In the months after Congress allocated of hundreds of millions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee on the Coronavirus Crisis.

It blasted both the slow pace of work by the Treasury Department and airport contractors’ allocation of the funds they received.

“This staff report documents how the Department of the Treasury’s implementation of the Payroll Support Program (PSP) caused thousands of workers at aviation contractors to lose their jobs,” said the introduction to the report.

“Documents uncovered during the Select Subcommittee’s investigation show that aviation contractors sought to avoid ‘unnecessary costs’ by terminating employees before executing PSP agreements,” the introduction continued.

In comparison with passenger airlines, “Aviation contractors reported conducting 57,833 layoffs and furloughs prior to applying for PSP assistance—more than 17 times the number reported by passenger air carriers,” the report said.

The Cares Act was approved by Congress on March 27. The report makes a distinction between the 57,833 layoffs and furloughs before PSP applications were filed under the act, and the16,655 layoffs between

UNIVERSITY HEIGHTS, Ohio — Although it is uncertain what lies ahead, the city’s finances are looking a lot better these days after University Heights recently received an additional $461,000 in federal CARES Act money to help it deal with COVID-related expenses.

Gov. Mike DeWine, by signing into law House Bill 614 Oct. 1 allowed for the distribution of an additional $650 million to local governments across Ohio, bringing the total of money distributed to Ohio governments to $1.2 billion. The added $461,000 means that University Heights has now received just over $1.1 million in relief money.

“At first, we didn’t know if we’d get any (CARES Act) money,” said Mayor Michael Dylan Brennan. But, now that the city has been granted the money, Brennan, in his report at the start of Monday’s (Oct. 5) City Council meeting, told of how the aid has significantly closed the gap on what was once a projected $2-million deficit the city faced.

With the added funding, Brennan also plans to pay city employees money they had to forego by working four-day weeks over the course of 20 weeks, beginning in June. Brennan announced at the council meeting that the furloughs, that were to carry on until Oct. 31, were ending earlier than planned.

Initially, when faced with a possible $2-million shortfall, the administration and council worked to reduce the city’s spending by about $1 million. The reduction was made, among other things, by putting off this year’s road repair program, instituting the furloughs, and, due to the pandemic, not having to spend money on opening the city’s pools or in programming summer activities.

“While tax revenues remain down from this point last year,” Brennan reported to council, “for everything we have been through, we are down just 1 percent from this time last

The large hospital operator HCA Healthcare Thursday said it will “return, or repay early” about $6 billion in federal stimulus money from the Coronavirus Aid, Relief, and Economic Security Act, known as CARES.

HCA, one of the nation’s biggest hospital operators, has been performing well financially and earlier this year reported a profit of more than $800 million in its second quarter thanks to CARES Act funds.

The CARES Act was designed to provide relief to providers of medical care who gain reimbursement even if patients have no health insurance coverage. Congress said the money can be used for costs related to treating Covid-19 patients or providers can use it to reimburse for lost revenue related to the pandemic.

In HCA’s case, the hospital operator said it received $1.6 billion in so-called “provider relief fund distributions” and another $4.4 billion in accelerated payments from the Medicare health insurance program for elderly Americans.

But HCA chief executive officer Sam Hazen said Thursday “the initial immediacy of the emergency has passed” so the operator of more than 180 hospitals is ready to give the money back to the government.

“With more information, and more experience managing our operations during the pandemic, we believe returning these taxpayer dollars is appropriate and the socially responsible thing to do,” Hazen said. “We greatly appreciate the CARES Act funding and the policymakers who fought hard to ensure hospitals would have the essential resources during the pandemic.”

HCA in July said it was seeing an increasing demand for elective surgeries that were cancelled or postponed as inpatient facilities across the country freed up space for patients infected with

Exxon Mobil (XOM) has dropped below $35 giving it a current dividend rate of over 10%. That is a substantial distribution but not the main reason to buy because the dividend may indeed be cut as I discussed here “Exxon Mobil Needs Some Good News To Avoid A Dividend Cut”.

I have also written about Exxon when I thought it was overpriced “No Ha-Ha At Doha: Saudi Arabia Raises The Oil-Price Ante, And Exxon’s Credit Takes A Hit” and again when I thought it was a buy “Exxon Mobil: I Told You To Sell At $88, Now I’m Telling You To Buy At $48”.

I was certainly too early when I wrote that last article as Exxon has continued to drop over the last few months. But now at less than $35, I have come to the conclusion (again) that this really is the time to buy.

Here are 5 reasons I think it is time to buy Exxon regardless of what happens to the dividend.

1. The price is below $35 for the first time in 15 years

Well, not counting the 2020 COVID response when it dropped to $31. I see that as an aberration.

Source: macrotrends

That is a long, long chart and would suggest it is up from here assuming, of course, that oil prices recover at least to some degree.

2. How much of the price decline was due to removal from DJIA?

If we look at the price action since the announcement that Exxon was being removed from the Dow Jones Industrial Average (DJIA), we see a strong trend down.

So, how much of this downward trend was due to removal and how much due to oil prices?

As the chart below shows, the price of oil has remained relatively steady while the stock

The money, which came in the form of a tax refund, helped Antero maintain its lucrative cash dividend payments to investors despite a year of economic upheaval. At the end of April, Antero chief executive Paul Rady and President Glen C. Warren Jr. announced the tax windfall and assured investors that “we’re in good shape, and we feel good about it.” Days later, the pair sold $114.8 million of Antero stock, according to Securities and Exchange Commission filings. Last month, Rady sold an additional $46.4 million.

Antero Midstream, a $2.5 billion company, is one of at least 133 corporations that received help this year from the little-noticed provision of the Cares Act. By the end of June, the companies reported receiving more than $5 billion in Cares Act refunds, according to the newsletter Tax Notes. And while the bill did not say anything explicit about a fossil fuel bailout, as many as 30 percent of publicly traded oil and gas companies said in corporate filings they planned to use this tax provision, according to researchers at the University of Chicago who reviewed hundreds of filings made between March and May. Oil and gas companies were substantially more likely to use the credit than other companies, the researchers found.

And for many of them, the law turned into a gusher.

Marathon Petroleum expects to cash in an extra $411 million in tax refunds this year. Oil States International will get $41.2 million, and Oklahoma-based oil and gas producer Devon Energy $96 million. Valero, the nation’s largest oil refiner, will rake in $110 million.

“Like countless other businesses across the country, including the energy sector which was has been hit especially hard by COVID-related market impacts, Antero Midstream openly and transparently utilized pro-job tax policies within the CARES Act aimed at sustaining