Fossil Fuel Companies Get Millions in Small Biz Stimulus Loans

by | Apr 11, 2020

Fossil fuel firms have received at least $113 million from the Federal Reserve’s Main Street Lending Program, according to a review by The Guardian and watchdog group Documented. The program was supposedly established to help small businesses weather the coronavirus crisis. The Federal Reserve’s recent expansion of its Main Street lending program could open up more funding for oil and gas companies, including Occidental Petroleum Corporation, one of the oil companies represented at a White House meeting with President Trump in April.

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Amy Westervelt is the editor-in-chief of Drilled News, creator and host of the Drilled podcast, and founder of the Critical Frequency podcast network, named AdWeek's Podcast Network of the Year in 2019. An award-winning print and audio journalist, Amy has contributed to The Guardian, The Wall Street Journal, and The Washington Post, as well as KQED, The California Report, Capital Public Radio, and many other outlets. She is the 2015 winner of the Rachel Carson award for "women greening journalism," and a 2016 winner of an Edward R. Murrow award for her series on the impacts of the Tesla Gigafactory in Nevada. In 2019, the Drilled podcast won the Online News Association's "Excellence in Audio Storytelling" award.

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Emily J. Gertz is senior editor of Drilled News. A longtime environmental reporter and editor, her work has appeared in HuffPost, Reveal, Arctic Today, The Guardian, Popular Science, Scientific American, Sierra, and more.