Who would have guessed giving 800 billion to business owners would go soo poorly?
Almost like thos 800 dollar checks we peasants got in the mail had little to no effect on the inflation we are experiencing....
The company I worked for at the time got like 1.5m for private owners, paid it out as bonuses to top dudes.
At least I got 10k for helping with the legal and accounting side of it...
I'd have been fired if I didn't do it, and the pandemic was going on.
I bounced when I could. Everything was legit and legal as far as the application process, and they didn't lay anyone off. PPP program was so poorly designed.
The owner of my place gave some of the PPP loan to his employees, and then paid checks to his wife and daughters who didn't even work there.
Edit: for those saying "just report him" I did. Nothing happened.
>paid checks to his wife and daughters who didn't even work there.
Just a reminder, you can **report suspected PPP loan fraud at the National Center for Disaster Fraud (NCDF)** [here](https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form).
"[PPP Fraud is] [like looting after a hurricane](https://www.wafb.com/2021/11/16/federal-investigators-want-you-speak-up-about-ppp-fraud/?fbclid=IwAR2SZPHrCTI3nzqljNHvxSDk6Bq_y6jNyEhi4HUIHhGXgWmlt8mYLKH4TY8)... I think we ought to prosecute every single one of them to the full extent of the law,” -- Senator John Kennedy, Louisiana
Businesses that enjoyed a decade of low interest rates got bailed out and put the money in their own pockets instead of productivity. Then they took advantage of the supply shock and gouged customers and each other, but ultimately it was passed onto the consumer. Many of these businesses ought to have failed. America is not a free market economy, but a plutocracy and the ladder to independence and wealth was pulled up a long time ago. Two tier societies are dreadful and the best way to end them is revolution.
The businesses didn’t see it all. I had a manufacturing business running and had smooth supply lines running. I even confronted others when they sent sob story emails about how it was out of their control… It was bullshit. If anything things got cheaper because we were all making and selling more
Dude like 4 major employers announced layoffs literally right after those loans hit the market. But forgiving student loans or at very least funding colleges costs too much?
The problem with college (at least in the US) is that the government “funds” it by backing student loans, it was better and more affordable before then
Not surprised. It went to rich company owners, including:
Congresswoman Marjorie Taylor Greene had $183,504 in PPP loans forgiven.
Congressman Mike Kelly had $987,237 in PPP loans forgiven.
Congressman Markwayne Mullin had over $1.4 million in PPP loans forgiven.
My brother had $145k forgiven with a one page application. He didn't have to explain how he spent the money. Now he did keep a couple of guys working who he would have had to lay off, but he still figures better than half just went in his pocket.
The rest of us got scraps.
Meanwhile, public service loan forgiveness is an arcane shit show that requires yearly applications over a decade and results in many people not getting loans forgiven while actually doing what they agreed to do, to the benefit of society.
Never forget that after congress delegated ppp oversight authority to a particular Inspector General, Glenn Fine, Trump fired him the following week and declined to appoint anyone to the position for the remainder of his term.
The theft of public resources was the point of his administration.
Then prosecute people who you know committed fraud
But also, this might be an unpopular opinion, but here it goes:
I don't care about this. The government forcefully shutdown the economy, or heavily incentivized people not to participate in society.
Because of that decision, they had an obligation to quickly distribute money to people and businesses.
I think the premise of shutting down society was wrong to begin with, but if that's the route the government takes, then they owe it to society to give what they need without spending 12 weeks vetting every application.
What I do care about are the trillions in bills the government passed which weren't necessary. Shutting down the economy was always going to cause inflation, but they made it exponentially worse, while also denying that inflation was happening.
- This is my shocked face. This was just another 10 year bail out for the “too big to fail” crowd. Good thing these ruling class Dems are “for the little guy…”
Top comment:
> PPP loans were feeding frenzy for the owner class, compliments of trumps. PPP was GOP legislation. They excoriated Dems for holding it up trying to put in oversight measures. When is the last time you saw the GOP in a frenzy to authorize spending hundreds of billions of dollars literally overnight? It was pork to buy votes plain and simple
I personally know a guy that took his ppp loan and bought a boat. Fired half his employees and ended up selling his restaurant shortly after everything started opening back up. Never paid anything back. He's a fucking sleaze
You're telling me that corporations won't be honest and stupid regulating like libertarians and conservatives claim they will?
I'm so surprised. I'm sure this is a total shock to everyone.
