Jenner & Block

“Why the Small-Business Bailout Went to the Big Guys,” Bloomberg

In this op-ed, Jenner & Block Partner Neil M. Barofsky explores the initial $350 billion Paycheck Protection Program, which was intended to keep small businesses afloat by offering them loans that the government would forgive so long as they used the money to maintain their payrolls.  But some large companies, like Shake Shack and Ruth’s Chris Steakhouse, received millions. The “finger-pointing” has begun, Mr. Barofsky writes.  “These critiques miss the real point,” he says.  “It was the legislation itself, coupled with a deeply flawed program design, that ensured bigger and wealthier businesses would be favored.”