REPORT: Trump Administration Awarded Shell Companies Millions in PPP Funds Meant for Struggling Mom‑and‑Pops
WASHINGTON, D.C. – A new analysis from government watchdog Accountable.US found that that at least $3.4 million in SBA Paycheck Protection Program (PPP) funds went to corporations that are shell companies, or that were about to be acquired by one. While PPP was billed as a lifeline for struggling mom-and-pop businesses, the Trump administration allowed shell companies or SPACs to receive forgivable taxpayer-backed loans despite having the resources and connections to raise enormous amounts of capital. In fact, many of these shell companies were sitting on large amounts of cash at the time they or their subsidiaries took the PPP loans.