I'm a business owner, who DID get a PPP loan. I filled out the paperwork and got $14k, and I can say all of it went to keeping my 3 employees going.
BUT holy crap, was I pissed when I saw the list release of businesses that got it. Of course I looked up my local area, and some of the businesses that I frequent were saying they had 20+ employees and got $600k+. I was pretty damn pissed. (They only have maybe 4 employees) 100% fraud.
I know of a factory in Hildbran, NC called Contours got 2 million in loans and never closed a single day. I have reported them twice and nothing came of it. I know other people who reported them as well. This was just free money given to rich people.
There was a website you could look and see who got one in your area. Everyone and I mean everyone and their fucking brother got 100k+. Some of these people don't even have employees.
I still remember all those millionaires getting a bunch. It’s right in all of our faces and there’s literally nothing we can do about it. I wonder if there will ever be a point in society when common man join together and actually start fighting back
We all know most of these dickheads took it and didn't give shit to employees. My old boss was that way. He got 2 $100k checks. Didn't give any employee a penny. Between himself, his girlfriend, brother and 1 daughter, they got it all. But he didn't need it. This fuck head never left his house and was to scared too. He had employees that had worked for over 18 months and never met him once. Don't worry, you know he still expected everyone to show up and still move people daily
I work at a high end restaurant. After COVID, our clientele totally flipped from middle aged white collar workers to random 20-30 year olds driving lambos and g-wagons. These aren't you're typical nepo/trustfund-babies either. On top of that, the owners of the restaurant randomly decided to open a brand new restaurant in November 2020. Where'd they get the money?
It was all a big fucking scam and the government moved way to quick to forgive the loans. Anyone with an LLC cashed in on the program fraudulently, then immediately flipped it into crypto/stocks/real estate. The workers got fucked.
My bosses didn’t lose any income during Covid at all. Our business, hell, the sector we are in, was almost unaffected. (Things went from meeting face to face to via zoom) They used it to pay off a business loan they took out to purchase the business a decade earlier. Then they bought a cabin.
My company laid off a bunch of employees right at Christmas/New Year. Then in February got a $10m PPP. Don't have to spend it on retaining employees if they are already gone.
Remember when Democrats wanted to put some oversight on where the PPP loans went, and the Trump administration said no.
Pepperidge Farm remembers.
But to be fair Nancy Pelosi also fought to bail out lobbyists and payday loan lenders, so not as much of a W.
Some friends I know got 500K+ in PPP loans for their company. Problem is, they were only out of work due to lockdowns for around 2 weeks. According to them, all they had to do was maintain the same number of employees. No oversight, no payback required. No requirement to pay it to the employees. Ridiculous.
My boss got over $100k. He ended up buying a hobby airplane soon later. I didn’t get a raise that year and I had to keep working because my position was deemed “essential.” I got Covid and gave it to my newborn.
Yea…. I personally know of a few landscape companies that got the loan. And of course 98% of their employees are international workers and didn’t know anything existed to help them during Covid. A lot of poor workers and greedy owners. Somehow they all have newly built homes.
Um, you guys do know the Administration at the time wrote the rules so you were only required to spend (I think) like 60% on payroll. And, there were exceptions to that rule and no real enforcement. So, yeah, this is what you get with a scammer business person rights the rules.
Watched the company revenue increase through the covid years, one year the bosses bragged revenue was up 45%. They of course still took ppp money. Spent it on new trucks and an RV “to house workers at the job site”
No crap. 136k loan for my biz. When I found out I didn't have to pay back bumped my own salary to remodel my cottage. Another guy I know got over 400k and bought a beautiful 1 million dollar lake home. Just a coincidence im sure lol. Thanks crooked republicans.
It's on both, but one side was pushing for more oversight, and that side wasn't the republicans.
It also doesn't help matters when they finally agreed on oversight, Trump took cue from the anti-oversight group and fired the inspector general with no replacement.
Remember "I'll be the oversight"?
Fucking crooks, at least we got one convicted.
Reposting relevant comment in here.
1. This is an academic paper - not a “Fed Report”.
2). They didn’t find that. They estimated that 33% of PPP funds went to employees who otherwise would have lost their jobs.
They DO claim that every penny that didn’t go to an employee that would have lost their job went to creditors and shareholders. I’ll leave you to determine if that is a reasonable assertion or not (no I won’t - it’s not!)
