Questions about the PPP loan forgiveness..

https://projects.propublica.org/coronavirus/bailouts/

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 weren’t there roadblocks or stricter requirements? But, as usual, the honest folks would still have been honest so..

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

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"

Apparently, they were very good at it.

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

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.

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