Jay Jacobs’ company raised $6 million in PPP loans that were donated to Cuomo, Hochul
The embattled head of the state Democratic Committee quietly raised $6.1 million in federal pandemic relief loans for various ventures he runs — yet those firms donated $54,000 to governments’ campaigns during the same period. Hochul and Cuomo, records show.
Jay Jacobs — who is being urged to resign by mostly progressive members of his own party over the poor showing of state Democrats in last week’s elections — is the owner or chief executive of at least 11 companies, including several summer camps in New York and Pennsylvania . that secured $2,919,844 in 2020 Paycheck Protection Program loans and another $3,194,596 last year, records show. The money was used to pay the salaries of hundreds of full-time employees.
Despite seeking taxpayer help to operate during the pandemic, Jacobs’ businesses — which include Timber Lake Camp in upstate Shandaken, NY and Tyler Hill Camp in Pennsylvania — found enough cash on hand to raise $40,000 and $40,000, respectively. Donating $14,000 to campaigns by longtime allies Hochul and Cuomo in 2020 and 2021, state records show.
Some Democrats have called on the US Small Business Association, which oversees the PPP program, to investigate whether Jacobs abused the loans.
“If that’s true, it’s completely disingenuous,” said Sen. Jessica Ramos (D-Queens). “If you’re going through a really tough time, then you don’t have any money to donate to your favorite candidates.”
Jacobs denied that any part of the loan went to campaign funds for his political friends.
“Any suggestion that PPP funds were used for campaign contributions is demonstrably and factually incorrect – both as to when we received it and as to the fact that the PPP loans were reviewed and approved by the SBA, that they were used for their intended purposes,” Jacobs said.
https://nypost.com/2022/11/19/jay-jacobs-business-collected-6m-in-ppp-loans-donated-to-cuomo-hochul/ Jay Jacobs’ company raised $6 million in PPP loans that were donated to Cuomo, Hochul