1. The top recipient of taxpayer funds intended to save struggling small businesses is MONTY BENNETT, a multi-millionaire Trump donor who owns dozens of luxury hotels.
The latest SEC filings show his companies have received $96.1 MILLION
It gets worse
Multi-millionaire Trump donor is top recipient of funds intended for struggling small businessesAcross the country, thousands of small businesses — many on the verge of collapse — have not been able to obtain a forgivable loan from the Paycheck Protection Program. The initial $349 billion for t…https://popular.info/p/multi-millionaire-trump-donor-is
2. In March, as the pandemic devastated the economy, Bennett awarded himself a CASH BONUS of $1,755,697.
He's going to give himself another bonus of $585,233 "no later than December 31, 2020"
In 2019, his total compensation was $5.6 MILLION
Multi-millionaire Trump donor is top recipient of funds intended for struggling small businessesAcross the country, thousands of small businesses — many on the verge of collapse — have not been able to obtain a forgivable loan from the Paycheck Protection Program. The initial $349 billion for t…https://popular.info/p/multi-millionaire-trump-donor-is
3. Also in March, Monty Bennett's companies distributed millions in "preferred stock dividends" to certain shareholders.
Two of the biggest beneficiaries of the dividend were Bennett and his father, who received MORE THAN $2 MILLION
4. Everyone in America should know the name MONTY BENNETT.
His companies are vacuuming up millions while actual small businesses are shut out of the program and forced to close.
Popular InformationIndependent accountability journalism.http://popular.info/subscribe
5. Will these funds sent to Monty Bennett be used to pay hotel employees?
It doesn't appear that way.
The company says it does not believe it will qualify for loan forgiveness. That suggests the bulk of the money will not be spent on payroll.
6. Monty Bennett is not done raiding the small business fund for cash. His companies already have $96 million but, according to a corporate "fact sheet," they've applied for ANOTHER $30 MILLION.
7. Last week, the Treasury Dept said that it is “unlikely” that any public company “with substantial market value and access to capital markets” qualifies for the loans.
It warned of "severe consequences" for ineligible companies that kept the money
8. But Bennett says he's keeping all the money and applying for more. Why isn't he worried?
It probably helps that, since last year he's donated "$200K to the Trump campaign, the RNC, and a joint fundraising committee supporting both"
9. In March, Bennett hired a lobbying firm run by "Jeff Miller, who was a finance vice-chair of President Trump’s 2017 inaugural committee."
Miller has raised $2.5 million for Trump and the RNC in 2020
10. Bennett has plenty of company.
A review of hundreds of recent SEC filings reveals 56 public companies paying their CEOs $1 million+ while collecting taxpayer money intended for struggling small businesses
Here's a complete list
11. Let's end on a positive note.
12 public companies are GIVING BACK THE MONEY they received from the small business program
This includes 4 companies highlighted by Popular Information last week
Popular InformationIndependent accountability journalism.http://popular.info/subscribe
threadreaderapp.com |
