Tron has successfully applied for $2m in small business relief from the United States government
TRON and BitTorrent CEO Justin Sun is once again at the center of controversy, after announcing that he had received a $ 2 million loan from the United States government to boost the fight against coronaviruses.
The TRON Foundation has granted assistance of $ 2 million
The current pandemic has wreaked havoc on the U.S. financial markets. Small businesses, in particular, are suffering from the economic closure designed to reduce the spread of COVID-19.
With the wages of hundreds of thousands of workers at risk, the United States government created the Wage Earner Protection Program (PPP) to help small businesses stay afloat. However, the administration of small businesses has had serious problems in ensuring that these funds are distributed correctly.
The reaction of crypto community members
Nearly everyone is dissatisfied with this news. Some people question how Justin Sun’s Tron (TRX) won the grant. The fact that many American businesses have encountered barriers in their fight for federal assistance has made it even more bizarre.
This is how even Justin Sun’s TRON was approved for more than $ 2 million in aid. But, many in the cryptocurrency community find the outstretched hand of the controversial 28-year-old entrepreneur questionable.
While many hard-working Americans struggle with the complicated loan application process and are turned down for no reason, Sun leaves with a huge sum of money.
Literally watching small business folks with 40 years poured into a brick and mortar be denied PPP loans while crypto bros companies walk away with fiat…. https://t.co/KldYVdfeOp
— Zach (@zherring) May 6, 2020
In the same vein, the Director of Sino Global Capital, Matthew Graham, said:
If you are wondering why Justin would want this publicized in China, many people will misinterpret this as some kind of implicit endorsement of Tron from the United States government. From standpoint of completely unethical grifter, a savvy move. https://t.co/zIIc3i2B70
— Matthew Graham (@mattysino) May 6, 2020
If this is true and he got that money he needs to give it back. Now. Right fucking now.
— Key Influencer Mastermind (@KeyMastermind) May 6, 2020
Another Twitter user said:
I don’t see the ground for that. Would be the US operations (who have few dozens employees at best), don’t see any justifications.
— Alexandre Dreyfus (@alex_dreyfus) May 6, 2020
Meanwhile, the U.S. Federal Reserve has been accused of establishing companies that once warned banks not to touch. However, at the time of submitting this report, neither Justin Sun nor Tron Foundation responded to this latest development.
Justin Sun, who is known for his $ 4.5 million dinners with Warren Buffett and the hostile takeover of social network Steem, does not seem to need money to survive the crisis, say, critics, especially if one takes into account its multi-million dollar acquisitions from crypto-related companies like BitTorrent, Kraken, and Steemit.
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