As a small business owner unable to apply or receive PPP disaster assistance funding from our primary lender, Wells Fargo (to be continued), we wanted to know who is receiving this funding since there appears to be very little money awarded to real small businesses. 

We are not asking for money - only your signature and sharing this petition for the SBA to do the right thing for true small businesses. We are sharing information regarding the misuse and misappropriation of The Paycheck Protection Program funds and how large public companies are gaming the system to receive loans of $20,000,000.00 or more while most small businesses (less than 6%) are not receiving any financial support.

WHY IS YOUR VOICE/SIGNATURE IMPORTANT AND REQUIRED?

Yet again the well to do fat cats get over on those of us that actually work hard, sweat daily, pay MUCH higher effective tax rates, work two jobs to make ends meet, and care deeply about the families we employ and support.

HERE ARE SAD TRUTHS ABOUT PPP FUNDING...

At least 75 publicly traded companies — some with market values of well over $100 million — tapped the government-backed loans, receiving a combined $300 million in low-interest loans, according to a recent Associated Press analysis. The loans were among the 4,412 approved by banks and the Small Business Administration worth $5 million or more, according to SBA data. The total amount of loans approved for at least $5 million totaled $30.9 billion — or about 9 percent of all those approved.

At JPMorgan, almost all of the bank's 8,500 commercial and private banking clients who applied for a loan got one. Meanwhile, just 6% of the small-business banking customers who applied for a loan through JPMorgan got one.

Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid - some of the nation’s biggest banks, including JPMorgan Chase, Citibank, and U.S. Bank, prioritized the applications of their wealthiest clients before turning to other loan seekers, according to half a dozen bank employees and financial industry executives who spoke on the condition of anonymity because they were not authorized to discuss the banks’ operations.

Customers of Citi’s private bank, where the minimum account size is $25 million, didn’t have to use an online portal to apply for a loan; they could simply submit paperwork to their banker, who would put in an application on their behalf. At Chase, the nation’s largest bank, **** nearly all private and commercial banking clients who applied for a small-business loan got one, whereas only one out of every 15 retail banking customers who sought loans was successful ****. Some banks provided highly personalized, so-called concierge service to their richest clients by enlisting representatives to walk them through every step and submit their paperwork.
The two-tiered system paid off for well-to-do customers: By the time the Paycheck Protection Program ran out of money last week, many top clients of national and regional banks had already had their loans approved.

Boeing receives $17 billion in Government Corona Crisis Funding even though Boeing's 2019 Annual Income Tax Obligation on $2,697,000,000 (billion net profit) was -$1,623,000,000 **YES** a tax rebate/credit. Interestingly Boeing just drew down $13.8 billion from its line of credit and retains the ability to raise much more through regular credit facilities and substantially more through secondary offerings. But damn they ended 2019 with cash on hand of 10.03 Billion and added $13.8 billion from their line of credit - was it really necessary to receive another $17 billion from taxpayers when Boening on balance is not a taxpayer?.

Public Company Bridgeline Digital, Inc. (NASDAQ:BLIN), a provider in cloud-based digital experience software announced that it accepted a $1,047,500 loan under the Payroll Protection Program (“PPP”). In their most recent 10-K Annual Report Management lays it out there... ***** "Accordingly, management believes that there is substantial doubt about the Company’s ability to continue as a going concern for at least twelve months following the issuance of this annual report." *****. Their own CEO and board members have substantial doubt the company will be able to operate for an additional 12 months and they are going to take over $1 Million dollars of taxpayer money down the toilet with them!!! 

Ruth’s Hospitality Group Inc., which received $20 million in loans, according to a Securities and Exchange Commission filing. Ruth’s Hospitality didn’t respond to a request seeking comment. The restaurant chain racked up $468 million in sales last year and employed about 5,700 people.

Fiesta Restaurant Group Inc. received loans of at least $5 million for each operating company it owns. Fiesta, which owns and franchises Pollo Tropical and Taco Cabana restaurants, said in a regulatory filing that it got $10 million. The company’s annual sales totaled $661 million and it had about 10,500 employees at the end of last year.

Sandwich chain Potbelly Corp., which had sales last year of $410 million and employed 6,000 people, also received $10 million. Other companies that received small-business funding are Zagg Inc., which makes protective coverings for smartphones and had $522 million in sales last year.

Other large well-funded companies that reported getting small-business funding are Zagg Inc., which makes protective coverings for smartphones and had $522 million in sales last year; Hallador Energy Co., a coal-mining company with $323 million in 2019 revenue; adventure-travel and cruise company Lindblad Expeditions Holdings Inc., which reported $343 million in sales last year; and data storage company Quantum Corp., with $403 million in sales.

THESE ARE BUT A FEW OF THE TRUTHS BEHIND BIG BANK CORRUPTION AND THE DEMISE OF SMALL BUSINESS.

HERE IS THE PETITION YOU ARE SIGNING...

75 public companies receive $300​,​000,000 from SBA PPP

Dear Jovita

we ask that you immediately engage and enact the following...

Forbid public companies from applying for PPP loans or other disaster relief programs initiated by this administration. 

Clawback any PPP or Disaster Relief loan amounts awarded to public companies and re-issue to real small businesses.

Lower the definition of small businesses (for the purposes of PPP) from companies having 500 or fewer employees to companies having 50 or fewer employees.

If any organization has paid less than the current federal corporate tax rate of 21% (with an allowable deviation of minus 1.5%) - disqualify them from all loan programs.

Urge this legislation to approve a 3rd traunch of $900 billion dollars specifically targeting small businesses with 50 employees or less. 

On behalf of all signatures attached, we request your immediate attention and 100% dedication of effort to accomplish these directives as quickly as possible to save the real backbone of America... Small Businesses.

Warm Regards,