Salon reports that a payroll company with no employees that Giuliani has owned for 18 years received between $150,000 and $350,000 in emergency loans from the coronavirus relief package. It's the only Giuliani-owned company that received any federal PPP loans. Emphasis added below:
According to government records, the loan, which was part of the Small Business Administration's Payroll Protection Program coronavirus relief package, was awarded on April 28 to a company called World Capital Payroll Corp., a registered "S Corp" headquartered at 445 Park Avenue in Manhattan. Those records show that the company received between $150,000 and $350,000 in taxpayer-backed federal funds, which can be fully forgiven by the government if the company proves they were put toward payroll and related expenses. (Giuliani's new private law firm is registered at that same address.)
Importantly, in order to receive a loan amount in that range, a company was required to prove that it spent between $720,000 and $1.68 million on payroll and employee benefits. Because the SBA caps eligible salary amounts at $100,000, this means that World Capital Payroll would have had to directly employ between seven and 16 people, roughly speaking, in 2019 — and paid them all $100,000 or more for their services.
In order to prove eligibility to their lender, applicants must submit official tax and payroll forms.
According to PPP databases, however, World Capital Payroll did not report having any employees or any jobs saved. That in itself is not entirely uncommon. It is unclear, however, who else the company may directly employ other than Giuliani himself, who did not reply when asked that question several times over several days through various points of contact.
More at the link.
Invisible company owned by Rudy Giuliani got taxpayer-backed PPP money — but where did it go? [Roger Sollenberger / Salon]
Image: Gage Skidmore / Flickr (CC 2.0)
