Payment Protection Program -- P.P.P. (Yeah You Know Me)

PPP Remix:

Harm me with harmony
Dave drop a load on 'em
PPP, how can I explain it
I'll take you frame by frame it

To have why'all jumpin' shall we singin' it
P is for Payment, P is for Protection scratchin' temple
The last P...well...that's not that simple (uhh Program)

Who’s down with PPP, well it seems like everyone. Almost a month ago I wrote about the first stimulus package that was released.  In that package $350 BILLION was laid out for small businesses. So I turned up Naughty By Nature O.P.P. and started filling out the application. But to my surprise, my regional bank wrote back a few days later telling me all the funds in the program were gone and I’d have to wait and see if the program would ever be renewed. The question at the top of my mind is how in the hell did $350 Billion run out that quick. This is for small businesses, the backbone of our country, and it’s only covering two months of salary, rent, utilities, etc. Well I found out these snakes may be the reason (Company, Millions of Dollars Loaned):

Ø  Shake Shack $10M

Ø  Ruth Chris $20M

Ø  Fiesta Restaurant $10M

Ø  Quantum Corp. $10M

Ø  Potbelly $10M

Ø  J. Alexander’s Holdings $15.1M

Ø  Hallador Energy $10M

Ø  ZAGG $9.4M

 The interesting thing about the list here is I am only calling out the publicly traded companies on stock market exchanges. I’m not knocking these companies for taking advantage of a good situation BUT seriously if you’re stock trades publicly your kinda a big deal. And it means you have access to funds in ways I DO NOT. You can issue stock, access lines of credit, chat with private equity funds, etc. But wait there’s more -- there are over 75 public companies that decided to stiff it to small businesses. I seriously can’t support these companies in the future because in a time where everyone is hurting if you can't avoid gaming the system for once…then damn that more gangsta then my boys from the Sopranos or the Wire. Thanks to Morgan Stanley for searching thru public company filing records and compiling a list. And this means we don’t even know how many non-public companies of similar size are doing the same thing.   Here is a bigger list of inconsiderate #$*#*@:

Source: Morgan Stanley, public company records

Small businesses trying to stay afloat keep your head up. If you are an independent contractor, sole proprietor or true small business (LLC, S Corp, Corp, Partnership) head to the SBA website and sign up.

SBA Loan Program: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program