Today's Must-Read: Bad Publicity Helps

I'm sure you're aware that the small-business loan fund under the CARES Act ran out of money very quickly. Why? Because too much of it was going to companies that in no way could be considered "small busnesses".

The Treasury Department issued new guidance on Thursday encouraging publicly-traded companies to return their coronavirus stimulus loans by May 7 as Shake Shack and other public companies have faced backlash for receiving funds meant for small businesses.

While small business owners struggled to secure loans under the Paycheck Protection Program in the two weeks before the $350 billion fund ran dry, dozens of publicly traded companies secured hundreds of millions of dollars in funds, drawing criticism from watchdog groups and lawmakers.

How could these loans have gone to publicly traded companies to begin with? Well, for starters, Trump fired the inspector general who was supposed to be overseeing these programs -- probably to be sure his own companies (which are not publicly traded) could get their hands in the pot.

And then there's this:

Designed for businesses with 500 employees or less, the initiative also included exceptions for big restaurant and hotel chains, along with franchises, with less than 500 employees per location.

That opening allowed some publicly-traded restaurant and hospitality companies to seek and secure millions of low-interest loans from the government.

(Emphasis added.)

Gee, I wonder who wrote that into the bill? Hint: It wasn't Nancy Pelosi.

Via Joe.My.God. The comments on Joe's post are worth reading, particularly this article from NYT, courtesy of commenter corram nobis.