PPP loans were a waste of taxpayer money
Published 8:00 pm Thursday, August 13, 2020
Paycheck Protection Program loans for local businesses, immoral, illegal or neither?
Sixty-plus local businesses received these loans in excess of $40 million dollars, according to ppprecipients.com.
When you look at who received the loans you think of the saying, “Pigs get fat and the hogs get slaughtered.”
Some of the recipients never closed their doors and had record profits. Some laid off workers yet still got the loans.
These Small Business Administration loans are forgivable if certain “lax” criteria are met. So you are not supposed to spend the funds or certain things such as cars, condos or helicopters.
This is what alerted the Department of Justice to investigate the man in Florida with the Lamborghini. He was fraudulent in his acquiring the loan.
Banks got a pass. This also amounts to grants for the wealthy with taxpayers footing the bill. I guess everyone is too big to fail now. What happened to free enterprise?
Lenders eager to cash in more than facilitated the process. After all, they received a percentage of the loan amounts they processed.
The SBA wanting to push the money out as fast as possible, told the lenders don’t worry about verification it’s up to the applicants to provide documentation if we decide to audit the loan.
Banks got a pass. Businesses got free payroll and utilities. Taxpayers got hosed.
Well individuals got $1,200 each so maybe taxpayers got sprinkled. Some people see things as black and white. New high school or old high school?
The taxpayers see fleecing and abuse. This as a new round of stimulus packages are being discussed. Ask yourself is it illegal, immoral or neither?