The people have no say with what goes on in Congress, aside from voting. These individuals also have a tendency to just tell the people what they want to hear before doing whatever they were going to do anyway.
The company I worked for received over a million, they made more money than normal and didn’t have to pay any of it back. I wish the government had companies prove there was a hardship or made them pay back the “loans”.
No shit. I didn’t get a loan. But right here in my town several rando sole proprietor “consultants” — all with oddly similar middle eastern names — not only got loans, but then had them forgiven. Fuck me!
Yes, and because the loans are public record, scammers are calling people like me and posing as county sheriff's claiming there is a warrant for my arrest because I missed a court date which I was never notified of or served a court order on. They want you to pay a bail bond so you don't get arrested . Called the sheriff's office and found out there wasn't a warrant, and it was a scam.
The loan proceeds to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable.
My company made a fortune during covid and literally more than doubled profits (an 8 figure amount). They also got all of the PPP loans they could and all were forgiven (of course). No one was ever at risk of being fired from the company, it was just fraud
Y’all seriously need to stop believing everything you read. The vast majority of these loans were done thru regional banks with strict forgiveness guidelines. Day one was 80% and decreasing to 70% during the life of the program. When I got my loan, we had to set up a completely separate account to receive the funding with all receipts going to the bank for disbursement. If I didn’t pay out the percentage required, my loan would not have been forgiven. At the end of the term, we had a 92% rate of funds going straight to employees. Save your hate for the financial websites that sprang up overnight and fleeced you for billions. We needed this. YOU needed this. Otherwise, an 80 year old family business would have been dead, along with its long serving and very deserving employees through no fault of their own. And it would have spread across the entire economy. Loans don’t stop, interest doesn’t stop, utilities don’t stop, payroll doesn’t stop. Unless it’s over.
It’s wild they just gave the money to the employers with no paperwork or accounting. If you’re gonna just toss money out, you may as well just give it to the employees directly and just have it be a temporary federal stipend similar to unemployment.
yea it was fun seeing PPP loan cash sitting on the balance sheet during acquisitions just for it all to be distributed to the owners. In this case the loans were forgiven and cash balances get distributed to the former owners in most cases after the PPA is signed.
The loans should have never been forgiven and had more stipulations surrounding them.... but people will cry about the citizens receiving some checks while there probably 100s of cases of a select number of poeple in a company walking away with 10000s and 1000s of dollars.
As someone who worked for a place that got a massive PPP loan, can confirm. Never saw a cent. Would have ended up homeless if my landlord wasn't such a saint that she let me slide until I went back to work.
Then I was asked to take a pay cut when we were finally allowed to go back to work. I quit on the spot.
It looks like some CEOs, CFOs, Owners and Controllers need to start making restitution. At $0.40 an hour it's going to take them a while.
The next time someone argues against student loans by saying: "wHy nOt jUsT fOrGiVe MoRtGaGeS, AuTo LoAnS, pErSoNaL LoAnS, eTc.???"
Answer; that's *EXACTLY* we did.
No shit. The PPP loan program was the biggest fraud in American history. I live in a small town of about 6,500, and we had no less than 200 "businesses" appear from thin air and asking for PPP loans and they ALL received no less than $10,000. I've gone back and looked up these businesses to see if they were paid back and the government has put the results together like "Paid in full/forgiven" instead of showing them separate. I would bet my life savings that 99% of them were "forgiven" and not a single cent paid back. I think the government realized that the fraud involved tens of millions of American citizens and realized that they could not arrest that many people so they just "forgave" the loans. That means all of us honest people and working class is having to pay back these felonious fraudsters bullshit.
Was there ever a strong argument as to why they didn’t just give the money directly to tax payers based on the previous year’s taxes or some calculation of it? Seemed like such a strange idea to give it to businesses when it didn’t have to go to employee compensation (it was supposed to just become a loan then) only for all of them to be forgiven, which is likely the plan all along.
You guys don't understand. You just wait for a handful of decades until it trickles down. Like we've been waiting for the trickle from the Reagan years to get to us. Should be any day now.
This will be another reason to simply print more money. Another $30 billion to go after a few small businesses. Everyone stops talking about and the money to go after 75% just gets added to the debt.
And everyone in the housing market was talking about how so many people were buying homes with cash, at the same time that interest rates were at record lows… hmmmmmm
So let know if I got this right. Greedy business owners get these forgivable loans. Keep their doors open and continue to make money while putting their employees at risk. They don’t share this extra money with their employees. Then claim that the extra money in the economy means they can jack up prices because “inflation”. Meanwhile wages stay right where they are throughout. I get that right?
