More than 200 public companies applied for at least $854.7 million from the government program that was billed as for small businesses without access to other sources of capital, according to Washington D.C.-based data analytics firm FactSquared.
That includes $126.4 million for three public companies affiliated with Texas hotelier Monty Bennett. One of those firms, Ashford Hospitality Trust, applied for $76 million in 117 separate loans, the most by a single company, according to regulatory filings.
The government’s Paycheck Protection Program sparked outrage after its initial $350 billion allotment quickly ran out and it was revealed that big public companies secured loans while hundreds of thousands of small businesses seeking relatively tiny amounts were left in limbo.
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