A new report from three government watchdog groups reveals a stunning figure: companies controlled by private equity firms received approximately $5.3 billion in federal CARES Act funding. Sadly, PE portfolios are not the only beneficiaries with deep pockets that got money from a relief package that was supposed to help small, struggling businesses and keep workers on the job.
As part of the $2.2 trillion pandemic relief CARES Act enacted in spring 2020, states received $150 billion in general assistance via the Coronavirus Relief Fund. Within limits tied to the pandemic, the Relief Fund is meant to be flexible, and allowing states, U.S. territories, and tribal governments to direct money where it is most needed. So how is that money being spent? States have been inconsistent in reporting. One positive outlier: Alabama.
And the Oscar Award for Best Actor Goes To … Film Subsidies for Their Portrayal of “Being a Good Investment”
As awards season closes out Sunday at the Academy Awards, we went behind the scenes to highlight just how much Best Picture nominees received in tax breaks. Together, we were able to identify about $13 million in tax breaks for three films. The actual price tag, however, might be much larger as so many film subsidy programs lack proper transparency.
Good Jobs First's Katie Furtado explains how the organization was able to determine public school districts lost $2.37 billion to corporate tax abatements in fiscal year 2019 -- and that's just what we could confirm. The actual total is much, much greater.