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They gave business owners a billion dollars in low-interest loans, then immediately forgave them. This was a direct payout too. Even though these funds were s
by mywittyname 5y ago
They gave business owners a billion dollars in low-interest loans, then immediately forgave them. This was a direct payout too. Even though these funds were supposed to be used for paycheck protection (hence the name, Paycheck Protection Program), it seems that a lot of executives used the funds to finance personal bonuses because when it became clear that they wouldn't even need to use them to pay salaries.
That's pretty different from buying up $700MM in government bonds and mortgage-backed securities, because that's something the government generally does anyway, and doing so merely provides liquidity for institutions who serve as intermediaries of these debts.
- chuckee 5y agoStrange how the Paycheck Protection Program didn't directly pay workers who didn't get paychecks, but had to go through their employers instead.
- newbamboo 5y agoIt turns out, businesses contribute to political campaigns. https://www.cbsnews.com/news/planned-parenthood-paycheck-protection-program-loan-controversy/ https://www.cbsnews.com/news/planned-parenthood-paycheck-pro...
- GaryTang 5y agowhich would be wild if at the end of the day politicians didn’t still have the last say
- dntrkv 5y agoThat's what the unemployment was for, and it was quite generous. $1200/month on top of the existing unemployment benefits, plus the stimulus checks. Most low wage workers earned more on unemployment during COVID.
- fzzzy 5y agoDo you have a reference for "immediately forgave them"? I haven't heard that before.
- liveoneggs 5y agohttps://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness https://www.sba.gov/funding-programs/loans/covid-19-relief-o...
- fzzzy 5y agothanks