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

https://www.reuters.com/article/us-healt...N2471ZDMichelle Price,

David Lawder, Lawrence Delevingne

6 Min Read

WASHINGTON (Reuters) - Some 51.1 million jobs were protected by a high-profile pandemic aid program, the Trump administration said on Monday as it revealed how a firehose of $521.4 billion in taxpayer cash washed across the landscape of America’s small businesses.
But the data underlined that in addition to mom-and-pop shops, the funds went to several well-heeled and politically connected companies, some of which got between $5 million and $10 million. Those include firms which lobby in Washington such as Wiley Rein LLP and APCO Worldwide, as well as law firms Kasowitz Benson Torres LLP, which has represented President Donald Trump, and Boies Schiller Flexner LLP.

Sidwell Friends School, an exclusive private school which educated former President Barack Obama’s daughters, took out a loan for between $5 million and $10 million, as did Saint Ann’s School in Brooklyn, which - with tuition exceeding $50,000 per year - is attended by the children of hedge fund managers and celebrities.

Some investment firms, such as those that run hedge funds for wealthy clients, also received checks. That included Advent Capital Management LLC, a New York-based debt investor with $9 billion in assets; Metacapital Management LP, a New York-based fixed income investor with more than $1 billion in assets; and Semper Capital