Empire State Today

The Paycheck Protection Program (PPP) has been a source of controversy since it was announced, with small business owners struggling to apply, extreme secrecy over who received funding, and large corporations obtaining loans. As the names of companies receiving these funds have been revealed, small business owners have seen exactly who received funding while they struggled.

The loans may have been designed to help small businesses that were struggling due to the effects of the COVID-19 pandemic. However, many of the individuals and companies that received the aid had deep pockets, including more than 400 country clubs and golf resorts, according to CNBC.

On July 7, CNBC published a piece that named several wealthy recipients of PPP funding, including the Yeezy fashion brand owned by Kanye West, which received between $2 million to $5 million.

Soho House received between $9 million to $23 million by applying through multiple locations (New York, Miami Beach, Chicago and West Hollywood). It is controlled by billionaire Ron Burkle, and in June it raised $100 million from private investors, which increased its valuation to $2 billion, the same valuation as before novel coronavirus hit.

Another recipient named by CNBC was Joe Farrell, a developer known for building and renting in the Hamptons. Farrell rented a mega-home in the Hamptons for the summer at a price tag of nearly $2 million and received a loan through the Paycheck Protection Program for up to $1 million.

A luxury resort in West Virginia, owned by West Virginia Gov. Jim Justice, received a loan ranging from $5 million to $10 million.

The media outlet also reports that private jet companies brought in millions, thanks to the PPP program. Clay Lacy Aviation received $27 million from the CARES Act, and $5 million to $10 million from the PPP, according to the list released by the Small Business Administration. 

Recipient information is available here: https://sba.app.box.com/s/tvb0v5i57oa8gc6b5dcm9cyw7y2ms6pp