Thread by @JuddLegum, 1. The Paycheck Protection Program was supposed to support struggling SMALL BUSINESSES [...]

1. The Paycheck Protection Program was supposed to support struggling SMALL BUSINESSES

But a Popular Information investigation, based on hundreds of recent SEC filings, found 32 companies that pay their CEOs $1 MILLION OR MORE that scooped up PPP funds https://popular.info/p/32-millionaire-ceos-who-scooped-up">https://popular.info/p/32-mill...

32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses

With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeli...

2. @veritoneinc paid its CEO, @ChadSteelberg, $18.7 MILLION in 2018. His brother, @steelberg_oc, was paid $13.9 million.

As of 12/31, the company had $44 million in cash reserves.

Last week, Vertione received $6.5 million in forgivable PPP loans https://popular.info/p/32-millionaire-ceos-who-scooped-up">https://popular.info/p/32-mill...

32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses

With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeli...

3. In a press release, Chad Steelberg said that the $6.5 million in taxpayer money meant that Veritone can "continue operations without salary reductions"

"[W]e are grateful the CARES Act established a safety net to help companies like Veritone" https://popular.info/p/32-millionaire-ceos-who-scooped-up">https://popular.info/p/32-mill...

32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses

With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeli...

4. . @PolarityTE paid its CEO $13,714,337 in 2018. Its CFO was paid $13,862,967 and its COO received $4,525,587.

As of March 31, the company had $39.5 million cash on hand.

On April 12, PolarityTE received a PPP loan for $3.6 million. https://popular.info/p/32-millionaire-ceos-who-scooped-up">https://popular.info/p/32-mill...

32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses

With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeli...

5. On April 16, four days after receiving $3.6 million in taxpayer money, @PolarityTE awarded $290,000 in cash bonuses to two top executives. https://popular.info/p/32-millionaire-ceos-who-scooped-up">https://popular.info/p/32-mill...

32 millionaire CEOs who scooped up taxpayer money meant for struggling small businesses

With the pandemic severely restricting economic activity, thousands of small businesses across the country are on the brink of collapse. Congress created the Paycheck Protection Program as a lifeli...

6. These companies are behaving this way because they are betting no one will pay attention.

The information is buried in hundreds of obscure SEC filings.

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