Daily Summaries

Trump Daily 4/21/2020

  • Multiple large companies have taken advantage of PPP loans due to a loophole that considers them a small business as long as they don’t have more than 500 employees at any single location. This allows huge restaurant and hotel chains to secure the loans. While Shake Shack returned theirs after some backlash, most have not. Ruth’s Chris Steakhouse received a $20 million loan. The company was sitting on $86 million in cash reserves before the loan and recently spent $5 million on stock buybacks. (Fault here is with both Congress and the Executive Branch)
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