- The US Small Business Administration released 4.8 million loan records detailing who received money from the $US530 billion Paycheck Protection Program on Monday.
- The program, meant to protect small businesses, also doled out money to billionaire-backed corporations like TGI Fridays and the chic members-only club Soho House.
- Other names that appeared in the SBA’s disclosure included Kanye West’s Yeezy brand, 30 Girl Scouts of America chapters, multiple Catholic archdioceses, and the businesses of people close to President Donald Trump.
- Multiple companies listed in the filings, like e-scooter company Bird and famed venture capital firm Andreessen Horowitz, said they did not receive loans, calling the accuracy of the SBA dataset into question.
- Business Insider rounded up some of the most surprising organisations to appear in the dataset.
- Visit Business Insider’s homepage for more stories.
Andreessen Horowitz, a legendary Silicon Valley venture-capital firm, received between $US350,000 and $US1 million for 24 jobs, according to the filing, but a spokesperson told Business Insider it did not receive a loan.
Source: Business Insider
Similarly, the filings listed e-scooter company Bird as having received between $US5 and $US10 million to retain 341 jobs, but the company told Business Insider it never completed an application and was “erroneously listed” in the SBA’s data.
Source: Business Insider
Burning Man, the iconic ‘commerce-free’ festival, received between $US2 and $US5 million for an undisclosed number of jobs, according to the filing. A representative confirmed that Burning Man did receive a PPP loan of roughly $US2.5 million in an email to Business Insider.
The Ayn Rand Institute, a centre dedicated to promoting Rand’s well-known brand of hardcore capitalism, was approved for a loan of up to $US1 million to secure 35 jobs. A spokesperson for the institute confirmed the loan in an email to Business Insider.
The Americans for Tax Reform Foundation, an arm of Grover Norquist’s anti-government spending group, is listed to have been approved for a loan between $US150,000 and $US300,000. A representative confirmed the loan in an email to Business Insider.
Kanye West’s Yeezy sneaker brand received between $US2 million and $US5 million to save 160 jobs, according to the filing. A representative for Yeezy did not immediately respond to request for comment.
Source: CBS News
The Archdiocese of New York reportedly received between $US5 and $US10 million to support nearly 462 jobs, while other archdioceses, like those in Miami and Denver received between $US1 and $US2 million. A representative for the archdiocese did not immediately reply to request for comment.
The Joseph Kushner Hebrew Day Academy, a school named after Trump advisor and son-in-law Jared Kushner’s grandfather, reportedly received a loan between $US1 and $US2 million. The school did not immediately respond to request for comment. Other Kushner family interests also received loans.
Foremost Group, a shipping business owned by Transportation Secretary Elaine Chao’s family, received between $US350,000 and $US1 million, according to the filing. A company source told Business Insider the accepted loan was less than $US500,000.
PF Chang’s, a popular chain backed by private equity firm TriArtisan Capital Advisors, was reportedly approved for a loan between $US5 million and $US10 million. A spokesperson for PF Chang’s told Business Insider the PPP loan secured 12,000 jobs in a statement.
TGI Fridays, which is backed by the same firm as PF Chang’s, also received a loan between $US5 million and $US10 million, according to filings. A representative did not respond to request for comment.
Source: Associated Press
Nobu, the luxury sushi and hotel chain founded by actor Robert De Niro and celebrity chef Nobu Matsuhisa, reportedly received between $US11 million and $US28 million, according to government filings. Nobu did not respond to a request for comment.
The national Girl Scouts of America received a loan between $US5 and $US10 million, the organisation confirmed in an email to Business Insider. More than 30 Girls Scout chapters nationwide also received PPP loans, the national organisation also confirmed, with chapters like the Girl Scouts of Northern California receiving between $US2 and $US5 million and the Girl Scouts of Colorado, Connecticut, and Illinois each receiving between $US1 and $US2 million.
Soho House, the billionaire-backed private members-only club, reportedly received six different loans between $US350,000 and $US10 million for its Los Angeles, Chicago, Miami, and New York locations, saving 1,996 jobs. It confirmed its PPP loan to Bloomberg.
Jeff Koons, the pop art sculptor known for giant balloon animals among other concepts, reportedly received $US1 to $US2 million for his studio. The studio did not immediately return a request for comment.
Source: Associated Press