Norquist’s Anti-Spending Group Took Small Business Relief
(Bloomberg) -- The Americans for Tax Reform Foundation, a conservative-allied group headed by anti-tax activist Grover Norquist, took Covid-19 small business relief funds from the federal government, according to data released Monday.
The nonprofit foundation -- which advocates restraint in government spending and says it works to educate taxpayers on “costly government programs” -- took a loan between $150,000 and $350,000 from the Paycheck Protection Program, according to the data disclosed by the Small Business Administration, which is overseeing approval of loans to address the economic devastation from the pandemic.
Norquist, a prominent conservative activist, is known for pushing Republicans to take a pledge not to increase net taxes in an effort to slim the government.
The foundation is related to Americans for Tax Reform, which is allowed to participate in a greater array of political activities and engages in federal lobbying, according to disclosures. Lawmakers had expressed concern that the array of nonprofits that had access to the funds would result in relief funds going to lobbyists.
A statement on Americans for Tax Reform's website said the foundation “was badly hurt by the government shutdown.”
“It applied for and received a loan and has as a consequence been able to maintain its employees without laying anyone off,” the statement said, adding that the political group didn't oppose the PPP.
Americans for Tax Reform and its foundation -- which the statement described as “legally and financially separate” -- share leadership, an office building near the White House and a phone number.
The foundation's loan was approved in late April to support 33 jobs, according to the data.
The Trump administration released details of almost 4.9 million loans to businesses and nonprofits under the relief program, which gave out almost $521.5 billion through June 30.
The program was designed to provide small businesses with loans of as much as $10 million, based on a company's average monthly payroll before the pandemic. The loans can become grants if borrowers use the proceeds mostly to pay workers, with some spending allowed for rent and overhead costs.
©2020 Bloomberg L.P.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
