Huge multi-million dollar public companies in the U.S. have been abusing a relief fund and depriving small businesses of vital tax-backed loans by claiming hundreds of millions of dollars not intended for them from the Paycheck Protection Program. Research from Morgan Stanley shows that of the fund's $349 billion, $243.4 million of the loans has been allocated to at least 90 publicly traded companies, which could have gone to help around 1,100 smaller businesses, causing public outrage. The Paycheck Protection Program (PPP) was created by Congress and designed to loan money to small 'mom and pop' businesses with 500 employees or less to help them survive the economic downturn during the coronavirus crisis, ensuring they can still pay their employees and bills, and to avoid mass layoffs.

But the data shows that large public companies with thousands of employees and deep pockets are abusing the program and claiming relief dollars through the scheme, depriving smaller businesses of tax-backed funds that could save them from going under. Many of the public companies claiming loans thought the scheme have a market value of over $100 million, with some even claiming the maximum $10 million allowed through the scheme.

Public companies that have received funding from the PPP include metal working giant DMC Global, which has a $405 million market value, biotech company Wave Life Sciences ($286 million), biopharmaceutical company Mannkind ($273m) and Fiesta Restaurant Group ($186 million).

At least 94 publicly traded companies have been recipients of taxpayer-backed loans, and according to AP around 25 percent of these companies warned investors in the run up to the crisis that their ability to remain viable was in doubt.

According to the U.S. Small Business Administration, 4,400 of the approved loans exceeded $5 million when nationally the typical amount requested from the program was $206,000.

If the $243.4 million claimed by the corporate giants had been split fairly between typical businesses requesting money through the program, over 1,100 more businesses could have received funds.

'The intent of this money was not for big public companies that had access to capital,' Treasury Secretary Steven Mnuchin said when addressing the issue during Tuesday's White House press briefing.

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