Finance

The Latest: Muy Brands received up to $30M in govt virus aid

Posted On: Jul 6, 2020   |   Posted By: My Sanantonio

NEW YORK - The Latest on the Treasury decision to identify hundreds of thousands of businesses that received funding through the Paycheck Protection Program, created to preserve jobs at smaller businesses during the coronavirus pandemic:
Muy Brands Inc., a San Antonio, Texas, franchisee with more than 750 Wendy's, Taco Bell and Pizza Hut restaurants, received between $15 million and $30 million through the Paycheck Protection Program.
The program was put into place to preserve jobs at smaller businesses.
CEO James Bodenstedt is also a major donor to President Trump. He has given $300,000 to the Trump Victory PAC since the start of this year, according to federal campaign finance records. A message seeking comment was left with Muy Brands.
Roughly 120 payday lenders and auto title lenders took loans from the Paycheck Protection Program. Most took out smaller loans, typically less than $350,000. These types of businesses typically lend money to poor and disaffected individuals in desperate need for cash,...

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