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PPP funds had to be used on employee salaries, and not just highly paid employees.

by e40 2y ago

Workaccount2 2y ago
The company I worked for at the time took a large PPP loan. They never shut down, never sent anyone home, and business that year broke records. So sure, they used it to pay employees, but they also pocketed what they would have used to pay employees.
- steveBK123 2y ago
  Sure and some of this was only obvious in retrospect though. There were companies that would have laid off more people, earlier, for longer. And that wouldn’t have had sales during covid to support the jobs they spent PPP money on. But also huge fraud which was by design. A suboptimal but net positive program. What more could you expect from orange man.
- e40 2y ago
  My company took the funds and didn't die because of it. 100% went to employees.
  - JKCalhoun 2y ago
    That's good to hear.
vasco 2y ago
They sure did: > Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations. > They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program. > https://www.nbcnews.com/politics/justice-department/biggest-fraud-generation-looting-covid-relief-program-known-ppp-n1279664 https://www.nbcnews.com/politics/justice-department/biggest-...
nilamo 2y ago
Yeah, and the multiple new cars that the owner bought were completely coincidental. Seeing the record of one loan forgiven, and then two weeks later a new PPP loan was obtained using the DBA name of the company, and the owners home address so it looked like a different business, and then also seeing the new lambo suv... As much as you claim it had to be used on salaries, it mostly wasn't. That's why it's called fraud.

PPP funds had to be used on employee salaries, and not just highly paid employees.

by e40 2y ago

PPP funds had to be used on employee salaries, and not just highly paid employees.

The company I worked for at the time took a large PPP loan. They never shut down, never sent anyone home, and business that year broke records. So sure, they used it to pay employees, but they also pocketed what they would have used to pay employees.

steveBK123 2y ago
Sure and some of this was only obvious in retrospect though. There were companies that would have laid off more people, earlier, for longer. And that wouldn’t have had sales during covid to support the jobs they spent PPP money on. But also huge fraud which was by design. A suboptimal but net positive program. What more could you expect from orange man.
e40 2y ago
My company took the funds and didn't die because of it. 100% went to employees.
- JKCalhoun 2y ago
  That's good to hear.

vasco 2y ago

They sure did: > Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations. > They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program. > https://www.nbcnews.com/politics/justice-department/biggest-fraud-generation-looting-covid-relief-program-known-ppp-n1279664 https://www.nbcnews.com/politics/justice-department/biggest-...

nilamo 2y ago

Yeah, and the multiple new cars that the owner bought were completely coincidental. Seeing the record of one loan forgiven, and then two weeks later a new PPP loan was obtained using the DBA name of the company, and the owners home address so it looked like a different business, and then also seeing the new lambo suv... As much as you claim it had to be used on salaries, it mostly wasn't. That's why it's called fraud.