Almost all the loan availability were spoken for within hours. The grifters got there first, and the people who really needed the help often got stiffed. The Catholic Church took PPP loans and used it to pay off all the lawsuits from their priests raping kids.
I’d posit that $3.5m is a drop in the bucket when compared to the $600 _billion_ budget of the program itself. Linking to a law firm blog isn’t doing any favors if you’re trying to present yourself as objective here.
It seems disingenuous and pretty transparently ideologically motivated to try and make a shaky connection to pastor abuse, truthfully I think you can do better.
>and the people who really needed the help often got stiffed.
Just one anecdata, but we (family business) were "people who really needed the help" and got approved for PPP, both times. You needed to be fairly timely on applying because of the absurd demand, though.
We had to file paperwork including our payroll, income/loss sheets and more with our bank (not SBA) who actually did most of the groundwork because any PPP loan not forgiven is on the bank's dime.
I thought the free market was important, but you seem to just want handouts. Shouldn’t your business have failed if it wasn’t resilient? Why was your family business more important than any of the families who lost everything during covid? What hypocrites you MAGA folks are!
In my experience the louder someone claims to be for the "free market" the more they are actually aligned with the "privatize the profits, socialize the losses" mindset when you observe what they do rather than what they say.
Your premise is flawed because the free market was corrupted by government-ordered shutdowns. PPP is compensation for that. You can't maintain entire payrolls with quite literally next to no revenue without external cash infusions.
In case you weren't aware, PPP stands for Paycheck Protection Program and the monies disbursed by it are only to compensate for payroll expenses during the specified timeframe. Forgiveness also requires resubmission of payroll and other financial documents at time of forgiveness application to prove the PPP money was used for payroll and noone was fired without cause.
PPP does not and could not make up for a fundamentally flawed business model, all it did was compensate for paycheck expenses that could have been impacted by top-down forced shutdowns, particularly since small businesses by their nature usually can't handle wholly unexpected adversities well.
Your overt mischaracterization of PPP is one of many things that made me vote for Trump, by the way. Fake news sensationalism can die in a fire.
You people always have an excuse for why your handouts are valid but everyone else is a lazy pile of shit. Literally, every time you guys talk it’s, “laws for thee, but not for me!”
The purpose of running the money through employers via PPP was to ensure the socioeconomic rankings didn’t change, so that employees still needed their employers.
Giving everyone more cash with no strings attached would have given them more negotiating power against employers.
Or it was because employees need jobs a lot more than they need $2,500, so if everyone got $2,500 and lost their job, employees would be screwed in like 3 months.
Profit may not trickle down like you hope but pain sure does.
More accurately, it was to preserve employment relationships.
Historically, once mass layoffs happen, they are contagious. Once unemployment rates rise, companies plan to cut costs to ride out a recession.
Also, once employees are unemployed for an extended period of time (something like 9+ months), their odds of finding similarly paying work drop permanently.
It was in everybody’s best interest to reduce the employer-employee churn.
Absolutely. The weird strain of Marxism running through our country these days sort of imagines a bunch of politicians sitting around going "ok, we have to keep the fat cats fat so they keep giving us illegal stock tips we can abuse for our own profit". And not that that never happens, but it seems like in the middle of the depths of the Covid pandemic, they just wanted to not add economic depression to the list of problems we had.
And sure, the when the government transfers large amounts of money it's like moving water with a leaky bucket and in this case maybe a colander, but I'd rather be sitting here 5 years later complaining about fraud than a depression.
