The New York Times reports:
A company in Georgia paid $6.5 million to resolve a Justice Department investigation — and, two weeks later, received a $10 million federally backed loan to help it survive the coronavirus crisis. Another company, AutoWeb, disclosed last week that it had paid its chief executive $1.7 million in 2019 — a week after it received $1.4 million from the same loan program.
And Intellinetics, a software company in Ohio, got $838,700 from the government program — and then agreed, the following week, to spend at least $300,000 to purchase a rival firm. Another dozen or so collected money even though they have recently reported being able to raise large sums through private means. Several others have recently showered top executives with seven-figure pay packages.
Read the full article.
Dozens of large but lower-profile companies with financial or legal problems have received payouts according to an analysis of the more than 200 publicly traded companies that have disclosed receiving a total of more than $750 million in bailout loans https://t.co/tw14QaM7Z7
— The New York Times (@nytimes) April 27, 2020