Exclusive: The Paycheck Protection Program is giving millions of dollars in American taxpayer money to firms that have avoided paying U.S. tax, a Reuters investigation found
FILE PHOTO: The Nasdaq building in Times Square is illuminated in blue as part of the"Light It Blue" initiative to honor healthcare workers, during the outbreak of the coronavirus disease , in New York City, New York, U.S. April 23, 2020. REUTERS/Eduardo Munoz/File Photo
Zagg has booked much of its profit through small companies in far-off Ireland and the Cayman Islands, its filings show. The program, which provides low-interest loans that are forgivable if companies use most of the money to pay employees, has been widely criticised for problems ranging from early bottlenecks that prevented small businesses from receiving money, to confusion that led millions of dollars to be handed out to relatively affluent firms.
But when it comes to corporate taxes paid to the U.S. government, the 11-page application form contains no conditions. The Reuters analysis covers only a fraction of the program: Officials haven’t yet detailed who received loans. Private companies have gotten most of them so far. They seldom reveal such information, unlike publicly-traded firms.
Patriot Corp owns intellectual property for Zagg, such as brands and patents. According to the latest available filings, which cover 2018, it licensed rights to these to another Ireland-based Zagg subsidiary, Zagg International Distribution Ltd. That company sold Zagg’s products outside the United States, according to company accounts and websites.
Twelve — including Zagg — reported their tax affairs had triggered a U.S. government levy designed to stop tax avoidance.
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