Two More Foreign-Based Companies Join PPP Recipient Club, Mom and Pop Small Businesses Still Losing Out
WASHINGTON, D.C. – The latest Securities and Exchange Commission filings show 53 additional publicly traded companies secured over $32 million in SBA Paycheck Protection Program (PPP) funds meant for struggling small businesses on main street, including two based in foreign countries and at least two businesses with more than 500 employees.
Thursday marked more than 500 publicly-traded companies that The Trump administration has granted PPP funds, totaling over $1.6 billion in taxpayer assistance.
A deeper dive reveals Canada-based data management company Sphere 3D Corp secured a $667,400 PPP loan after most recently paying its executives $2,424,576. Ireland-based pharmaceutical company Iterum Therapeutics plc took home a $700,000 PPP loan as its executives enjoyed a $2,840,232 compensation package last year.
“More than 100,000 small businesses have shuttered during this crisis, leaving workers across the country worried about how they will pay rent and put food on the table,” said Jeremy Funk, spokesman for Accountable.US. “These mom-and-pop small businesses never received the help they were promised by the President. As long as the administration prioritizes help for big publicly traded companies that have access to resources most small business owners could never dream of — including resources abroad — small businesses and their employees will continue to pay the price for the Trump administration’s incompetence.”
These filings were compiled as part of an ongoing tracking project by government watchdog Accountable.US. TrumpBailouts.org documents the billion-dollar corporations and other large companies that have received taxpayer assistance under the CARES Act, and what advantages and assets they had going into the CODID-19 crisis that most small businesses could never access.
AMONG THE LATEST PUBLICLY-TRADED PPP RECIPIENTS:
|LOAN DATE||COMPANY||STATE||LOAN AMOUNT||MOST RECENT EMPLOYEE COUNT|
|4/6/20||SeD Intelligent Home Inc.||MD||$68,502||4|
|4/23/20||Regulus Therapeutics Inc.||CA||$700,000||21|
|4/13/20||Salarius Pharmaceuticals, Inc.||TX||$180,000||8|
|4/21/20||Clinigence Holdings, Inc.||GA||$333,125||12|
|4/9/20||Sphere 3D Corp||NON-US: Toronto, ON, Canada||$667,400||28|
|4/17/20||Corning Natural Gas Holding Corp||NY||$1,108,100||64|
|April 2020||Sunlink Health Systems Inc.||GA||$3,234,000||[not immediately apparent]|
|4/11/20||Acer Therapeutics Inc.||MA||$600,000||17|
|4/30/20||Iterum Therapeutics plc||NON-US: Dublin, Ireland||$700,000||44|
|4/15/20||Evolving Systems Inc.||CO||$318,900||261|
|April 2020||Armata Pharmaceuticals, Inc.||CA||$717,000||38|
|4/13/20||Bimini Capital Management Inc.||FL||$152,000||7|
|April 2020||Cemtrex Inc.||NY||$3,471,100||297|
|4/17/20||Verb Technology Company Inc.||CA||$1,218,000||91|
|April 2020||Document Security Systems Inc.||NY||$963,000||100|
|4/16/20||MGT Capital Investments Inc.||NC||$108,000||3|
|4/13/20||AgeX Therapeutics Inc.||CA||$432,952||17|
|4/17/20||Where Food Comes From Inc.||CO||$1,000,000||66|
|4/24/20||AIM ImmunoTech Inc.||FL||$588,000||26|
|April 2020||Midwest Energy Emissions Corp.||TX||$299,300||11|
|4/20/20||Bio Key International Inc.||NJ||$340,000||15|
|5/8/20||Nuverra Environmental Solutions Inc.||AZ||$4,000,000||700|
|April 2020||Dare Bioscience Inc.||CA||$367,000||18|
|5/1/20||Yew Bio Pharma Group Inc.||CA||$70,920||36|
|4/15/20||Citius Pharmaceuticals Inc.||NJ||$164,583||9|
|April 2020||Neuroone Medical Technologies Corp.||MN||$83,333||4|
|5/12/20||GI Dynamics Inc.||MA||$195,147||15|
|5/8/20||Andrea Electronics Corporation||NY||$142,775||9|
|4/12/20||US Global Investors Inc.||TX||$442,000||24|
|Q2 2020||Tengasco Inc.||CO||$166,000||12|
|5/8/20||Clearsign Technologies Corp.||WA||$250,832||15|
|5/12/20||BioHiTech Global Inc.||NY||$421,300||27|
|4/27/20||KULR Technology Group Inc.||CA||$155,226||11|
|4/30/20||Medalist Diversified REIT Inc.||VA||$305,900||0|
|5/1/20||Applied DNA Sciences, Inc.||NY||$847,000||51|
|4/21/20||Leap Therapeutics Inc.||MA||$662,420||26|
|5/4/20||Enviro Technologies, Inc.||FL||$111,971||6|
|4/23/20||Mentor Capital Inc.||CA||$76,500||53|
|5/7/20||Lightning Gaming Inc.||PA||$246,200||13|
|April 2020||Escalon Medical Corp||PA||$500,000||38|
|4/15/20||Brickell Biotech Inc.||CO||$437,123||15|
*Company has indicated they will return the money.
Previously controversial PPP grantees include a foreign-owned uranium mining corporation with ties to the Trump administration, at least two companies that market their ability to ship U.S. manufacturing jobs overseas, major luxury hotel chains, a fashion model agency, and even the L.A. Lakers.
SMALL BUSINESSES LEFT BEHIND: The Trump SBA’s Paycheck Protection Program has been bungled since day one, offering red tape and rejection to struggling small business owners while rolling out the red carpet for large publicly-traded companies that have access to resources average shops do not. Despite the administration’s claims these issues of access have been fixed, a shocking new academic report estimates over 100,000 small businesses have permanently closed since the pandemic took off in March. Meanwhile, well over 500 publicly-traded firms or conflicted companies – some worth more than $100 million – have walked away with over a billion and a half dollars in taxpayer money. It’s no wonder the Trump administration has shied away from transparency in this process.