees and is not shut down.
I thought this was supposed to benefit “small” businesses? How many of our local businesses will have to shut their doors because they could not get loan money? These are the people that really need it. Funding should have begun at a much lower employee level and companies with large profits deemed ineligible.
The companies above and others with similar profits should be ashamed and boycotted.