NAYZE MEDIA 12/2/2020 2:55pm(est)

New data just released by the Small Business Association on exactly who benefited from the government’s PPP Loans that were supposed to be granted to small businesses who were in trouble financially due to the Coronavirus pandemic, shows exactly what many thought. The Trump family and friends benefited big time from the program.

NBC News (@nbcnews), reported that properties owned by the Trump Organization, as well as Kushner Companies, which are owned by the president’s son-in-law and Senior Adviser, profited heavily from the PPP program. After months of litigation, the SBA were finally allowed to release the data on Tuesday night. According to the SBA this is the most accurate accounting of exactly where the more than $700 billion approved by Congress for the program, went. Check this out:

  • Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners. Fifteen of the properties self-reported that they only kept one job, zero jobs, or did not report a number at all.
  • The loans to Trump and Kushner properties included a $2,164,543 loan to the Triomphe Restaurant Corporation, at the Trump International Hotel & Tower in New York City. The company reported that the money did not go to keeping jobs.
  • A company called LB City Inc, which is at Kushner’s Bungalow Hotel in Long Branch, New Jersey, received $505,522.50 that it used to keep 155 jobs.
  • Two tenants at 725 5th Avenue, Trump Tower, received more than $100,000 and kept only three jobs.
  • Four tenants at the Kushner-owned 666 5th Avenue combined received more than $204,000, and retained only six jobs.

The data also revealed severe signs of mismanagement. Over 100 loans were made to companies that didn’t even have a name. Some of the applications that received the loans were listed as “no name available.” Others were signed with names that appeared to be dates or phone numbers, yet were still approved. More than 300 companies appear to have grabbed up well over $10 million in loans through their subsidiaries. Businesses were not supposed to receive more than $10 million per entity, except for those in the food, hospitality, or hotel industries.