New analysis by Western Values Project found that over one-third of big oil, mining, and related industries have already been awarded bailouts totaling nearly $3.9 billion through President Trump’s Small Business Administration.
“Big oil and extractive corporations have been at the Trump taxpayer-funded trough since the get-go but given how the pandemic is impacting real small businesses, this unchecked pork-barreling is both astounding and dangerous,” said Jayson O’Neill, Director of Western Values Project. “The Trump administration’s willingness to bypass needed help for American families and small businesses just to bail out its billionaire big oil corporate pals is further derailing America’s ability to economically recover.”
A report released by the Treasury Department on the Small Business Administration’s disbursements under the Payroll Protection Program (PPP) found that 11,168 ‘Mining’ corporations that include oil and gas, and related activities have received some $3,894,793,207 in bailouts. The Bureau of Labor Statistics’ most recently available data puts the number of private ‘Mining’ establishments at 32,795 as of the 3rd quarter of 2019, which means 34% of privately-owned oil, gas, mining, and related corporations have already been awarded a bailout as of April 16th.
Earlier today, Accountable.US Action released updated information on TrumpBailouts.org about small business awards under the Small Business Administration’s PPP. The database includes several corporations that are defined as ‘Mining’ by the federal government, including Indiana-based coal conglomerate Hallador Energy and foreign-owned uranium mining corporation Ur-Energy. Both corporations have deep ties to the Trump administration.
Last week, the Wall Street Journal reported that awards of more than $1 million accounted for about 4% of applications but nearly 45% of approved dollars under the program, according to SBA data.
The Trump administration and the Interior Department have been desperately trying to find ways to bail out big oil and extractive corporations despite the industry’s boom-bust cycle and negative balance sheets. The Interior Department is also still plowing forward with oil and gas leasing, with leases often going for less than a cup of coffee, and major policy decisions despite repeated requests for a pause during the pandemic.