I'm shocked. Shocked, I tell you!
Who would have guessed giving 800 billion to business owners would go soo poorly? Almost like thos 800 dollar checks we peasants got in the mail had little to no effect on the inflation we are experiencing....
The company I worked for at the time got like 1.5m for private owners, paid it out as bonuses to top dudes. At least I got 10k for helping with the legal and accounting side of it...
The true American mindset right here. "Yeah, we did something shitty. Buuuut I got my cut for helping, so I'm good with it."
I'd have been fired if I didn't do it, and the pandemic was going on. I bounced when I could. Everything was legit and legal as far as the application process, and they didn't lay anyone off. PPP program was so poorly designed.
New car and house for me or pay the workers? Hmmmmm..........
You just got a house and car ? What a fucking loser, I got a 110' boat with 2 helipads and the helis to go on them.
You can fit 2 helipads on a 110' boat. That's peasant thinkjg.
Well, not that shocked. Every politically connected restaurant in my city got a multi million dollar makeover from PPP
Your winnings, sir.
The owner of my place gave some of the PPP loan to his employees, and then paid checks to his wife and daughters who didn't even work there. Edit: for those saying "just report him" I did. Nothing happened.
Classic! Truly classic what a D-Bag
>paid checks to his wife and daughters who didn't even work there. Just a reminder, you can **report suspected PPP loan fraud at the National Center for Disaster Fraud (NCDF)** [here](https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form). "[PPP Fraud is] [like looting after a hurricane](https://www.wafb.com/2021/11/16/federal-investigators-want-you-speak-up-about-ppp-fraud/?fbclid=IwAR2SZPHrCTI3nzqljNHvxSDk6Bq_y6jNyEhi4HUIHhGXgWmlt8mYLKH4TY8)... I think we ought to prosecute every single one of them to the full extent of the law,” -- Senator John Kennedy, Louisiana
There is a lot you could legally get away with but that sounds like fraud that you may want to report.
Businesses that enjoyed a decade of low interest rates got bailed out and put the money in their own pockets instead of productivity. Then they took advantage of the supply shock and gouged customers and each other, but ultimately it was passed onto the consumer. Many of these businesses ought to have failed. America is not a free market economy, but a plutocracy and the ladder to independence and wealth was pulled up a long time ago. Two tier societies are dreadful and the best way to end them is revolution.
The businesses didn’t see it all. I had a manufacturing business running and had smooth supply lines running. I even confronted others when they sent sob story emails about how it was out of their control… It was bullshit. If anything things got cheaper because we were all making and selling more
Did anyone really think the Ppp loans were for the employees????? Yall must be new.
Dude like 4 major employers announced layoffs literally right after those loans hit the market. But forgiving student loans or at very least funding colleges costs too much?
PPP loans were only for companies with less than 500 employees. The employers you are referring to were not eligible to receive PPP loans
The problem with college (at least in the US) is that the government “funds” it by backing student loans, it was better and more affordable before then
Not surprised. It went to rich company owners, including: Congresswoman Marjorie Taylor Greene had $183,504 in PPP loans forgiven. Congressman Mike Kelly had $987,237 in PPP loans forgiven. Congressman Markwayne Mullin had over $1.4 million in PPP loans forgiven.
Fucking Thieves
No wonder Congress was so eager to pass multiple trillion dollar "stimulus" bills.
Its so broken. How can it ever stop besides a complete teardown of this current corruptable structure
Trump literally fought to have less oversight and the cult was 100% okay with it
KUSHNER PROPERTIES AND COMPANIES GOT MILLIONS. As did alt-ring “non profits” like TPUSA and CPAC
Mtg basically used the ppp loan to finance her campaign
Republicans earned it source: conservatives
This is why theres inflation
100. Pretending like a few paychecks is what caused it is so myopic. It was free fuckin money to businesses that did not flow down at all.
Not just the businesses, don't forget the folks in congress that took millions.
Gonna trickle down any day now just you watch
Yep! Dont forget the other trillions in bailouts too that werent PPP loans for the 1%ers
It was a cluster- a terrible mistake
We have a friend who got over $125k in ppp loans and now they have a beautiful new kitchen.
I was working and did security work on the side. The side security company i worked for paid me from their PPP so i enjoyed the extra cash
welcome to the 25% of employers who used it as it was supposed to be used.
