U.S. pandemic aid program saved 51.1 million jobs, but wealthy and connected also benefited

FILE PHOTO: A woman runs past the Charging Bull sculpture in the Financial District as streets remain less busy due to the continuing outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York U.S., May 5, 2020 at 6:42PM. REUTERS/Lucas Jackson. Article by Michelle Price, David Lawder, Lawrence Delevingne.

WASHINGTON (Reuters) – A high-profile pandemic aid program protected about 51.1 million American jobs, the Trump administration said on Monday, as it revealed how $521.4 billion in taxpayer cash was injected into small businesses but also into the pockets of the rich and famous.

The data on the small business Paycheck Protection Program (PPP) seemed to confirm worries among Democrats and watchdog groups that in addition to mom-and-pop shops, the funds went to well-heeled and politically-connected companies, some of which were approved for between $5 million and $10 million.

Those include several firms that lobby on public policy, such as Wiley Rein LLP and APCO Worldwide, as well as prominent law firms like Kasowitz Benson Torres LLP, which has represented President Donald Trump, and Boies Schiller Flexner LLP. […]

Click here to view original web page at www.reuters.com