The coronavirus outbreak has greatly reduced our revenue. If you value DeadState and want to see us continue to publish the content you love, please take a moment to click here and become a patron.
The Paycheck Protection Program was designed to help the nation’s smallest privately-owned businesses keep employees on payroll and prevent mass layoffs across the country as lockdowns resulting from the coronavirus pandemic continue to be implemented.
But of the $349 billion allocated by the government, $243.4 million of that money went to publicly traded companies, several of which have market values well in excess of $100 million. As NBC News points out, those companies include DMC Global ($405 million), Wave Life Sciences ($286 million) and Fiesta Restaurant Group ($189 million). Fiesta, which employs more than 10,000 people, according to its last reported annual number, received a PPP loan of $10 million.
According to a separate report from the Associated Press, at least 75 companies that received aid were publicly traded and received a combined $300 million in stimulus funds.
Read more over at NBC News.
