Nearly All Are Forgiven in the Paycheck Protection Program – IOTW Report

Nearly All Are Forgiven in the Paycheck Protection Program


An NPR analysis of data released on Jan. 8 by the Small Business Administration found that 92% of the loans issued [bold added] have been granted full or partial forgiveness. That includes loans to companies with mega-rich owners.

“The PPP program seems to have resulted in billions of dollars of fraudulent loans that have ultimately turned into grants,” said Samuel Kruger, an assistant professor of finance at the University of Texas at Austin who co-authored a paper estimating that $64 billion of the nearly $800 billion in loans issued show signs of fraud, such as suspiciously high payrolls and multiple businesses listed at the same home address.

The SBA disputes those findings, but its own inspector general has estimated that at least 70,000 loans are potentially fraudulent. An unknown additional number of loans went to companies that didn’t need PPP funding to survive the pandemic. Payout

Unbelievable, there’s still money left in the program to steal. Giveaway

The program is so wrought with fraud inmates at Joliet prison were getting “Triple P” loans. Upwards of 50 works in the Cook County Clerk office apparently moonlight side businesses that qualified for PPP loans.

12 Comments on Nearly All Are Forgiven in the Paycheck Protection Program

  1. The only businesses I know the participated in the bull shit didn’t need the money. And they were smart enough to know they would not be required to pay it back. A few got millions.

  2. A big financial transition on its way and it’ll be painful for most even though the outcome won’t be what the deep state expected to occur.

    False Flag incoming, I suspect.

  3. And now Milwaukee County wants to forgive (pay off) medical bills for the ‘disproportionately affected’. To do so, they give 1.6 million to two guys for the purpose of negotiating the past due bills to a lower rate and then pay them off with yet additional money from the Feds.
    What could possibly go wrong with this?

  4. Brad, I know a guy who owns an auto parts chain, he got it and he spent his on his hobbies. Auto parts stores were not shut down, they were considered “essential.”
    A HVAC company I know who also were considered “essential” got it, he spent his on a new race boat.
    Even Markwayne Mullins plumbing/hvac company got it, who knows what he spent his on?

    We own a business and people kept telling us to apply, but I refused to do so. I didn’t think it was right and I still don’t.

  5. Old Racist White Woman
    On three occasions we’ve actually had people stop by the shop claiming for 10% they’ll fill out all the paperwork and guarantee we get the money. Just to damn underhanded for me. What a racket.

  6. Just like many of us, I have friends that claim to be conservatives that couldn’t wait to get in line for free money. And they didn’t need it, they were going gangbusters. It’s damn tough to beat Santa Claus, no matter when he shows up.

  7. My wife is the brains here, I foolishly asked her, “are you applying for PPP loans?”. Talk about getting an earful. And I was agreeing with her. I didn’t want anything to do with those. I guess I was her closest target, good thing it was only words, I’d still be bleeding.

  8. Brad, we didn’t have anyone doing that, but we were asked repeatedly, “have you applied yet? Why not?” We’d tell them for one we didn’t shut down, our business was considered “essential.” Two it’s a family business, so the employees are my husband, myself and our son and sometimes on his days off our son-in-law. Then they’d say that doesn’t matter, you didn’t have to shut down and you don’t have to have any employees, so and so applied and got x amount of money, you should apply it’s our money anyway.

    I wonder though how many other congressmen and Senators besides Mullin who got them?

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