Companies backed by private-equity firms got $5B out of $2T in federal Covid relief, report shows.
, received at least $5 billion. At the time these companies received the government funding, their large private-equity owners, a group of more than 100 firms that includes Energy Capital Partners, Apollo Global Management and Ares Management Corp., held $900 billion in uninvested cash, the report says.
When PPP was first introduced at the start of the pandemic, there was no restriction on borrowing by companies that had access to other capital. After an outcry over big firms getting loans, on April 23, 2020, the Treasury Department said"PPP borrowers should consider their ability to access alternative sources of liquidity sufficient to support their ongoing operations" when certifying their need for a loan.Compliance with that guideline, however, was effectively an honor system.
"Private-equity titans are emblematic of a well-funded investor class who should be able to support their own companies in a crisis," said Woodall."Their companies went with willing hands to take money from public support that could have gone to firms with less access to credit and greater need." Ramaco's general counsel declined to comment on the record about the loan or the executive pay. Energy Capital Partners and Yorktown Partners did not respond to requests for comment.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Covid-19: NI records eight Covid-linked deaths, 1,199 casesThe total number of deaths linked to coronavirus in NI since the start of the pandemic is 2,461.
Consulte Mais informação »
Another radio host who urged listeners to boycott COVID-19 vaccines dies from COVID-19Bob Enyart is at least the fifth anti-vaccine talk show host to die from complications due to COVID-19 in recent weeks.
Consulte Mais informação »
Administration to start clemency process for some federal inmates on home confinement due to Covid conditionsThe Biden administration is beginning the clemency process for certain inmates released to home confinement due to the coronavirus pandemic, the White House has announced
Consulte Mais informação »
Fauci says he 'would support' mandating COVID-19 vaccine for air travelThe nation's top infectious disease expert, Dr. Anthony Fauci, says he would support mandating the COVID-19 vaccine for air travel.
Consulte Mais informação »
California Governor Gavin Newsom Once Said Covid Began in Nail SalonsAnd he's not even the worst guy running in the recall election.
Consulte Mais informação »
Doctors Divided About Need for COVID-19 Boosters: PollDoctors and nurses in the U.S. are divided about whether COVID-19 vaccine boosters are needed and how we should prioritize the supply of vaccines, according to a Medscape/WebMD poll.
Consulte Mais informação »