Girish Patel doubts his small, 20-year-old shop will survive the pandemic economy. Thirty stories above, aerospace company TransDigm has sustained eye-popping profits thanks to steep layoffs and raised over a billion with help from the U.S. government.
The catastrophic loss of millions of U.S. jobs is another part of the coronavirus pandemic that is falling disproportionately onto the shoulders of Black Americans.
The Paycheck Protection Program includes nearly $600 billion in federally backed loans to small businesses, to be forgiven if used to prevent laying off workers. Our database lets you search what’s been disclosed so far.
Fintechs Made “Massive Profits” on PPP Loans and Sometimes Engaged in Fraud, House Committee Report Finds
An investigation that began after reporting by ProPublica finds lax anti-fraud standards, executives who cashed in for themselves and contempt for small loan applications that would generate minimal fees. “Delete them,” one executive wrote.
A House committee has opened a probe into loans by Kabbage and other fintech companies after ProPublica reported that millions had gone to businesses that do not exist.
Thousands of companies working their way out of bankruptcy are now eligible for the Paycheck Protection Program after ProPublica reported that the Small Business Administration had been excluding them.
State unemployment agencies have been demanding recipients repay thousands of dollars, even if the agency made the mistake and the money’s already been spent. After ProPublica investigated the practice, legislators are trying to end it.
The Trump Administration Allowed Aviation Companies to Take Bailout Funds and Lay Off Workers, Says House Report
Instead of using bailout money to keep workers, at least two companies restored the full pay of their top management.
A meses de haber comenzado la pandemia, un prestamista que se comercializa entre los inmigrantes latinos siguió demandando a sus prestatarios, a pesar de que estos perdieron sus empleos y se retrasaron con sus pagos. No obstante, la compañía dio marcha atrás cuando nosotros comenzamos a hacer preguntas.
Months into the pandemic, a lender that markets to Latino immigrants continued to sue borrowers after they lost jobs and missed payments. But they reversed course when we started asking questions.
Wage garnishments ordered before the pandemic started have continued for many workers during the recession. Senators Elizabeth Warren and Sherrod Brown have demanded an end to the practice.