Thread by @JuddLegum, YESTERDAY, I reported that 32 public companies who paid their CEOs $1M [...]

Judd Legum

JuddLegum

YESTERDAY, I reported that 32 public companies who paid their CEOs $1M or more received PPP loans intended for struggling small businesses

TODAY, the Treasury Department says most public companies are likely ineligible for PPP loans

https://popular.info/p/32-millionaire-ceos-who-scooped-up

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I'll be monitoring which public companies receive loans from the second round of funding, which will be available soon.

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At issue is the requirement that all companies certify "this loan request necessary to support the ongoing operations of the Applicant."

Treasury says public companies "with substantial market value and access to capital markets" can't do that. https://popular.info/p/32-millionaire-ceos-who-scooped-up

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...

Treasury is now giving these companies an out. If you got your loan before TODAY and give it back before May 7, you are in the clear.

After that, you are exposing yourself to legal issues.

https://popular.info/p/32-millionaire-ceos-who-scooped-up

This is a BFD. Stay tuned.

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