A part of the CARES Act was $32 billion Payroll Help Program that was earmarked to assist corporations pay staff and subsequently retain them and their well being advantages throughout this emergency time. (Disclosure: Kos Media received a Paycheck Protection Program loan.) Nevertheless, it seems that corporations had been merely shedding staff throughout this time, whereas pulling in that candy money for the roles they’d gotten rid of. Steven Mnuchin and Donald Trump didn’t need there to be any oversight for the Payroll Help Program, and made no effort to create any actual incentive for these corporations to really distribute the cash by way of their workforce. 

A Treasury spokesperson wrote to ProPublica that “the Payroll Help Program has supported tons of of 1000’s of aviation trade jobs, stored staff employed and related to their healthcare, and performed a important position in preserving the U.S. airline trade. Implementation targeted first on the most important employers to assist stabilize an trade in disaster and assist as many roles as doable for so long as doable.” Like every little thing on this administration this can be a assertion of issues which can be supposed to occur however proof of greed and corruption contradict each reality free assertion the White Home makes.

The proof, because the report explains, exhibits that the Treasury Division both uncared for, had been incompetent, didn’t care, or (most certainly) the entire above, of their dealing with of American taxpayer cash. The report highlights that Mnuchin for one, allowed corporations to fireside staff proper up till enacting the agreements. So as an alternative of incentivizing corporations to maintain staff, Mnuchin and mates incentivized corporations to furlough and hearth as many staff as doable earlier than signing the agreements.

These agreements had been based mostly on 2019 payrolls, and tens of 1000’s of staff had been laid off by these corporations in between asking for the cash and receiving the deal for the cash. This meant that Trump’s Treasury didn’t scale back the amount of money being given out as soon as it grew to become clear that the aviation corporations didn’t have the variety of jobs they had been asking help for.

The Treasury additionally didn’t require these corporations to spend the cash they had been being given by a sure time. This meant that corporations like Flying Meals Fare simply took round $85,000,000 from the federal government, fired a pair thousand staff, and proceed to carry onto money whereas not rehiring these staff. 

And because the CARES Act expires, tens of thousands more airlines workers have been laid off, in addition to 1000’s of staff in different industries which have been given tons of of tens of millions of {dollars} in no-strings connected bailout cash. Because the months go by it’s assured that oversight committees and investigative stories will present that large enterprise after large enterprise hoarded many of the taxpayer cash given to them in the course of the preliminary COVID-19 CARES Act. The assure comes from the truth that with out regulation, large enterprise does one factor: it collects cash for the only a few folks on prime that it makes cash for.