{"id":113868,"date":"2020-04-18T13:05:46","date_gmt":"2020-04-18T17:05:46","guid":{"rendered":"http:\/\/rbach.net\/?p=113868"},"modified":"2022-03-19T17:12:36","modified_gmt":"2022-03-19T21:12:36","slug":"covid-corporate-welfare","status":"publish","type":"post","link":"https:\/\/rbach.net\/index.php\/covid-corporate-welfare\/","title":{"rendered":"COVID Corporate Welfare"},"content":{"rendered":"\r\n

05\/03\/2020 –<\/strong> SBA said it discovered a data breach<\/strong> on the COVID relief application portal for Economic Injury Disaster Loans. The breach may have disclosed personal information<\/strong> \u2014 including Social Security numbers, income amounts, names, addresses, and contact information. Politico<\/a> reports<\/a> the breach affected 7,900 applicants<\/strong> for the EIDL program.<\/p>\r\n

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04\/22\/2020 –<\/strong> CNBC<\/a> is reporting<\/a> that 70% of the <\/strong>Paycheck Protection Program<\/strong> emergency funding has been claimed by large, publicly traded companies<\/strong>. Data from Morgan Stanley<\/a> found that at least $243.4 million of the $349 billion available went to publicly traded companies.<\/p>\r\n

The bankrupt<\/a> PPP was supposed to help America’s small businesses stay afloat and prevent mass layoffs during the COVID lockdown. Morgan Stanley’s data shows that 15 firms worth over $100M got government funds. Among the<\/strong> wealthy firms claiming support are oil services<\/strong> company DMC Global. They got $6.7M. Biotechnology<\/strong> company Wave Life Sciences got $7.2 M. Fiesta Restaurant Group whose 329 restaurants are located in the Caribbean, Central America, South America,<\/strong> and the U.S got $10M<\/strong>.<\/p>\r\n

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\"COVID<\/p>\r\n

I was hoping that we would never need the Recession topic on the Bach Seat again. But here we go again – down the economic commode abetted by bad policy and greed<\/em>. The COVID-19 virus has wiped out more jobs<\/strong> in a few weeks than Wall Street<\/strong> erased in 18 months. Politico<\/a><\/em> calculated<\/a> that the jobs lost due to COVID in three weeks<\/strong> are larger than those lost during the 2007-2009 “Great Recession.”<\/strong>\u00a0They also cite economic forecasts that predict unemployment will exceed its historic 25% peak during the Great Depression.<\/strong>

\"\"<\/a>As an attempt to right the economic ship<\/strong> – Trump and his fellow travelers have put in place a $2 Trillions dollar<\/a> “Cares Act<\/a><\/strong>.” The Cares Act<\/a> has turned out to be is a giant middle finger to the working people. <\/strong>It is really an enormous corporate welfare bailout to the wealthiest corporations<\/strong> in the U.S. These greedy firms cannot manage their finances<\/strong> as well as the middle-class Americans they are laying off<\/strong>. Businesses are lining up for a government COVID bailout. Here are a few examples.<\/p>\r\n

Fast Company<\/a><\/em> reports<\/a> that the hotel industry<\/strong> has met with the chief inn-keeper<\/a>. They want $150 billion<\/strong> for hotel loan payments and employee layoff packages.\u00a0<\/p>\r\n

\"\"<\/a>Disney, Universal, and Expedia<\/a> <\/b>through\u00a0their lobbyist U.S. Travel Association, <\/b>requested\u00a0$100 billion<\/strong><\/a> in a meeting with the Trumpster.<\/p>\r\n

The LA Times<\/a><\/em> is reporting<\/a> that hedge funds<\/strong>, firms that control $80.5 Billion<\/a><\/strong> are claiming to be small businesses, They are seeking a bailout from the broken<\/a> Paycheck Protection Program<\/a>.<\/p>\r\n

The bumbling<\/a> aerospace giant Boeing<\/strong>\u00a0wants<\/a> a $60 billion<\/strong> bailout. Boeing’s problems started a year ago before COVID hit with the 737 MAX tragedies<\/a>. The corporation paid out $65 billion in stock buybacks<\/a> and dividends over the last ten years. It is highly politically connected.<\/p>\r\n

\"\"<\/a><\/strong>Airlines<\/strong> for America<\/a> wants $50 billion<\/a>.<\/strong> The groups members include American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, and Alaska Airlines, has \u00a0That is in spite of spending 96% of their free cash flow in the past decade on buying back their own shares of stock<\/a>. The facts are that airline bankruptcy presents no significant risk<\/a> to the economy<\/strong> as a whole. Airlines have safely flown through bankruptcy in the past.<\/p>\r\n

Airports:<\/strong> The, Airports Council International-North America and the American Association of Airport Executives requested $10 billion<\/strong><\/a> from Congress, to be directed to U.S. airports for coronavirus relief<\/a>.<\/p>\r\n

Two of the richest people in the world<\/strong> want bailouts. Elon Musk<\/a><\/strong> of SpaceX<\/a> and Jeff Bezos<\/strong><\/a>, the world’s richest man<\/a> want<\/a> \u201c$5 billion<\/strong> in grants or loans to keep commercial space company employees on the job and launch facilities open.\u201d They also want the IRS to give them cash for R&D tax credits.\u00a0\u00a0<\/p>\r\n

The NYC Metropolitan Transportation Authority <\/strong>wants<\/a>\u00a0$4 billion<\/strong> in assistance for the New York City subway.<\/p>\r\n

\"Everyone<\/a>Everyone wants COVID bailout money. CNBC<\/a> reported<\/a>\u00a0<\/p>\r\n