Turning to the Government (for PPP Money) in Time of Need

168 Tax Notes Federal 841 (August 3, 2020)

7 Pages Posted: 22 Sep 2020

Date Written: August 3, 2020


This article examines the financial relationship between Americans for Tax Reform (ATR) and Paycheck Protection Program (PPP) borrower Americans for Tax Reform Foundation (ATRF). ATRF is an apparently insolvent “zombie” foundation heavily indebted to ATR. ATR indirectly benefits from the ATRF PPP loan through the support for ATR employees who simultaneously are ATRF employees, though ATR was itself ineligible for a PPP loan under the CARES Act. The article critically evaluates ATR’s rationales for ATRF’s receipt of a PPP loan, notwithstanding their small government ideology, including that the loan it compensates for a “government taking.” ATR’s actions, if not its words, support a role for government helping those in need.

Keywords: Paycheck Protection Program, CARES Act

JEL Classification: K34, L38

Suggested Citation

Shay, Stephen E., Turning to the Government (for PPP Money) in Time of Need (August 3, 2020). 168 Tax Notes Federal 841 (August 3, 2020), Available at SSRN: https://ssrn.com/abstract=3669330 or http://dx.doi.org/10.2139/ssrn.3669330

Stephen E. Shay (Contact Author)

Boston College Law School ( email )

140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States

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