Tuesday, February 20, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, December 2, 2022
Guam office of Ernst & Young took $750K COVID loan
By News Release @ 12:01 AM :: 1709 Views :: Ethics, COVID-19

Top Law, Accounting Firms Took Covid Aid Despite Billions in Revenue

Firms scooped up a combined $1.4B in PPP loans as Main Street struggled.
Democrat election advisor David Boies' firm took single biggest PPP loan.

News Release from OpenTheBooks.com

WASHINGTON – OpenTheBooks.com today announced new findings in its ongoing project of investigating possible COVID waste: many of the nation’s largest law and accounting firms were granted forgivable Paycheck Protection Program loans meant to help small businesses keep payroll flowing during the widespread pandemic shutdown. In examining the top 300 law and accounting firms respectively, their use of the program cost taxpayers roughly $1.4 billion according to the nonprofit spending watchdog.

All told, 126 of the top 300 “Big Law” firms in America took $809 million in forgivable Covid-aid through the Small Business Administration program; of the top 300 accounting firms, 237 of them took advantage of the loan program to the tune of $625 million.

On the law side, the single largest loan ($10.14 million) went to the firm led by David Boies, one of the top legal advisers consistently employed by Democratic candidates running for statewide and national offices. Boies Schiller Flexner LLP, which also at one time employed Hunter Biden, had the loan forgiven in 2021 despite $230 million in revenue that year.

In the 2020 and 2022 election cycles, employees of the firm gave over $750,000 in campaign contributions. The employees and partners kicked three-quarters of a million dollars in campaign donations -- primarily to Democratic candidates -- while cashing a $10 million taxpayer-funded PPP loan.

In an eye-popping example among accounting firms, the Guam office of Ernst & Young took a $750,000 loan. That’s even though the huge multinational corporation has over 365,000 employees worldwide and multibillion-dollar revenues that consistently grew during the pandemic (from $15.8 in 2019 to $17.6 billion in 2021).

The report contains more details of the top 10 largest loans in each industry, how the funds meant for payroll were used, and how much revenue these firms were concurrently collecting.

OpenTheBooks.com CEO & Founder Adam Andrzejewski released this statement:

“When you think about it, law and accounting firms are uniquely well-positioned to take advantage of legal loopholes and maximize benefits available to their clients under current statute. It should be no surprise, then, that huge national outfits managed to secure taxpayer dollars not just to pay staff, but also to pay rent, interest on mortgages and more. As they were leveraging every tax dollar available to them, many of their revenue numbers continued to grow. It’s a stark contrast to what was happening to small businesses across the country, particularly in retail and hospitality, as they struggled to stay afloat. Did taxpayers, many of us economically strapped, really need to reach into our pockets for these firms doing colossal business?”

###

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT