McConnell's Wife's Family Business Appears on Trump Admin's List of Companies That Received Most PPP
Source: newsweek
McConnell's Wife's Family Business Appears on Trump Admin's List of Companies That Received Most PPP Money
By Meghan Roos On 7/6/20 at 6:17 PM EDT
A shipping business started by Department of Transportation Secretary Elaine Chao's family received at least $350,000 in loans set aside for companies struggling as a result of the coronavirus pandemic, according to data published Monday by the U.S. Small Business Administration.
Chao's parents launched Foremost Group in New York in 1964. The company is currently run by her father and sister, according to the company's website. Its application for a Paycheck Protection Program loan was approved on April 15, the SBA's data shows. While the exact loan amount was not included in the report, the SBA said a loan between $350,000 and $1 million was approved, enabling the company to save 20 jobs.
"The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," Treasury Secretary Steven Mnuchin said in a news release announcing the PPP data.
"We are particularly pleased that 27% of the program's reach in low and moderate income communities which is in proportion to percentage of population in these areas," he said, adding that the average loan size was $100,000.
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Read more: https://www.newsweek.com/mcconnells-wifes-family-business-appears-trump-admins-list-companies-that-received-most-ppp-1515788?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1594074124
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kimbutgar
(21,270 posts)He bails out his family but not you small business owner in Kentucky. People who dont need the money.
randr
(12,418 posts)Under The Radar
(3,406 posts)groundloop
(11,532 posts)I certainly hope the voters of Kentucky learn every detail of this.
wishstar
(5,272 posts)so it is an American company that has earned tens of millions in profit for the Chao family and Mitch McConnell
0nirevets
(392 posts)Vote them out. It's the only way to change things.
essaynnc
(803 posts)PPP loan was supposed to be for payroll for 2 months. To cost $350,000 and save 20 people's jobs, the math works out to about $17,000 a month per person. I want that job!
Progressive dog
(6,931 posts)Response to Progressive dog (Reply #9)
questionseverything This message was self-deleted by its author.
Rebl2
(13,587 posts)really surprised by this.
Buckeye_Democrat
(14,860 posts)... of some mythical turtle creature that she admired as a child?
As for the news about the money, I'm not too surprised when we have a mob boss in the WH.
volstork
(5,403 posts)Grifters gotta grift.
aquamarina
(1,865 posts)Amy McGrath should get on this as well.
Moscow doesn't want to pass the HERO's Act but has no problem giving his gazillionaire wife taxpayer money.
SunSeeker
(51,796 posts)BadGimp
(4,024 posts)progressoid
(50,013 posts)They don't hear any of this.
tishaLA
(14,176 posts)and Nunes' winery.
It's good to see that they adhere to their ideological commitments so well.
Gregory Peccary
(490 posts)How long until we find out Nunes' cow got a loan too?
Ford_Prefect
(7,927 posts)If we assume for argument's sake the loan was for 1/2 the difference, or about $650,000, then 20 people were being paid $16,250 per month each against a probable salary of $195,000 (not including stock valuation and other benefits likely at that level of income).
Who was it said that crime doesn't pay?
Gregory Peccary
(490 posts)....if one or two of those receiving the funds are senior executives making several million a year that will tilt the average.
Ford_Prefect
(7,927 posts)Suppose you had 18 people who make $50,000 a year, @ 2 months it would be roughly $75,000. The remaining money would pay 2 months of 3 people each making just over 1 million a year.
Crime could pay some people very well it seems.
pfitz59
(10,416 posts)She bearded Mitch McConnell for the money
Gregory Peccary
(490 posts).... we'd have to believe that she is actually attracted to his handsome zoo-creature face and charming style. Maybe she still can't keep her hands off of him to this day and they run around plooking wherever they go.
Vinca
(50,326 posts)ffr
(22,677 posts)This is not right.