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This article didn't seem to mention one of the darker possible drivers of that spike in people "starting businesses", which was to commit PPP loan fraud.

by teqsun 2y ago

oldpersonintx 2y ago
[dead]
sickofparadox 2y ago
Every time I see an article with a criminal getting sentenced or a local administrator gets accused of wrongdoing I look up whether they had a PPP loan and 9/10 they do. Its a pretty fun game, if a little depressing: https://www.pandemicoversight.gov/ppp-simple-search-landing https://www.pandemicoversight.gov/ppp-simple-search-landing
blitzar 2y ago
They would have needed to start their business in 2019 to execute this particular fraud in 2021. If you have a time machine, I can suggest of a few other, more profitable ways to make money.
- fragmede 2y ago
  If the only solution you can see to a bit of red tape like needing an LLC from 1999 is "having a time machine", you might not be cut out for defrauding the government. Which is probably good. The LLC needed to have been created in 1999, but most tax cheats already have one, since you want to have one for all sorts of tax dodges. In order to buy a (luxury) car for business and claim it on your taxes (which has technically been closed as a loophole, but that's stops no one from trying), you need to have a business to run it through. So PPP loan fraud anyone was only open to anyone who's already shown a propensity to cheat on their taxes already, or anybody not creative enough to figure out how to get the information necessary for a PPP loan for an LLC from 1999 from someone who has one. (hint: there are ways other than a time machine)
  - blitzar 2y ago
    Nevertheless, people did not incorporate companies and employ people in 2022, 2023 & 2024 to get PPP loans in 2021. Fraud exists, bad actors exist. It is not required to literally make up time and space bending scenarios to fit the narrative.

This article didn't seem to mention one of the darker possible drivers of that spike in people "starting businesses", which was to commit PPP loan fraud.

by teqsun 2y ago

This article didn't seem to mention one of the darker possible drivers of that spike in people "starting businesses", which was to commit PPP loan fraud.

oldpersonintx 2y ago

[dead]

sickofparadox 2y ago

Every time I see an article with a criminal getting sentenced or a local administrator gets accused of wrongdoing I look up whether they had a PPP loan and 9/10 they do. Its a pretty fun game, if a little depressing: https://www.pandemicoversight.gov/ppp-simple-search-landing https://www.pandemicoversight.gov/ppp-simple-search-landing

blitzar 2y ago

They would have needed to start their business in 2019 to execute this particular fraud in 2021. If you have a time machine, I can suggest of a few other, more profitable ways to make money.

fragmede 2y ago
If the only solution you can see to a bit of red tape like needing an LLC from 1999 is "having a time machine", you might not be cut out for defrauding the government. Which is probably good. The LLC needed to have been created in 1999, but most tax cheats already have one, since you want to have one for all sorts of tax dodges. In order to buy a (luxury) car for business and claim it on your taxes (which has technically been closed as a loophole, but that's stops no one from trying), you need to have a business to run it through. So PPP loan fraud anyone was only open to anyone who's already shown a propensity to cheat on their taxes already, or anybody not creative enough to figure out how to get the information necessary for a PPP loan for an LLC from 1999 from someone who has one. (hint: there are ways other than a time machine)
- blitzar 2y ago
  Nevertheless, people did not incorporate companies and employ people in 2022, 2023 & 2024 to get PPP loans in 2021. Fraud exists, bad actors exist. It is not required to literally make up time and space bending scenarios to fit the narrative.