Politics
Coal Snags $31 Million in U.S. Stimulus Loans for Small Business
- Industry got more than $31 million from oversubscribed program
- Critics question wisdom of aid for a troubled industry
Raw coal at Ramaco’s Stonecoal Alma mine near Wylo, West Virginia in 2017.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Stimulus loans meant to help small businesses hurt by the coronavirus pandemic are being doled out to coal companies, stoking criticism from environmentalists that the Trump administration is using the aid to help a preferred industry that was already in financial trouble.
The U.S. Small Business Administration has given more than $31 million in loans from the Paycheck Protection Program to publicly-traded coal mining companies, according to Securities and Exchange Commission filings.