Here Are the Companies Getting Federal Covid Relief Funds

(Bloomberg) -- Many publicly traded companies have started filing so-called 8-K statements with the Securities and Exchange Commission showing they’ve obtained funds through the Cares Act, the $2 trillion coronavirus relief package. The funds -- short-term loans, loan guarantees and grants -- are meant as a stopgap to help businesses get by until the economy reopens.

The sprawling law makes money available to millions of small businesses, health-care companies, airlines, defense contractors and more.

The Small Business Administration oversees the $349 billion Paycheck Protection Program, one of the biggest efforts under the Cares Act. In 13 days, it worked with almost 5,000 lenders to approve applications from about 1.6 million firms for $342.3 billion. The rest of the funds went toward fees and processing.

The PPP was designed to help companies with fewer than 500 workers maintain payrolls and cover certain expenses like rent for two months. Companies could seek loans of as much $10 million. They convert to grants if companies keep workers on their payrolls and maintain salaries.

Funds for the program were exhausted as of April 16, but the Trump administration and lawmakers are negotiating adding another $310 billion.

Earlier: Small Business Relief Funds Drained Fast With Many Shut Out

Congress also allocated $454 billion of the $2 trillion package as a backstop for Federal Reserve lending to banks, companies and municipalities. The Fed has announced nine programs, ranging from purchases of commercial paper to helping banks push out billions in loans to small- and medium-sized businesses. The Fed hasn’t said which companies are benefiting.

Another initiative, the Payroll Support Program, is aimed at airlines and requires that funds be used exclusively for payroll and benefit costs.

Carriers are supposed to continue to provide air service to markets served prior to the crisis and refrain from layoffs or from reducing pay and benefits through Sept. 30.

A separate $17 billion pool of money was designated for companies vital to national security and contending with coronavirus disruptions. But the Treasury Department, which will decide how to allocate those funds, has yet to define which companies are crucial to national security.

Below is a non-exhaustive list of public companies Bloomberg has identified as receiving these federal funds. We’ll continue to update as new filings come in:

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