4 ms·

Report him for fraud. That's our money. https://sbax.sba.gov/oigcss/ https://sbax.sba.gov/oigcss/

• ndriscoll 4y ago
  As long as that person had eligible expenses to have the "loan" forgiven, it doesn't look like fraud to me. It looks like the program doesn't care that you would have spent that money on payroll anyway, so by paying part of your expenses, the money you would've spent becomes pure profit. For reference, the documentation requirements that I see talk about demonstrating your expenses, but I don't see anything about demonstrating you actually needed that money and couldn't pay those expenses yourself. Was that a requirement? https://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...
• berkle4455 4y ago
  I'm not sure you understand how PPP worked. It was a forgivable loan in exchange for keeping people on payroll. What the company did with the loaned funds was not part of the agreement, as long as they met the payroll/expense requirements.
• mywittyname 4y ago
  It was not fraud. The rules were followed exactly (to my knowledge). It's just that the rules were not well thought out. The loans should have been loans -- not payoffs. If a business took a loan and still could not pay it back, they should have declared bankruptcy.
  • r00fus 4y ago
    You're correct - the legislation had fraud baked into it since it didn't have any provisions for oversight other than delegating that to a specific office (and the Sec. Treasury at the time - Trump admin appointee Steven Mnuchin - didn't do any oversight). It was entirely a corrupt endeavor and everyone knew it. The subsequent write-offs of the loans was also predictable.