Posted on 04/17/2020 12:41:20 PM PDT by John W
The Pennsylvania investment firm that owns the Ritz-Carlton Coconut Grove in Miami has applied for as many as 48 taxpayer-backed loans under an emergency program meant to help the nation’s smallest businesses hang on to their employees through the coronavirus pandemic.
A Maryland hotel company that did more than $1.5 billion in revenue last year has applied for more than 50 loans — and been approved for about 10 so far.
And Winter Park’s Ruth’s Hospitality Group Inc. — the parent company of Ruth’s Chris Steak House that made $42 million in profits last year and spent $41 million buying back stock and paying dividends to shareholders — revealed Monday that it has received $20 million through two small business loans.
Across the country, hotel and restaurant companies of all sizes are tapping into the “Paycheck Protection Program,” the $350 billion fund that Congress set up specifically for small businesses as part of an overall $2.2 trillion economic rescue plan.
Midsized and large hoteliers and restaurateurs are qualifying for the potentially forgivable loans — more than one, in many cases ― under special rules written into the program at the request of industry lobbyists, who argued that hospitality businesses have been uniquely devastated by coast-to-coast travel bans, shutdowns and shelter-in-place orders.
And now — as congressional leaders negotiate another spending bill that would add $250 billion or more into the PPP program, which officially ran out of money by Thursday morning — hotels and restaurants are pressing lawmakers to loosen the rules around how they are supposed to spend that money.
(Excerpt) Read more at apple.news ...
So if they are getting a paycheck from the gubmint, why the hell would they want to go to work and expose themselves to the virus?
Surprise.
Goes to show the government can NOT keep the economy going. They are going to HAVE to re-open the country and deal with the Wuhanic Plague as where the cards fall. Either, or...
Not just these companys.I have 1st person knowledge of a small company that laid off thier employees and bought 2 horses instead.
Horses don’t get the vrius...
It will be of little avail to the people, that the laws are made by men of their own choice, if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood; if they be repealed or revised before they are promulgated, or undergo such incessant changes that no man, who knows what the law is to-day, can guess what it will be to-morrow. Law is defined to be a rule of action; but how can that be a rule, which is little known, and less fixed? -- James Madison, Federalist Papers 62
No changed. Trump, rightly, demanded companies not be allowed to use the money for stock buybacks. He wanted the money to go to keep people on the payroll which is exactly where it should’ve gone.
Step 1: Layoff employees.
Step 2: Get “Paycheck protection” money pots.
Typical beltway sewer payola scam.
get out of your mom’s basement and make something of yourself you troll.
I’m a troll? Only been on FR for over 20 years... What a moron. Now please enlighten us with your anecdotal story about horses...
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