The Treasury Department and Small Business Administration disclosed the names Monday of more than 600,000 small businesses that received paycheck protection loans, a list that includes the law firm of Democratic powerbroker David Boies and the family business of Transportation Secretary Elaine Chao.
In all, the Paycheck Protection Program has disbursed more than $500 billion since late March to help companies keep employees on the payroll during shutdowns from the coronavirus pandemic.
Among the surprises were that the law firm of Boies, Schiller and Flexner received between $5 million and $10 million. Mr. Boies has represented clients such as former Vice President Al Gore in the Bush v. Gore Supreme Court case.
Foremost Maritime Co., owned by Ms. Chao’s family, received a loan between $350,000 to $1 million.
Restaurant chains P.F. Chang and Chop’t received aid of between $5 million and $10 million.
Senior administration officials said Monday that the program has provided money to employers with 51 million employees. The loans that were disclosed represent nearly three-fourths of the total dollars approved, but less than 15% of the number of actual loans. SBA said about 87% of the loans were for less than $150,000.
“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said SBA Administrator Jovita Carranza. “In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic.”
The information has been sought by congressional Democrats as lawmakers negotiate a fourth coronavirus rescue package, to be completed by the end of this month. House Democrats have approved a $3 trillion proposal including hundreds of billions in aid for states and cities.
Even as Congress was seeking more transparency about the program, there were disclosures sure to raise eyebrows.Rep. Mike Kelly, Pennsylvania Republican, received three loans of less than $350,000 for car dealerships that he owns.
The Congressional Black Caucus Foundation, the Congressional Hispanic Caucus Institute and the Congressional Sportsmen’s Foundation all received loans of between $350,000 to $1 million, Politico reported.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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