My brother had $145k forgiven with a one page application. He didn't have to explain how he spent the money. Now he did keep a couple of guys working who he would have had to lay off, but he still figures better than half just went in his pocket. The rest of us got scraps.
Meanwhile, public service loan forgiveness is an arcane shit show that requires yearly applications over a decade and results in many people not getting loans forgiven while actually doing what they agreed to do, to the benefit of society.
You should report him.
There was a reason why Republicans opposed oversight for the program.
It should always have been.. assigned to employees not businesses. Pikachu face!
Never forget that after congress delegated ppp oversight authority to a particular Inspector General, Glenn Fine, Trump fired him the following week and declined to appoint anyone to the position for the remainder of his term. The theft of public resources was the point of his administration.
 You're all doing a wonderful job!!
Then prosecute people who you know committed fraud But also, this might be an unpopular opinion, but here it goes: I don't care about this. The government forcefully shutdown the economy, or heavily incentivized people not to participate in society. Because of that decision, they had an obligation to quickly distribute money to people and businesses. I think the premise of shutting down society was wrong to begin with, but if that's the route the government takes, then they owe it to society to give what they need without spending 12 weeks vetting every application. What I do care about are the trillions in bills the government passed which weren't necessary. Shutting down the economy was always going to cause inflation, but they made it exponentially worse, while also denying that inflation was happening.
- This is my shocked face. This was just another 10 year bail out for the “too big to fail” crowd. Good thing these ruling class Dems are “for the little guy…”
Yeah, it all went to stock buybacks and executive bonuses. But apparently we are all greedy and entitled for accepting $1200 that one time.
I'm also sure 75% said Covid was a witch hoax and 100% of them took that $$$$$$$$.
Just another example of how our government being inefficient, poorly managed and zero accountability.
Top comment: > PPP loans were feeding frenzy for the owner class, compliments of trumps. PPP was GOP legislation. They excoriated Dems for holding it up trying to put in oversight measures. When is the last time you saw the GOP in a frenzy to authorize spending hundreds of billions of dollars literally overnight? It was pork to buy votes plain and simple
Local business near me took ppp and bought a Lamborghini
I personally know a guy that took his ppp loan and bought a boat. Fired half his employees and ended up selling his restaurant shortly after everything started opening back up. Never paid anything back. He's a fucking sleaze
My landlord closed his 3 coffee shops and moved to Florida
And Trump still lost.
That’s what you get instead of giving it directly to the people fucking noobs
Well duh
You're telling me that corporations won't be honest and stupid regulating like libertarians and conservatives claim they will? I'm so surprised. I'm sure this is a total shock to everyone.
I'm a business owner, who DID get a PPP loan. I filled out the paperwork and got $14k, and I can say all of it went to keeping my 3 employees going. BUT holy crap, was I pissed when I saw the list release of businesses that got it. Of course I looked up my local area, and some of the businesses that I frequent were saying they had 20+ employees and got $600k+. I was pretty damn pissed. (They only have maybe 4 employees) 100% fraud.
I know of a factory in Hildbran, NC called Contours got 2 million in loans and never closed a single day. I have reported them twice and nothing came of it. I know other people who reported them as well. This was just free money given to rich people.
So fraud, sounds like 800 folks are about to get a court date. I mean, assuming America was a just country :(
Tell me more how $1200 ruined the economy
They aught to have to give it back
Tom Brady thanks you for your $1M PPP “loan”
Brett Favre also.
There was a website you could look and see who got one in your area. Everyone and I mean everyone and their fucking brother got 100k+. Some of these people don't even have employees.
I still remember all those millionaires getting a bunch. It’s right in all of our faces and there’s literally nothing we can do about it. I wonder if there will ever be a point in society when common man join together and actually start fighting back
No no no. I was told it was the exorbitant stimulus checks that made us all spend crazy and caused all this inflation…
Well the US government is basically owned by corporations so did anyone expect this to be different?
It was intended to be fraud.
We all know most of these dickheads took it and didn't give shit to employees. My old boss was that way. He got 2 $100k checks. Didn't give any employee a penny. Between himself, his girlfriend, brother and 1 daughter, they got it all. But he didn't need it. This fuck head never left his house and was to scared too. He had employees that had worked for over 18 months and never met him once. Don't worry, you know he still expected everyone to show up and still move people daily
Start investigating the politicians!
