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CNBC reports that among the entities that received loans valued at more than $150,000 through the Paycheck Protection Loan, hundreds are large companies or billionaires with access to other capital.

  • CNBC explains that forgivable CARES Act loans were designed to help small businesses retain or rehire employees and pay other expenses.
  • However, according to a list released by the Small Business Administration on July 6, “recipients included large companies and billionaires that had access to other sources of capital and have recovered quickly from the pandemic.”
  • Over 400 private golf courses and clubs received Paycheck Protection Program funding, including exclusive membership club Soho House, which applied for loans through its seven different locations to receive a total of $9 million to $23 million.
  • In June, Soho House raised $100 million from private investors. This restored the company to its pre-pandemic valuation of $2 billion.
  • Private jet companies, which CNBC reports recovered from the economic fallout of the pandemic quickly, received hundreds of millions of dollars through the CARES Act’s specific aviation program. Some have also received money through Paycheck Protection, such as Clay Lacy Aviation, which received $27 million in CARES Act funding and $5 million to $10 million in Paycheck Protection loans. Clay Lacy “prides itself on its celebrity and VIP client base,” CNBC writes.
  • Billionaire Kanye West’s fashion brand Yeezy, which he has claimed is worth $3 million, received between $2 million and $5 million through the Paycheck Protection Program.

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