The Small Business Administration (SBA) on Monday released the data under pressure for further transparency, including from journalism outlets that had sued demanding the public records.
The $3bn figure is probably far less than the companies actually received. The SBA did not disclose the specific amounts of loans and instead listed ranges. On the high end, fossil fuel companies could have received up to $6.7bn. At least 475 fossil fuel companies received at least $2m, according to the data the SBA released that it collected from banks.
Fossil fuel companies are not restricted from taking the forgivable Paycheck Protection Program (PPP) loans, which are meant to be used to keep paying employees and to cover recurring bills during the pandemic. But environmental advocates say that investing billions in an industry that is polluting the planet and causing the climate crisis is short-sighted and a bad use of public money.
Jesse Coleman, a researcher for Documented who reviewed the loan information, said: “We should not be wasting taxpayer dollars on an industry that’s in a tailspin of its own making, especially when it seems intent on bringing the whole planet down with it.”
Article submitted by, Great Gazoo.