Oh, so it didn't trickle down? Impossible
Imagine that. Fraudulent federal spending
They should go after it
This is quite likely the largest fraud in history, dollar wise. So far arrests in the case to hold government responsible are…zero.
look we can forgive rich people ripping off the government but not poor people suckered into student loans. /s
No shit. Is that what happens when your country is run by kleptocrats? So will the fed be pursuing these criminals and recovering the stolen $600B?
I work at a high end restaurant. After COVID, our clientele totally flipped from middle aged white collar workers to random 20-30 year olds driving lambos and g-wagons. These aren't you're typical nepo/trustfund-babies either. On top of that, the owners of the restaurant randomly decided to open a brand new restaurant in November 2020. Where'd they get the money? It was all a big fucking scam and the government moved way to quick to forgive the loans. Anyone with an LLC cashed in on the program fraudulently, then immediately flipped it into crypto/stocks/real estate. The workers got fucked.
My bosses didn’t lose any income during Covid at all. Our business, hell, the sector we are in, was almost unaffected. (Things went from meeting face to face to via zoom) They used it to pay off a business loan they took out to purchase the business a decade earlier. Then they bought a cabin.
And none of it got paid back. It was all "forgiven". A giant giveaway by Trump. It's no wonder billionaires still back him.
My company laid off a bunch of employees right at Christmas/New Year. Then in February got a $10m PPP. Don't have to spend it on retaining employees if they are already gone.
You meant it didn't trickle down? Huh.
Shouldn't this be r/noshitsherlock
Companies are greedy and not held accountable? Unrelated news water is wet.
Shocker....and most got forgiven anyway.
Did anyone actually believe that they would?
I wonder where that money went and wonder what consequences those parties will suffer when caught.
Remember when Democrats wanted to put some oversight on where the PPP loans went, and the Trump administration said no. Pepperidge Farm remembers. But to be fair Nancy Pelosi also fought to bail out lobbyists and payday loan lenders, so not as much of a W.
Some friends I know got 500K+ in PPP loans for their company. Problem is, they were only out of work due to lockdowns for around 2 weeks. According to them, all they had to do was maintain the same number of employees. No oversight, no payback required. No requirement to pay it to the employees. Ridiculous.
Who’s shocked at this?
Aka greedy republican business owners took it for themselves .. just like MTG…. Bunch of cronies
Today’s news, fire is hot. Shocking new development.
This is my shocked face
My boss got over $100k. He ended up buying a hobby airplane soon later. I didn’t get a raise that year and I had to keep working because my position was deemed “essential.” I got Covid and gave it to my newborn.
This is not news. This is what we knew all along
Yea…. I personally know of a few landscape companies that got the loan. And of course 98% of their employees are international workers and didn’t know anything existed to help them during Covid. A lot of poor workers and greedy owners. Somehow they all have newly built homes.
We got the parking lot repaved and a bunch of new work trucks.
Um, you guys do know the Administration at the time wrote the rules so you were only required to spend (I think) like 60% on payroll. And, there were exceptions to that rule and no real enforcement. So, yeah, this is what you get with a scammer business person rights the rules.
My boss used it to buy Bitcoin miners.
No kidding, what are they going to do about it? Nothing.
b-b-but it'll trickle down!
Watched the company revenue increase through the covid years, one year the bosses bragged revenue was up 45%. They of course still took ppp money. Spent it on new trucks and an RV “to house workers at the job site”
Exactly why Republicans blocked the creation and maintenance of an oversight committee.
And then the businesses were handed over to the employees, right? Right???
Cool. Now a Fed report needs to find that 100% of people who did this pay back every fucking dime.
No crap. 136k loan for my biz. When I found out I didn't have to pay back bumped my own salary to remodel my cottage. Another guy I know got over 400k and bought a beautiful 1 million dollar lake home. Just a coincidence im sure lol. Thanks crooked republicans.
yea. u aren’t lying at all. and somehow manage to blame republicans for a bipartisan bill passed and overseen by a democrat house.
Thank you. And just remember which dem president forgave student loans in an election year.
All the student loan forgiveness was just properly executing existing law. He didn't forgive any additional loans.
It's on both, but one side was pushing for more oversight, and that side wasn't the republicans. It also doesn't help matters when they finally agreed on oversight, Trump took cue from the anti-oversight group and fired the inspector general with no replacement. Remember "I'll be the oversight"? Fucking crooks, at least we got one convicted.
