Again, can’t say that I’m surprised:
A shipping business started by Department of Transportation Secretary Elaine Chao's family received at least $350,000 in loans set aside for companies struggling as a result of the coronavirus pandemic, according to data published Monday by the U.S. Small Business Administration.
Chao's parents launched Foremost Group in New York in 1964. The company is currently run by her father and sister, according to the company's website. Its application for a Paycheck Protection Program loan was approved on April 15, the SBA's data shows. While the exact loan amount was not included in the report, the SBA said a loan between $350,000 and $1 million was approved, enabling the company to save 20 jobs.
"The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," Treasury Secretary Steven Mnuchin said in a news release announcing the PPP data.
"We are particularly pleased that 27% of the program's reach in low and moderate income communities which is in proportion to percentage of population in these areas," he said, adding that the average loan size was $100,000.
Here’s some more info:
When asked for comment, the Transportation Department said in a statement: “The Secretary has no connection to the business and she had no idea a loan was obtained.”
The PPP disclosure includes the names of 660,000 small businesses and nonprofit organizations that received at least $150,000 in funding. Although that is less than 15 percent of the total number of loans, it is the most detailed disclosure yet on one of the largest economic stimulus packages created by the federal government, part of the $2 trillion Cares Act.
The data shows the government issued $521 billion in loans in all, with an average loan size of $107,000. Treasury and SBA officials say the program helped support about 51 million jobs, according to self-reported data provided by borrowers. They said that accounts for 84 percent of all employees working at small businesses, based on Census Bureau data.
Yeah, no wonder Moscow Mitch is dragging his feet on getting another round of stimulus passed to help out people during a pandemic. Luckily, Amy McGrath (D. KY) has been trashing McConnell on this issue:
By the way, Charles Booker (D. KY) is helping get Kentucky Democrats united in getting behind McGrath to defeat Moscow Mitch:
Progressive Charles Booker has reached out to help unite Kentucky Democrats behind Amy McGrath’s fight to unseat Republican Senate Majority Leader Mitch McConnell.
Booker lost to McGrath by about 15,000 votes in Democratic Senate primary results released Tuesday.
On Thursday, Booker portrayed McConnell as “our common enemy” in the struggle against generational poverty and structural racism. Those issues formed the foundation of his campaign.
McGrath welcomed the overture, saying she looks forward to teaming with Booker.
Let’s get rid of Moscow Mitch this year. Click here to donate and get involved with McGrath’s campaign.