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Some beneficiaries of the government’s paycheck protection program were Wall Street companies, particularly investment banks that typically do millions of tips on business mergers.

Earlier this week, the Small Business Administration released detailed information on small businesses that have received $ 150,000 or more in Paycheck Protection Program loans. The loans, which are part of the Cares Act, are repayable if they are used to keep their workers employed.

Launched in April, the Paycheck Protection Program was intended to provide loans to small businesses struggling to survive during the Covid-19 recession. The pandemic has caused the closure of businesses across the United States and some 20 million Americans are still out of work. At first, the PPP was criticized for granting loans to large companies or public enterprises. This prompted some companies, like


Fiesta Restaurant Group

(Ticker: FRGI) and Shake Shack (SHAK), to return the funds.

The PPP has remained vital for the survival of several companies. The program has granted 4.9 million loans, valued at $ 521.5 billion to businesses as of June 30, the SBA said. (The PPP is not short of cash and has $ 131.9 billion left. The PPP was also scheduled to stop lending on June 30, but this was extended until August 8.)

Over 280 companies, each of which requested more than $ 150,000 in aid, identified as investment banks. Many were small companies like Mathusalem Advisors, the media-focused investment bank founded by John Chachas. A former Lazard investment banker, ChaChas ran as a Republican for the entire Nevada Senate held by Larry Reid in 2010. He founded Methuselah that year.

ChaChas, the managing director of Methuselah, confirmed that the investment bank had received $ 169,000 from the PPP. The IB used the funding to preserve the salaries of its employees, he said. According to the SBA, the PPP loan was used to finance seven jobs in Methuselah. “NYC’s Covid policies have been extremely destructive and we are evaluating leaving NY so that we never suffer from this again,” ChaChas said in an email response to questions.

Some investment banks are very well known. Broadhaven Capital Partners, of Chicago, provided financial advice to


Franklin templeton

(BEN) on its purchase of 4.5 billion


Legg Mason
(LM). Then there’s Financo, from New York, which advises retailers and consumer businesses like


Lululemon

(LULU) or


Dollar tree

(DLTR). Or North Point Advisors, of San Francisco, which has built a reputation as a restaurant consultant and claims a 50% market share representing major brands in the industry. Customers include Smashburger, TGI Fridays, and Blaze Pizza.

Here is a list of some of the investment banks that have received PPP loans:

  • Broadhaven Capital Partners has been approved for a loan of $ 350,000 to $ 1 million;

  • Berkery, Noyes & Co, of New York, was cleared to secure a loan of $ 350,000 to $ 1 million to save 36 jobs;

  • Financo of New York received approval for a loan of $ 350,000 to $ 1 million to retain 32 positions;

  • Sawaya Partners, of New York, was OK for $ 350,000 to $ 1 million to fund 24 employees;

  • Spurrier Capital Partners, of New York, was authorized to enter into a loan of $ 350,000 to $ 1 million to retain 17 positions;

  • Jordan Edmiston Group, of New York, has been approved for a loan of $ 350,000 to $ 1 million to fund 38 salaries;

  • Livingstone Partners, of Chicago, has been authorized to take out a loan of $ 350,000 to $ 1 million to save 25 positions;

  • Methuselah Advisors, of New York, has been approved for a PPP loan of $ 150,000 to $ 350,000 to keep 7 jobs;

  • JMP Securities (ticker: JMP) of San Francisco was OK for $ 2-5 million to salvage 126 positions;

  • North Point Advisors, of San Francisco, has been authorized to obtain a loan of $ 350,000 to $ 1 million to finance 31 jobs.

  • Union Square Advisors of San Francisco has received approval for a loan of $ 350,000 to $ 1 million to retain 35 positions.

  • Edgemont, of New York, has been approved for a PPP loan of $ 350,000 to $ 1 million.

JMP declined to comment. Executives from Broadhaven, Berkery, Financo, Sawaya, Spurrier, Jordan Edmiston, Livingstone, North Point, Union Square and Edgemont could not be reached for comment.

Write to Luisa Beltran at [email protected]