Forget the mom-and-pop shops, big business rules.
Huge, publicly traded companies have already sucked up hundreds of millions of dollars from the emergency funding Paycheck Protection Program (PPP) set aside for small businesses in the $2.2 trillion package passed by Congress last month.
The PPP started out with nearly $350 billion and was intended to help small businesses survive mandatory shutdowns or business slowdowns during the coronavirus crisis. But at least 75 companies – some of them with market values topping $100 million – have requested and received cash from the fund.
In fact, the federal government has paid out more than $243 million of the total $349 billion to publicly traded companies, new research published by Morgan Stanley shows. Read more…