Joe Biden slams big corporations as 'greedy as hell' for taking federal stimulus money and says next coronavirus relief package should be 'hell of a lot bigger' than $2trillion

Joe Biden unloaded on corporate America for being ‘greedy as hell’ and slammed the Trump administration for steering billions in coronavirus relief funds to big businesses as the former vice president demanded that the next stimulus be ‘a hell of a lot bigger’ than $2trillion.

Biden, the presumptive Democratic nominee, accused the administration of ‘wasting a hell of a lot of money’ in giving funds to those who don’t need it.

The former vice president also demanded that the next stimulus package include aid to local governments so that they could prevent ‘laying off a hell of a lot of teachers and cops and firefighters.’

In an interview conducted on Friday by POLITICO, Biden echoed many of the criticisms of the government bailout packages heard from the more progressive wing of the Democratic Party.

On Friday, the House of Representatives approved a $484billion economic measure designed to give additional relief to small businesses who have been battered by the coronavirus pandemic.

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Former Vice President Joe Biden (above) slammed the Trump administration over the coronavirus relief packages which provided money to large corporations

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Table: Some of the public companies, listed in order of their market value, who have received loans from the Paycheck Protection Program set up to help small businesses

Lawmakers returned to Washington, D.C. last week to vote on the fourth coronavirus relief bill after it passed through the Senate on Tuesday – following at least two weeks of delay as Democrats blocked the first version of the legislation in order to push for additional funding for state and local governments.

The bill is the latest effort by the federal government to help keep afloat businesses that have had to close or dramatically alter their operations as states try to slow the spread of the virus.

Over the past five weeks, roughly 26 million people have filed for jobless aid, or about 1 in 6 US workers.

The measure passed 388 to 5 in the House – only 35 lawmakers were absent on Thursday, a remarkable low number given the restrictions in place to combat the coronavirus.

The five lawmakers voted against it were a mix of both parties: Democratic Rep. Alexandria Ocasio-Cortez and Republicans Reps. Andy Biggs, Ken Buck, Jody Hice, and Tom Massie. Independent Rep. Justin Amash voted present.

In short remarks on the House floor ahead of the vote, Ocasio-Cortez - who said she represented the 'most impacted district in America' - criticized Republicans for not including more funding.

'It is a joke when Republicans say that they have urgency around this bill,' she said, complaining the opposition was trying to help big companies and not small businesses.

'You are not trying fix this bill for mom & pops.'

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Biden also slammed the administration for a lack of oversight. President Trump is seen above at the White House on Wednesday

She did not say she was voting against the bill but complained it didn't have enough 'rent and mortgage relief for our constituents.'

President Trump signed the legislation into law on Friday.

Biden said on Friday that he doesn’t believe the legislation goes far enough in helping small businesses.

The former vice president said that ‘this is the second time we’ve bailed their a***s out’ – a reference to the 2009 bailout legislation that was signed by the Obama administration after the economic collapse from the year before.

He slammed large banks like Wells Fargo for prioritizing large clients in lobbying for aid in the stimulus packages.

‘We knew from the beginning that the big banks don’t like lending to small businesses,’ Biden said.

‘I’m telling you, though, if Main Street businesses don’t get help, they’re gone.’

Biden also slammed the Trump administration for what he says is a lack of oversight in making sure that the money goes to those who need it.

‘Right now, there’s no oversight,’ he said.

Trump ‘made it real clear he doesn’t have any damn interest in being checked.

‘The last thing he wants is anyone watching that $500 billion going to corporate America, for God’s sake.’

A spokesperson for the Trump campaign, Tim Murtaugh, accused Biden and the Democrats of exploiting the coronavirus crisis to pass a Green New Deal, which would lead to ‘millions of job losses in the energy sector.’

‘Joe Biden helped preside over the worst economic recovery since World War II, so economic advice from him is not exactly a hot commodity,’ Murtaugh said.

The additional funding requested by Democrats was not in the final bill but the president said he was open to having it in a fifth coronavirus relief measure, a piece of legislation already being furiously debated.

Progressive critics of the CARES Act which was passed by Congress in late March said that $500billion of taxpayer funds went to large corporations.

The airline industry received $75billion while aerospace manufacturer Boeing could qualify for as much as $17billion in relief because it is considered a ‘business critical to maintaining the national security.’

Nikki Haley, the former governor of South Carolina who was Trump’s ambassador to the United Nations, resigned from the company’s board of directors in protest after it requested relief money from the government.

While Boeing has struggled financially due to the fallout from the rounding of its 737 MAX fleet, it sits on $24billion in cash, according to USA TODAY.

‘While I know cash is tight, that is equally true for numerous other industries and for millions of small businesses,’ Haley wrote in her resignation letter.

‘I cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over others and relies on taxpayers to guarantee our financial position.

‘I have long held strong convictions that this is not the role of government.’

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Republicans led by Senate Majority Leader Mitch McConnell are not eager to pass more relief bills that could increase the debt burden

Some large corporations received millions of dollars that were supposed to be earmarked for small business.

AutoNation, a Fortune 500 company worth $3billion, received almost $95million in federal small-business funds – almost double the amount of any company that received money through the Paycheck Protection Program.

Last week, the company’s executives said that the board voted to return the funds.

A combined total of $59million from the small business lending package was given to companies headed by Monty Bennett, the owner of luxury properties like the Ritz-Carlton in St. Thomas in the US Virgin Islands.

Big restaurant chains like Potbelly Corp and Ruth’s Chris Steak House also received millions in loans.

Shake Shack, the burger chain which closed 63 of its 120 locations worldwide, returned $10million in loans that it received from the federal government.

In 2019, the company generated $595million in sales and a $20million net profit. 

Ruth's Chris Steak House ended up returning $20million in loans that it received through the PPP.