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Thu Aug 25, 2022, 07:39 PM

Questions about the PPP loan forgiveness..

Who or what is responsible for forgiveness?
Is there a site that shows elected n their loan amounts n forgiveness amounts?
Why are they getting forgiveness?
Any way to rescind their forgiveness?

10 replies, 850 views

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Always highlight: 10 newest replies | Replies posted after I mark a forum
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Reply Questions about the PPP loan forgiveness.. (Original post)
Deuxcents Aug 2022 OP
IrishAfricanAmerican Aug 2022 #1
Deuxcents Aug 2022 #6
AnotherMother4Peace Aug 2022 #2
femmedem Aug 2022 #3
FBaggins Aug 2022 #4
femmedem Aug 2022 #8
mercuryblues Aug 2022 #5
Generic Brad Aug 2022 #7
Tree Lady Aug 2022 #9
Deuxcents Aug 2022 #10

Response to Deuxcents (Original post)

Thu Aug 25, 2022, 07:42 PM

1. Here's the database of all recipients...

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Response to IrishAfricanAmerican (Reply #1)

Thu Aug 25, 2022, 08:39 PM

6. Thank you for the site..I'll be checking it out

And thanks to all who have helped to understand this..as much as I can. Seems to me a well intended program became a free for all for some including those who have been elected. I wonder if that was even considered n why werenít there roadblocks or stricter requirements? But, as usual, the honest folks would still have been honest so..

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 07:43 PM

2. Yes, questions need to be asked. It appears to be a slush fund for grifting GOP friends of trump.

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 07:59 PM

3. I work at a nonprofit that received a small PPP loan that was forgiven.

We knew going in that it would be forgiven so long as we met certain criteria: 60% of the funds had to be spent on payroll; no one could be laid off or have their pay cut; all of the money had to be spent on eligible business expenses.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 08:15 PM

4. Here's a short version

They weren't really loans and they weren't really forgiven.

We desperately needed to get cash out to the businesses that were going under due to Covid lockdowns early in the pandemic - but we had no way to do it. Think back to the early stimulus payments that were sent to families and how long it took the IRS to get funds to individual taxpayers and multiply the problem tenfold. There simply wasn't an infrastructure in place to do what we wanted.

But the banks did have an existing infrastructure that had relationships with their business customers. It was like retooling an auto plant to make tanks for a war rather than building a new factory and hiring a new staff. We told the businesses "don't lay off those people who have no work to do and we'll cover much of your cost because they only have no work to do because we told everyone to stay home. The banks will get you the money as a loan (because that's what they're tooled to provide), but you won't have to pay them back if you follow the rules of the program"

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Response to FBaggins (Reply #4)

Thu Aug 25, 2022, 09:36 PM

8. Well put. n/t

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 08:31 PM

5. Ask a republican

Apparently, they were very good at it.

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 08:41 PM

7. Did they even operate businesses?

Or was it all boats they enjoyed that were incorporated as LLC's?

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 10:05 PM

9. My daughter manager of car dealership

worked for months to get the loan that you didn't have to pay back if you kept your employees. I remember at the time not everyone or business got it as there was only so much money per county. She was thrilled when she got one of the few loans because she had good relationship with bank guy.

So for those guys to get it, it definitely was because of who they were and I bet a bunch of small businesses probably didn't get it because of it.

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Response to Deuxcents (Original post)

Thu Aug 25, 2022, 10:31 PM

10. I still have questions..this doesn't settle well with me

Good intentions being hijacked by the unhonorables. Same shit. The honest people people are once again doing the right thing while our elected arenít. Garnish their wages n make em all..elected or not, repay for this theft of our taxes.

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