The Treasury Department, the Federal Reserve and the Small Business Administration have not yet released detailed data on the recipients of various CARES Act programs. Until that happens, most of the recipient information is coming from SEC filings (usually 8-Ks) by the companies themselves. We have reviewed every filing mentioning the Paycheck Protection Program and the Payroll Support Program to create the current list of entries. Those filings are also the sources of many of the announcements by companies deciding to return the loan proceeds because of public pressure. Several entries involving privately held companies were created based on press releases or news reports.
Basic Company Information
We obtained information on the headquarters location, ticker symbol, industry group and workforce size from the most recent 10-K SEC filing by the company.
Accountability Data Sources
Four of the six accountability categories we use are based on penalty data derived from Violation Tracker, a database on corporate misconduct produced by the Corporate Research Project of Good Jobs First. All the data covers the period from 2010 to the present. We highlight those companies that have paid $1 million or more in any of the following four categories:
Government contracting-related penalties
Environmental, healthcare and safety-related penalties
Consumer protection, financial misconduct and unfair competition-related penalties
The Tax and Subsidies category is derived from two sources. The first is the Institute on Taxation and Economic Policy's report Corporate Tax Avoidance in the First Year of the Trump Tax Law. It contains effective federal tax rates for 2018 for Fortune 500 companies that reported a profit for the year. We highlight those companies that paid an effective rate below 10.5 percent, or less than half the statutory rate.
The other source we use is Good Jobs First’s Subsidy Tracker, which combines data on financial assistance to corporations awarded by more than 1,000 federal, state and local programs. We focus on those companies that have received $100 million or more in subsidy awards since 2010. When CARES Act recipient data is expanded to include banks, we will display the amount of financial assistance the company received under the Troubled Asset Relief Program (TARP).
Our final accountability category is CEO Pay. We reviewed the most recent proxy statement of each publicly traded CARES Act recipient and extracted figures for the chief’s executive total compensation as well as the data on median worker pay and the ratio between those two amounts. Smaller companies are not required to disclose the ratio or the worker pay figure, so for those we collected only the CEO pay figure. We focus on those companies with ratios larger than 100:1. For those companies that do not provide ratios, we focus on those whose CEOs received total compensation of $2 million or more.
Other Accountability Links
Parent summary pages also display links to several other resources when they contain information on the company in question. They include:
Violation Tracker (page with full information on the company)
Subsidy Tracker (page with full information on the company)
Project On Government Oversight’s Federal Contractor Misconduct Database
Just Capital’s Covid-19 Corporate Response Tracker
Follow the Money data on federal and state political spending by the company