PPP Loans & Campaign Finance
Exploring connections between Wyoming's PPP (Paycheck Protection Program) loan recipients and political campaign contributions
Key Finding
404 Wyoming PPP recipients (1.6%) have employees who made campaign contributions. These businesses received a portion of the $1.64 billion in total PPP loans distributed across Wyoming, while their employees/owners contributed $1.05+ million to political campaigns.
Notably, some wealthy families received PPP loans while contributing far more to political campaigns than the loan amounts received (Holding family: 7x ratio, Davis law firm: 2.6x ratio).
About This Data
PPP (Paycheck Protection Program) was created in 2020 to help businesses keep workers employed during the COVID-19 pandemic. The program provided forgivable loans to cover payroll and certain other expenses.
This analysis examines all 25,651 Wyoming businesses that received PPP loans (totaling $1.64 billion) and identifies connections to federal campaign finance activity.
Data Sources:
- SBA PPP Public Data (25,651 Wyoming loans, all amounts)
- FEC Individual Contributions (2001-2026)
- IRS Tax-Exempt Organizations Database
Major Findings
Holding Family (Sinclair Oil)
PPP Loan: HEIR HOLDINGS LLC - $164,220
Campaign Contributions: $1,157,780 (family total)
Contribution-to-Loan Ratio: 7.05x
One of Wyoming's wealthiest families received a PPP loan while contributing over $1 million to political campaigns.
Davis & Cannon LLP (Law Firm)
PPP Loan: $189,490
Campaign Contributions: $493,319
Contribution-to-Loan Ratio: 2.6x
Prominent Wyoming law firm received PPP while partners made substantial political contributions.
Hilde Family (Satellite Industries)
PPP Loans: $441,900 (CHILDERS TRUCKING + TODD CHILDERS)
Campaign Contributions: $328,558+
Contribution-to-Loan Ratio: 1.31x
Multiple PPP loans to related businesses owned by major Wyoming political donors.
97.7% Forgiveness Rate
$1.60 billion forgiven out of $1.64 billion loaned
25,098 loans marked "Paid in Full" (97.8%)
Nearly all Wyoming PPP loans were forgiven, including those to politically-connected businesses and wealthy families.
Explore Wyoming PPP Loans
Filters
Methodology & Data Quality
How Connections Were Identified
- Employer Match (High Confidence): FEC contributors who listed a PPP recipient as their employer
- Name Pattern Match (Medium Confidence): Individual business owners whose names appear in contribution records
- IRS Match (High Confidence): Nonprofit PPP recipients that match IRS tax-exempt organizations with political contributors
Limitations
- Includes all 25,651 Wyoming PPP loans (all amounts from SBA public dataset)
- Business names in PPP data may differ from employer names in FEC data
- Family relationships and business ownership structures require manual verification
- Some connections may be coincidental (common names, unrelated businesses)
Important Notes
- Political connections do not imply wrongdoing or improper loan approval
- Most PPP loans were processed automatically by banks without government review
- The high forgiveness rate was a feature of the program, not an anomaly
- This analysis raises questions about program effectiveness, not individual recipients' legality
Questions for Further Analysis
- Did businesses that truly needed emergency assistance receive priority, or did access favor the politically connected?
- How could wealthy families afford large political contributions while needing "emergency" business loans?
- Did political contributions or connections influence loan approval or forgiveness decisions?
- Should PPP eligibility have considered an applicant's overall wealth and political giving capacity?
- Were there adequate safeguards to prevent wealthy individuals from receiving loans through multiple business entities?