Many businesses have struggled to get any money from the Small Business Administration's Paycheck Protection Program. But a company owned by a prominent family with close ties to President Trump was able to get a $5.5 million loan.
Continental Materials makes heating and cooling equipment and construction products. While it had more than $100 million in sales last year, it qualified for the loan because it meets the Small Business Administration's industry-specific"small business" size standards, according to company chief financial officer Paul Ainsworth.by the Small Business Administration last week.
"We had planned to furlough people and we delayed those plans," he said."To the extent that we had to let people go, we're hiring them back." The business advocacy group NFIB surveyed a random sample of the 300,000 businesses in its membership database, and found that onlyof businesses that tried to apply for a PPP loan were able to successfully submit an application.
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