July 28, 2020 at 2:12 AM EDT
PPP was intended to keep employees on the payroll. Workers at some big companies have yet to be rehired.
If the name of the Paycheck Protection Program didn’t make its purpose clear, its key sponsors spelled it out.
Sen. Marco Rubio (R-Fla.) explained that the program “was designed as an alternative for unemployment and to prevent unemployment.” Treasury Secretary Steven Mnuchin and the director of the Small Business Administration announced that the “overarching focus” of the effort was “keeping workers paid and employed.”
But a closer look at three large companies that received millions from the $517 billion program shows that some companies have not retained most of their staff on the payrolls.
By Peter Whoriskey