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The Daily Beans

PPP F*ckery (feat. Andrew Torrez)

The Daily Beans

MSW Media

Politics, Daily News, Comedy, News

4.85.5K Ratings

🗓️ 8 July 2020

⏱️ 73 minutes

🧾️ Download transcript

Summary

Today on The Daily Beans: the treasury has released a list of companies that got loans from the Payroll Protection Program meant for small businesses, the Pentagon weighs a base-wide ban on the confederate flag, Bolsonaro tests positive for coronavirus, Deutsche Bank faces a $150M fine for ignoring Epstein's suspicious transactions, Stephanie Wolkoff is writing a book, and Chuck Grassley is skipping the Republican National Convention.

Transcript

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0:00.0

M. The S. W. Media.

0:30.0

The S. W. Media.

1:01.0

Greetings. Hello. I am Solo on the lead today and then we'll be joined by Amanda and Jordan for News from Under the Radar and of course they'll be back for the good news segment.

1:11.0

I'll be speaking later on with Andrew Torres of opening arguments to discuss our wager about when the Trump's tax case will be announced by the Supreme Court along with 12th Amendment concerns over a Trump power grab after the election.

1:25.0

And we still have free premium patron memberships available thanks to the generosity of our current patrons to sign up for a free one year membership.

1:33.0

Head to dailybeanspod.com scroll down on the main page and you'll see where to sign up.

1:37.0

You can also sponsor a member there if you are into that. We do have a lot of news to get to. So let's hit the hot notes.

1:44.0

Hot notes.

1:48.0

Okay, so after weeks of pressure from Dems on the Hill folks like Katie Porter.

1:56.0

There was data released Monday about the small business association or excuse me the small business business administration that shows that businesses owned by members of Congress and the law practice that represented Trump during the impeachment were among the hundreds of thousands of firms that received aid from the SBA.

2:15.0

As part of its 660 billion dollar small business relief program. They also handed out loans to private schools catering to elite clientele which upsets me churches which upsets me they don't pay taxes.

2:28.0

Firms owned by foreign companies and large chains backed by well healed Wall Street firms.

2:34.0

According to Washington Post nearly 90,000 companies in the program took the aid without promising on their applications that they would rehire workers or create jobs.

2:42.0

The data paint a picture of a haphazard first come first served program that was not designed to evaluate the relative need of who was getting those loans.

2:51.0

While it buttressed a swath of industries and entities including restaurants medical offices car dealerships law firms nonprofits.

2:59.0

The agency did not filter out companies that have potential conflicts of interest among influential Washington figures.

3:06.0

Several major chains who have private equity investors including PF Changs and silver diner received millions of dollars.

3:12.0

We knew that from previous public reporting which may rekindle questions about whether large companies with Wall Street connections should be able to accept the money.

3:20.0

Over the past weeks dozens of publicly traded companies had to return the money after they were told by the Treasury Department that the program was not meant for large well capitalized companies even though they were sent the money and granted the loans in the first place.

3:31.0

Among some of those receiving relief were transportation secretary Elaine Chow's family's shipping business.

3:39.0

In addition at least seven members of Congress or their spouses received loans including lawmakers who were directly involved in shaping regulations and also benefited from a blanket waiver of ethics concerns.

3:51.0

Hmm nice among the loan recipients disclosed is KTK KTAC Corp Tulsa based operator of fast food franchises owned by representative Kevin Hurne from Oklahoma Republican.

...

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