The Paycheck Protection Program is basically a giveaway program to America's rich and well connected. The total dollar amount of the program is $660 billion. That is more than the yearly spending on America's military. This was the part of the CARES Act that was crammed through Congress despite warnings from some Democrats not to be hasty with the legislation. Enough coercion from senior Congress-critters muted efforts for strongly worded legislation as to who could benefit.
After being signed into law by the president, the mandated Inspector General was fired so there was no oversight as to the disbursement of funds. It was administered through the banks and there were plenty of reported transgressions. I'm sure laws were broken, fraud took place, but the peasants got their $1200 even as the rich and connected got millions.
Now the Treasury Department is saying they are not going to tell anyone who got the money...we just have to trust them.
Sometimes AOC is right.
https://www.usatoday.com/story/money/2020/06/13/mnuchin-ppp-small-business-loans-covid-19-aid/3182772001/
Not to mention this stock market rally is just another bail out opportunity for corp and all the big league players to sell into all the Federal Reserves
Buying... Why the retail smalls stack up buys for the big sell-off soon to come