Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My company has bought a number of small businesses in the last 3 years that had PPP loans that complied 100% and put the money towards the things it was supposed to be put towards - payroll for those that would have been laid off or furloughed due to the COVID restrictions. In no way will I say that there was 0% fraud, but to condemn the whole program for that small percentage is short sighted. There is also, for example, Medicaid and Medicare fraud. Should we do away with those programs due to the small percentage of fraud that infects them or try to root out the fraud and support the predominantly honest folks that benefit?
OK, Im not a Trump fan, but I doubt he had anything to do with its organization that led to this. That was probably Jared.
In defense of everybody involved, nobody in Washington knew exactly how to approach COVID in the early stages.... despite the fact that every right winger on here says they did it all wrong in hindsight.
Yes, IT'S ALL TRUMP'S FAULT! Can't we pin some of this on W? GHWB? Gerald Ford? Nixon? Yeah, Nixon! The media loved to hate Nixon, he beat their boy Gorgeous George McGovernment.
It is good to hear SOME people got the money who deserved it and used it correctly. Sadly, with no oversight and instant approvals caused by a whitehouse that had no plan, we were all seriously defrauded by many of our own people. Want to talk about inflation? lets start with this article.
You're overblowing it. I mean, yeah, $80b is a lot and it would be nice if it hadn't happened. The only way to ensure that was to not implement the program. I was against them passing it. I also didn't want my employees to lose their jobs and insurance (and us our business).
Last I heard which was probably close to a decade ago now, Medicare was subject to $60b per year in fraud. Every year. Probably higher now. That's why I'm kind of surprised by the amount of energy you're putting into this story. $80b in wasted federal money is nothing. It's awful, and I'm glad you're noticing, but maybe spread the outrage around a little and I'll take you more seriously on this one.
There's fraud and waste everywhere in government and much of it is preventable. When we try to pass laws to prevent it, we're called racists and bigots and whatnot by financially and politically illiterate people. Know how frustrating that is?
Experts say millions of borrowers inflated their numbers of employees or created companies out of whole cloth. For much of 2020, lenders did little to verify the applications, prosecutors and experts say, in part because Congress required the Small Business Administration, or SBA, which ran the program, to issue explicit guidance that in the interest of getting the money out fast, lenders “will be held harmless for borrowers’ failure to comply with program criteria.” The Government Accountability Office warned of fraud risk, but the program continued under that rule.
I personally love how the russian troll bots will not touch this thread with a 10 ft poll. Shows me which posters are real and which ones are fake here.
Many people here sit on this website and say that the poors dont want to come to work anymore because Biden is paying them to stay home.
I say Trump gave people the opportunity of a lifetime to defraud every US tax payer and outright steal money...so thanks a lot Trump for causing the biggest fraud in many of our lifetimes. Also, Thank you to Biden for actually hunting down these scumbags.
Many people here sit on this website and say that the poors dont want to come to work anymore because Biden is paying them to stay home.
I say Trump gave people the opportunity of a lifetime to defraud every US tax payer and outright steal money...so thanks a lot Trump for causing the biggest fraud in many of our lifetimes. Also, Thank you to Biden for actually hunting down these scumbags.
the PPP was/is a DEMOCRAT PROGRAM, started by the democrats, and was whittled down by the budget conscience republicans, as the democrats wanted it to be even bigger with no checks and balances
Trump takes some of the blame but the reality is that Congress passed this bill knowing that there would be fraud. At the time, they wanted to get money out to people as quickly as possible and would worry about the fraud later.
What really angers me is that many of the businesses who got loans aren't small businesses. Potbelly sandwich shop got a ton of money and they have locations all over the country.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
