Public Coal Firms Cash in on Small Business Payroll Loans

by | Apr 14, 2020

According to SEC filings, publicly-traded coal companies received $31 billion in coronavirus emergency lending from the Small Business Administration’s Payroll Protection Program. Bloomberg reports that the extractive industries, including mining and oil and gas drilling, secured 78.7% of loans as a percentage of eligible payroll, more than retail or any other economic sector. Status: Data reflects loans distributed through April 16, 2020 under the initial PPP funding of $349 billion.

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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.