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Actually, this is incorrect ^^^These stories are behind paywalls for me. Here's an excerpt and non- paywall article:
Dallas companies founded by hotelier Monty Bennett receive nearly $60 million in small business rescue loans
Three publicly traded Dallas companies in Monty Bennett’s hotel empire received a combined $58.7 million in loans under the federal government’s small business rescue fund.
[...]
When stay-at-home orders went into effect around the country, Bennett told CBS News that he laid off or furloughed 95% of the 7,000 workers at his hotels across the country. The hotel and restaurant industries were largely shut down by the orders designed to control the spread of COVID-19.
Ashford Inc. started as a family business. Bennett’s father, Archie Jr., began acquiring troubled hotels in 1968. Monty joined the business after graduating from Cornell University’s hotel administration school in 1989, and took it over a decade later when his father retired.
The three companies had combined revenue last year of $2.2 billion. Ashford Hospitality Trust’s portfolio includes 117 hotels, primarily branded as Marriott, Hilton, Hyatt and Intercontinental, and 90 condominiums at WorldQuest Resort in Orlando, Fla.
Actually, this is incorrect ^^^
Monty Bennett's companies did NOT receive $46 million or even $58.7 million in PPP loans.
Bennett's companies received a total of $96.1 million in Paycheck Protection Program loans out of applications for $126 million.
And he's NOT giving any of the money back. He insists that big companies like his also deserve corporate welfare.
According to filings with the SEC, Bennett's three companies have secured $96.1 million in Paycheck Protection Program loans. And more may be on the way. According to a fact sheet produced by the three companies, they've applied for a total of $126 million in Paycheck Protection Act loans.
[...]
Treasury Secretary Steve Mnuchin said there would be “severe consequences” for companies that did not return the money by May 7. But Bennett says his companies will keep the Paycheck Protection Program money.
[...]
Bennett, who inherited his business from his father, has been defiant about his thirst for government money despite his enormous personal wealth. "I won’t apologize for being a capitalist in America, or for being reasonably successful at it. But even a capitalist system with companies only and no government backstop does not work,"
Source: Multi-millionaire Trump donor is top recipient of funds intended for struggling small businesses
Bennett thinks that "every American" should support corporate welfare for his companies:
"I’m proud of our accomplishments, of the hotels I’ve bought and built, and of the thousands of folks I’ve hired who have become like family to me. I won’t apologize for being a capitalist in America, or for being reasonably successful at it. But even a capitalist system with companies only and no government backstop does not work. Just as a system with government and no companies to fund it does not work.
"Government needs to play its role in a big way right now. It should make up for its failures to protect our economy, its citizens and, yes, its companies. No one is asking our government to make up for the catastrophic losses caused by its negligence. But today, every American should expect just enough from government that our businesses can survive. Is that too much to ask?"
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