TeeRoy's 2 Cents:
- That's disgusting. If you can afford a private jet, you can afford it at full price.
- Lots of struggling businesses could use that money. This basically just funneled it to fat cats.
- You don't know if all those clients would have taken those flights without the discounts. And if they don't, people don't get paid.
Yet another example of rich folks taking advantage of the PPP program -- in this case, private jet owners.
A California company called Clay Lacy Aviation got one of the government loans intended to help small-business owners keep their employees on payroll. And so some pilots and flight attendants who might otherwise be out of work got to keep their jobs.
But here's the rub: CLA gave credits to its wealthy clients. And as a "pass-through" company, though it technically employs the pilots and attendants, it allows those clients to hire, fire and set salaries.
So basically, CLA used its PPP money to offer a discount on private jet flights to wealthy clients.ย
CLA's client list includes rocker Don Henley, Sexy Brand CEO Mark Bonfigli and private equity firms the Blackstone Group and Freeman Spogli. (NBC News)