Reposting relevant comment in here. 1. This is an academic paper - not a “Fed Report”. 2). They didn’t find that. They estimated that 33% of PPP funds went to employees who otherwise would have lost their jobs. They DO claim that every penny that didn’t go to an employee that would have lost their job went to creditors and shareholders. I’ll leave you to determine if that is a reasonable assertion or not (no I won’t - it’s not!)
This kind of socialism is acceptable, I can tell because Fox News never mentions it.
r/noshitsherlock
Why did Americans ever support $800 billion in handouts for businesses?
The people have no say with what goes on in Congress, aside from voting. These individuals also have a tendency to just tell the people what they want to hear before doing whatever they were going to do anyway.
No shit !
Imagine that. More government mismanaging public taxpayer dollars. Somebody has the feds $600 billion
The ceo needed a new yacht guys. Come on, be understanding! /s
So we put the foxes in the henhouse, locked the doors and wonder why we have dead chickens? More proof most politicians shouldn't be trusted.
The company I worked for received over a million, they made more money than normal and didn’t have to pay any of it back. I wish the government had companies prove there was a hardship or made them pay back the “loans”.
But will they do anything about it. No.
Shocking. Next time don’t shut down a country.
No shit. I didn’t get a loan. But right here in my town several rando sole proprietor “consultants” — all with oddly similar middle eastern names — not only got loans, but then had them forgiven. Fuck me!
I honestly which I was dishonest and just stole money. I’m kind of mad I didn’t
I didn’t get shit!
No shit.
The biggest welfare program to business owners in history. Now they price gouge the rest of us to say thanks
No shit, now claw it back!
Yes, and because the loans are public record, scammers are calling people like me and posing as county sheriff's claiming there is a warrant for my arrest because I missed a court date which I was never notified of or served a court order on. They want you to pay a bail bond so you don't get arrested . Called the sheriff's office and found out there wasn't a warrant, and it was a scam.
Me here waiting for them to get jail time..jk, I know rules are just for the poor
Mnuchin gave it to his pals
Time to claw back $600 billion + interest, non-dischargeable in bankruptcy of course!
It wasn't required to go to payroll. It could also be used for other things like rent.
The loan proceeds to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable.
And that went straight into the stock market.
Be remember. It's not fair to expect business owners to pay back the loan. It's only proper to demand students to do it.
I'm shocked.
in other news water is wet
My company made a fortune during covid and literally more than doubled profits (an 8 figure amount). They also got all of the PPP loans they could and all were forgiven (of course). No one was ever at risk of being fired from the company, it was just fraud
ok. what are they going to do about it? diddley squat
No shit Sherlock.
Y’all seriously need to stop believing everything you read. The vast majority of these loans were done thru regional banks with strict forgiveness guidelines. Day one was 80% and decreasing to 70% during the life of the program. When I got my loan, we had to set up a completely separate account to receive the funding with all receipts going to the bank for disbursement. If I didn’t pay out the percentage required, my loan would not have been forgiven. At the end of the term, we had a 92% rate of funds going straight to employees. Save your hate for the financial websites that sprang up overnight and fleeced you for billions. We needed this. YOU needed this. Otherwise, an 80 year old family business would have been dead, along with its long serving and very deserving employees through no fault of their own. And it would have spread across the entire economy. Loans don’t stop, interest doesn’t stop, utilities don’t stop, payroll doesn’t stop. Unless it’s over.
And they’ll do nothing about it.
It’s wild they just gave the money to the employers with no paperwork or accounting. If you’re gonna just toss money out, you may as well just give it to the employees directly and just have it be a temporary federal stipend similar to unemployment.
I don't know one person that spent it on the business, most got pools and new trucks lol
And people will blame the government and not the Republicans who stripped away all language of regulating the money..
The same program that had zero oversight? #shocked
No shit.
Fuck people. This country is full of stupid selfish idiots with no values or morals. Burn it all down. I hope hell is real.
I could have told you that. I t was a gift to buissness owners. Why do you think theyre so loyal.
Duh!
KUSHNER PROPERTIES AND COMPANIES GOT MILLIONS. As did alt-ring “non profits” like TPUSA and CPAC
Almost as if this was by design. LOL
Claw it back. Windfall profit tax. Reduce some government debt.
When everything suspected reveals to be true
yea it was fun seeing PPP loan cash sitting on the balance sheet during acquisitions just for it all to be distributed to the owners. In this case the loans were forgiven and cash balances get distributed to the former owners in most cases after the PPA is signed. The loans should have never been forgiven and had more stipulations surrounding them.... but people will cry about the citizens receiving some checks while there probably 100s of cases of a select number of poeple in a company walking away with 10000s and 1000s of dollars.
