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Small business program scrutinized for loans to big firms

Published by Yahoo on Wed, 08 Jul 2020


Congress set aside $659 billion to throw a lifeline to small businesses and organizations side-swiped by the coronavirus pandemic and to help paychecks keep flowing to workers who might otherwise head to the unemployment line. Among the 650,000 companies on the partial list of recipients released Monday by the Treasury Department were fashion designers such as Oscar de la Renta, the clothing retailer Candie's and companies that own hundreds of fast-food restaurants including P.F. Chang's and TGI Friday's. While many companies belong to industries hard-hit by state and local government shutdown orders, they also have deep pockets or the backing of private equity firms.
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