Casino Developer Joins Now Over 500 Publicly Traded Companies Awarded SBA PPP Money — Small Businesses Workers Lose Out
WASHINGTON, D.C. – The latest Securities and Exchange Commission filings show 26 additional publicly traded companies secured over $56 million in SBA Paycheck Protection Program (PPP) funds meant for struggling small businesses on main street, including at least two businesses with more than 500 employees. Today’s filings also mark more than 500 publicly traded companies that have been granted PPP funds, totaling over $1.5 billion in taxpayer assistance.
Among the latest beneficiaries is Full House Resorts Inc., which “develops, owns, operates and manages casinos” and is planning to open its Las Vegas properties next week. The company obtained a $5.6 million forgivable loan after reporting over 1,500 employees and an executive payout of $1.3 million last year.
“Workers at small businesses are struggling to pay rent and put food on the table during this crisis and they need help. Instead, the Trump administration continues to throw money at public companies that have other means to weather this storm,” said Derek Martin, spokesman for Accountable.US. Martin continued, “We will continue to see workers lose out on desperately needed assistance until the White House decides to get its act together and prioritize their urgent needs.”
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|
|5/13/20||Health Right Discoveries Inc.||FL||$117,713||8|
|4/23/20||Parking REIT Inc.||NV||$348,000||16|
|4/21/20||HTG Molecular Diagnostics Inc.||AZ||$1,717,000||112|
|5/8/20||SAExploration Holdings, Inc.||TX||$6,801,372||981|
|May 2020||Harvest Capital Credit Corporation||NY||$30,300,000||7|
|5/12/20||Brownie’s Marine Group, Inc.||FL||$159,600||19|
|5/7/20||Blink Charging Co.||FL||$856,000||67|
|5/8/20||Nano Magic Inc.||MI||$130,000||12|
|4/20/20||Provectus Biopharmaceutical, Inc.||TN||$65,500||2|
|5/5/20||Sustainable Projects Group Inc.||FL||$52,327||2|
|4/29/20||Integrated Biopharma Inc.||NJ||$1,639,000||137|
|4/20/20||Curaegis Technologies, Inc.||NY||$227,700||7|
|April 2020||Gevo Inc.||CO||$1,000,000||57|
|4/15/20||Forge Innovation Development Corp.||CA||$19,400||2|
|5/8/20||Baudax Bio, Inc.||PA||$1,537,300||24|
|4/10/20||Better Choice Co Inc.||FL||$400,000||71|
|5/4/20||Leatt Corp.||NON-US: Durbanville, Western Cape, South Africa||$210,732||49|
|5/3/20||Full House Resorts Inc.||NV||$5,606,200||1570|
|April 2020||Veru Inc.||FL||$540,000||386|
*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.