Public funds loaned to companies should be distributed publicly and democratically. Here are news stories describing the loan program, its shortcomings, and how it can be improved.
The PPP has been in the news a lot, rightly so, in part because it involves a huge amount of cash. Find some of the best news about the PPP below.
Education reform advocates have long claimed that charter schools are public schools. Most state laws require prevent charter schools from charging tuition, but public is more than free. Publicly elected boards are one of the defining features of public schools. Elections help make the governance of schools by the people and for the people. However, the ruling bodies and rulers of charter schools are rarely elected.
The PPP was intended for private businesses and non-profits — public schools and local governments weren’t eligible for PPP loans. But many charters were approved for loans. Here’s some articles that describe how charters were approved for PPP funds and what some of them did with their windfalls.
Charter Schools Take Between $1-2 Billion In PPP Covid Funds
Arizona charter school got a PPP loan, gave $10 million to shareholder
The CARES Act, which authorized the PPP, contained some language that excluded real estate companies from getting PPP loans. But some got their hands on the money anyways. This was in addition to funds provided through another program that arose during the pandemic: the Economic Injury Disaster Loans program specifically allowed landlords/capitalists to benefit. Which landlords and companies that profit in the housing industry a slice of the PPP pie?
Business Owners: They are the ones who get the cash and decide what to do with it.
Banks: They’ve cashed in on $19 billion in fees for disbursing COVID relief PPP loans]
The Elite: At least 12 members of Congress are linked to organizations that were approved for a loan.