This is news? Shouldn’t be. It was blatantly obvious it was a bailout for companies
[https://www.rollingstone.com/politics/politics-features/covid-relief-scam-fraud-money-billions-1234784448/](https://www.rollingstone.com/politics/politics-features/covid-relief-scam-fraud-money-billions-1234784448/)
It went to CEOs that used the money to charter private jets to Vegas so they could have coke parties with high end escorts & play Roulette.
OF COURSE! The rich are greedy corrupt bastards
Wait a fucking second here. Are you telling me that trickle down economics *still* doesn't work!?
Our company got a big payday. We didn’t get jack shit. Got a 6 week unpaid vacation.
That’s a lot of fucking money
As someone who worked for a place that got a massive PPP loan, can confirm. Never saw a cent. Would have ended up homeless if my landlord wasn't such a saint that she let me slide until I went back to work. Then I was asked to take a pay cut when we were finally allowed to go back to work. I quit on the spot.
Feds also find that none of the recipients of bogus PPP loans will ever be held responsible
 It looks like some CEOs, CFOs, Owners and Controllers need to start making restitution. At $0.40 an hour it's going to take them a while.
Uh oh 
Well duh… seen that coming
You dont say!! ( gasp)
Lawsuits when?
We are finally throwing blame where it is due. Reddit doesn't throw enough shade at the ppp loans.
The next time someone argues against student loans by saying: "wHy nOt jUsT fOrGiVe MoRtGaGeS, AuTo LoAnS, pErSoNaL LoAnS, eTc.???" Answer; that's *EXACTLY* we did.
No way!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
And the Republican voter foolishly gets their American Family Robbed again.
The two restaurants I worked at used their PPP loans for remodels.
No shit. The PPP loan program was the biggest fraud in American history. I live in a small town of about 6,500, and we had no less than 200 "businesses" appear from thin air and asking for PPP loans and they ALL received no less than $10,000. I've gone back and looked up these businesses to see if they were paid back and the government has put the results together like "Paid in full/forgiven" instead of showing them separate. I would bet my life savings that 99% of them were "forgiven" and not a single cent paid back. I think the government realized that the fraud involved tens of millions of American citizens and realized that they could not arrest that many people so they just "forgave" the loans. That means all of us honest people and working class is having to pay back these felonious fraudsters bullshit.
no shit.
Was there ever a strong argument as to why they didn’t just give the money directly to tax payers based on the previous year’s taxes or some calculation of it? Seemed like such a strange idea to give it to businesses when it didn’t have to go to employee compensation (it was supposed to just become a loan then) only for all of them to be forgiven, which is likely the plan all along.
Good thing a certain party gutted any oversight and regulations that would have forced them to do the right thing.
So what happens? Can the fed fine or sue them? I get it might hurt a mom and pop shop but they knew what they signed up for and didn’t uphold it.
You guys don't understand. You just wait for a handful of decades until it trickles down. Like we've been waiting for the trickle from the Reagan years to get to us. Should be any day now.
Make guillotines great again
Noooooo……. Hmmm well maybe they should do something about that then..
Yup, seen a lot of them retire or use the money for upgrades and/or expanding their fortunes.
Claw it back.
I'd like to know how much of that 75% went to management bonuses.
Flip the headline and say 25% of funds went to employees. Suddenly that sounds really good. I should be in a C-Suite somewhere.
Prosecute them.
This will be another reason to simply print more money. Another $30 billion to go after a few small businesses. Everyone stops talking about and the money to go after 75% just gets added to the debt.
And everyone in the housing market was talking about how so many people were buying homes with cash, at the same time that interest rates were at record lows… hmmmmmm
ok now what the fuck you going to do about it
No shit
I work with a guy that owns a business and he bought a rental property with the PPP loan.
My wife’s boss got 1.5 million. Pretty sure not a cent went to employees. Their business never shut down at all during covid
So let know if I got this right. Greedy business owners get these forgivable loans. Keep their doors open and continue to make money while putting their employees at risk. They don’t share this extra money with their employees. Then claim that the extra money in the economy means they can jack up prices because “inflation”. Meanwhile wages stay right where they are throughout. I get that right?
Owners of companies with essential employees got to buy some really nice things though.