“Dean Phillips, the third wealthiest member of the House of Representatives, took PPP money through one of his businesses despite telling the Star Tribune that he thought it was wrong for members of Congress to take PPP money. Phillips authored the PPP bill. Phillps co-owns the Minneapolis based MyMeds Inc. which received $150,000 to $350,000 through PPP.
“MyMeds, Inc. received the loan in the shadow of Dean recently gloating to Twin Cities Business Magazine that another company he owns, Penny’s coffee, “did not secure a PPP loan…because of my principles.” Apparently, Dean’s “principles” only apply to the small companies he owns.
“Dean’s claim that he was unaware of the loan MyMeds, Inc. received rings hollow given his previous statement regarding the SBA program program that “transparency should be the least of our expectations and anything less is inexcusable.” Likewise, Dean’s financial dealings do not align with his rhetoric that “I expected members of Congress to be forthright and transparent to begin with.”
“Phillips’ MyMeds business was approved for a loan on the first day they were available. Phillips put $100,000 into MyMeds but claims he was unaware they were taking advantage of the bill he authored.
“Either Dean Phillips is so rich he can drop $100,000 into a business and forget about it or he knew exactly how to protect his investment from his perch in Congress.”
For Immediate Release
August 4, 2020
Contact: Jack Tomczak
MINNEAPOLIS, Minn. – Republican Party of Minnesota Chairwoman, Jennifer Carnahan, released the following statement