The former U.S. operations of a sanctioned Russian bank, a hedge fund partly owned by one of the biggest private-equity firms in the world and a real-estate developer behind two of Manhattan’s most expensive condominium towers were among the financial firms that benefited from a government program designed to help small businesses weather the coronavirus pandemic.

The entities all received loans under the federal government’s Paycheck Protection Program. Since March, the program has extended about $521 billion out of more…

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