The government’s first $500+ billion Covid paycheck protection program, aimed at small businesses, was terribly abused (https://www.seattletimes.com/business/more-than-half-of-emergency-small-business-funds-went-to-larger-businesses-new-data-show/). More than half the money went to large business, such as restaurant chains, who were exempt from the 500 employee limit. Even law firms got money. About 600 firms received the maximum of $10 million, leaving many small businesses without any assistance. Only 28% of the money was distributed in amounts less than $150,000, an amount likely aligned with small business needs.
One might argue that even these larger firms also needed assistance, so their big checks were justified. But the program was aimed at small businesses and they got shafted, along with their employees, due to the adeptness of larger firms who could out-maneuver Mom&Pops during the money grab. One of these chains, Shake Shack, was shamed into giving the money back. Many others should follow suit. Give it back.
The adage, “pigs get fat, but hogs get slaughtered” is out the window. In today’s world where greed has no boundaries, pigs get fat and hogs get away.
Hopefully, a next round of government assistance will be managed better to ensure that small businesses and their working poor get the money that was intended for them.