almost three-quarters of its benefits went to unintended recipients, including business owners, creditors and suppliers, rather than to workers
So what I gather. Some Business owners defrauded the Feds and screwed over staff to pay their debts as opposed to paying the staff which was the original intention of the plan. Or publicly stated intention at any rate.
As a PPP recipient I can say that for the first round of loans (mine was tiny) you had to spend 60% on payroll for it to be forgiven. The 2nd round you were able to spend all of it on rent/utilities/etc and still have it forgiven.
If they said 100% had to be used for payroll, then the number they quote would be lower.
I believe that. A former competitor of mine, who probably had 30 employees max, received a PPP loan for $2MM+. Then about 2 months later they dissolved.
Nevada wouldn't let me register for unemployment, they said my account had been fraudulently opened with no payouts. They would reset it with an investigation. Guess what, you have to report via message on their website. No investigation ever opened or completed to this day 1.5 years later. Then I find out many people in the same boat. Guess what we all have in common? We all voted Trump.
I’m trying to figure out how to report my prior employer. Anonymously of course. Several of us have seen on the PPP detective website that $7.4 million was forgiven in April yet the company had the highest profits on record last 2 years (my industry did well during COVID and did not need any PPP money). Just one of MANY reasons I left (along with some others). It’s just criminal and the company needs to be investigated.
So what I gather. Some Business owners defrauded the Feds and screwed over staff to pay their debts as opposed to paying the staff which was the original intention of the plan. Or publicly stated intention at any rate.
Yes because like everything else it's a slush fund.
👆👆👆 This. Because EVERY government payout and project IS A SLUSH FUND!
As a PPP recipient I can say that for the first round of loans (mine was tiny) you had to spend 60% on payroll for it to be forgiven. The 2nd round you were able to spend all of it on rent/utilities/etc and still have it forgiven.
If they said 100% had to be used for payroll, then the number they quote would be lower.
I believe that. A former competitor of mine, who probably had 30 employees max, received a PPP loan for $2MM+. Then about 2 months later they dissolved.
Nevada wouldn't let me register for unemployment, they said my account had been fraudulently opened with no payouts. They would reset it with an investigation. Guess what, you have to report via message on their website. No investigation ever opened or completed to this day 1.5 years later. Then I find out many people in the same boat. Guess what we all have in common? We all voted Trump.
Wow, the 25% percent that did is higher than I would have guessed. Poor planning on their part obviously.
Why would it have? There was no threat of firing squads or hanging from the gallows if it didn't.
I’m trying to figure out how to report my prior employer. Anonymously of course. Several of us have seen on the PPP detective website that $7.4 million was forgiven in April yet the company had the highest profits on record last 2 years (my industry did well during COVID and did not need any PPP money). Just one of MANY reasons I left (along with some others). It’s just criminal and the company needs to be investigated.
My friend lost his business because of the PPP loans. I didn't have any details on why
Oh, what a surprise
Who are you?
I like your handle. No 69 anywhere. Impressive
No block from me