Ayn Rand Institute, the organization that promotes capitalism, objectivism, and criticizes federal spending, has reportedly received a massive loan from the CARES Act Paycheck Protection Program (PPP) fund. As per media reports, it has received an amount between $350,000 to $1,000,0000.
The Ayn Rand Institute received a PPP loan of between $350K and $1 millionhttps://t.co/EOhMBQh40f
— Pat Fitzgerald (@PatFitzgerald23) July 6, 2020
The institute promotes the philosophy of objectivism formulated by the 20th Century Russian-American author Ayn Rand. Ayn Rand Institute’s Center for the Advancement of Objectivism is located in Santa Ana, California. The PPP loan fund has been established to help small businesses keep their employees on payroll during the Coronavirus Pandemic, which has stalled business operations not only in the US but across the globe.
Ayn Rand Institute’s board members Harry Binswanger and Onkar Ghate stated a couple of months ago that the organization would take any relief money unapologetically, under the principle of ‘Justice.’ They further added that the government has no wealth of its own and that the PPP loan is just partial restitution of the losses caused by the government’s inabilities. Binswanger also argued,
Affected by the economic crisis created by COVID-19, many vocal critics of the Federal spending applied and accepted PPP loans. Another major name apart from the Ayn Rand Institute is the Americans for Tax Reforms (ATR) Foundation. According to reports, ATR Foundation received between $150,000 and $300,000 in a PPP loan, and it claimed in a statement that it never opposed the PPP. Interestingly, ATR Foundation founder Grover Norquist had recently written a letter to the lawmakers, asking them not to approve the bill for the second stimulus under the CARES Act, and had also criticized the unemployment insurance provisions under the act.