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Funny how Goldman Sachs completely misses the entire PPP program, with a total value of $791,242,381,400 as of the latest report from the SBA. Also funny how t
by JamesLeonis 5y ago
Funny how Goldman Sachs completely misses the entire PPP program, with a total value of $791,242,381,400 as of the latest report from the SBA.
Also funny how they missed that 83% of the value of all the 2020-21 Paycheck Protection Program loans were forgiven as of December 19th, 2021 [1]. That's a total value of $653,038,613,899. That's nearly as large as the 2008 bailouts. Even that doesn't tell the whole story because 94% of the 2020 loans alone were forgiven, and 2021 is on track to meet it.
Why only talk about one bailout, GS?
[1]: https://www.sba.gov/sites/default/files/2021-12/2021.12.19_Weekly%20Forgiveness%20Report_Public-508.pdf https://www.sba.gov/sites/default/files/2021-12/2021.12.19_W...
- EGreg 5y agoDo you think EIDL loans would be forgiven since many businesses go out of business in 30 years and have limited liability? How large was that program compared to the PPP?
- refurb 5y agoThis is my hypothesis. Severely reduced spending due to restrictions, combined with massive stimulus/Covid support leaves a lot of people with a lot of surplus dollars. Even lower income people can sock away a few months of expenses and say “nah, I’m not going back to my old job, I’m going to take some time to figure out my next steps”. Hell, I read that Vietnam’s economy was propped up by US Covid support that was sent to Vietnam by relatives. https://e.vnexpress.net/news/life/remittances-help-covid-hit-vietnamese-stay-afloat-4406654.html https://e.vnexpress.net/news/life/remittances-help-covid-hit...
- 999900000999 5y agoWhat a great article, I think much of it has to do with relatives back home being unable to work at all.