The Ayn Rand Institute, A Vocal Opponent Of Federal Spending, Took A PPP Loan

by | 5 months ago | Top Stories | 0 comments

Data released by the Small Business Administration on participants in the Paycheck Protection Program revealed that the Ayn Rand Institute received a federal loan amid the coronavirus pandemic, according to Forbes.

  • “The Ayn Rand Institute, named for conservative philosopher Ayn Rand, received a loan of between $350,000 and $1 million,” the magazine reported, which the organization called “partial restitution for government-inflicted losses.”
  • Ayn Rand Institute board member Harry Binswanger said in May that the institute would “take any relief money offered us,” arguing: “It would be a terrible injustice for pro-capitalists to step aside and leave the funds to those indifferent or actively hostile to capitalism.”
  • Reuters noted that in a 1962 essay, Rand wrote of seventeenth century French businessmen: “They knew that government ‘help’ to business is just as disastrous as government persecution, and that the only way a government can be of service to national prosperity is by keeping its hands off.”

Other conservative groups that adamantly oppose government spending also took loans from the program, Forbes noted, including Americans for Tax Reform Foundation and Citizens Against Government Waste, which the publication described as “one of the country’s most prominent anti-government spending organizations and a frequent critic of the CARES Act.”

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