DeWine’s Baseball Team’s Paycheck Protection Program Loan Nets Millionaire Governor $189K of Forgivable Taxpayer Handout

With news that Gov. Mike DeWine’s minor league baseball team cashed in on the Paycheck Protection Program, one may ask how Ohio’s top executive came to own a team in North Carolina or why he needed a taxpayer handout.

DeWine has a 32 percent stake in the Asheville Tourists minor league team, The Ohio Star reported this week.

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Small Business Administration Gave Loans to Multi-Million Dollar Companies

The U.S. Small Business Administration (SBA) and the U.S. Treasury Department this week released the names of 4.9 million Paycheck Protection Program (PPP) loan recipient businesses and nonprofits that received $150,000 or more.

The mostly forgivable PPP loans were funded through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.

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Gov. DeWine’s Company, which Owns a Minor Baseball Team in North Carolina, Gets Loan from Federal Virus Aid Program

A company partly owned by Ohio Gov. Mike DeWine is among those that received loans from a $600 billion-plus coronavirus aid program.

The data released Monday shows DeWine Seeds-Silver Dollar Baseball received a loan under the Small Business Administration’s Paycheck Protection Program for a range of $150,000 to $350,000.

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SBA: 2.2 Million Loans, $175B Issued So Far in 2nd Round of Paycheck Protection Program

The Small Business Administration and the U.S. Treasury revealed Sunday that the second round of the Paycheck Protection Program has issued 2.2 million loans, totaling $175 billion.

PPP loans are forgivable loans for small businesses to offset some of the losses experienced by the response to the COVID-19 pandemic. The loans are meant to provide a direct incentive for small businesses to keep their workers on the payroll.

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Sen. Sherrod Brown Calls for Investigation into Reports Paycheck Protection Program Prioritized ‘Wealthier Clients’

U.S. Sen. Sherrod Brown, D-Ohio, joined two other Democrats in calling for an investigation into reports some Paycheck Protection Program (PPP) lenders are prioritizing “larger and wealthier clients.”

In a letter to Small Business Administration (SBA) Inspector General Mike Ware, the senators allege some lenders “have prioritized the applications of their larger and wealthier clients to the detriment of smaller [businesses] adversely impacted by the coronavirus pandemic.”

U.S. Sens. Chuck Schumer, D-New York, and Ben Cardin, D-Maryland, joined Brown, the ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, in sending the letter.

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Wells Fargo Bows Out of Small Business Bailout Program After Receiving $10 Billion of Loan Applications

One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.

Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday.

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