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A Bailout for the Rich & Well Connected


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2020 Jun 14, 10:07pm   2,313 views  17 comments

by Misc   ➕follow (3)   💰tip   ignore  

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/

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6   Al_Sharpton_for_President   2022 Jul 10, 9:51am  

The Paycheck Protection Program was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). All of the Paycheck Protection Program's original $349 billion was allocated between April 3 and April 16, 2020. The Small Business Administration stopped accepting new PPP applications on April 16, 2020.[66][103] $342.3 billion was for PPP loans, and $6.7 billion was for lender reimbursements for processing loan applications that were approved.[be][103] Between April 3 and April 16, 2020, there were 1.7 million loans made, and 4,975 lenders approved loans. The average loan amount was $206,000. Of all loans, 74 percent were for $150,000 or less.[103] Businesses in the construction industry received 13.12 percent of the total of loan amounts, the largest percentage of any classification. The next four highest classifications were professional, scientific, and technical services with 12.65 percent; manufacturing with 11.96 percent; health care and social assistance with 11.65 percent; and accommodation and food services with 8.91 percent.[103]

On June 11, Treasury Secretary Steve Mnuchin told the Senate Committee on Small Business and Entrepreneurship that PPP loan recipients' names and loan amounts were confidential and would not be publicly released

8   Tenpoundbass   2022 Jul 10, 9:56am  

The PPP was a trap that was set, that was meant to entrap Conservative company owners. But conservative people by nature, if they took the money, did so lawfully to the letter of how this program was set up.
The Liberal free shit creeps were the ones that took out $60K for a company that had zero employees, many of them incorporated for the sole purpose of getting the loan, and then spending it like it was found money.
9   keeprubbersidedown   2022 Jul 10, 9:56am  

This is one big area I cannot support Trump on. Almost everything else Im in 100% but not this...
10   Tenpoundbass   2022 Jul 10, 9:58am  

Al_Sharpton_for_President says

On June 11, Treasury Secretary Steve Mnuchin told the Senate Committee on Small Business and Entrepreneurship that PPP loan recipients' names and loan amounts were confidential and would not be publicly released


If they did it would wipe out their donors, and put them all in prison.
11   Al_Sharpton_for_President   2022 Jul 10, 10:01am  

keeprubbersidedown says

This is one big area I cannot support Trump on. Almost everything else Im in 100% but not this...


The rushed out COVID gene therapies and his pro get the gene therapy stance.
13   Ceffer   2022 Dec 4, 11:39am  

Paul Pelosi received huge PPP benefits, so you can probably rest assured it was a form of graft from the get go. Maybe it was his slush fund when he was cruising the gay bars and pedo palaces.
14   Misc   2024 Feb 13, 5:55pm  

Woops ! ! ! ! !

Looks like small business owners ain't that well connected after all. I guess we will see if any Hollywood creeps get time in the pokey,

https://www.msn.com/en-us/money/smallbusiness/30-000-irs-agents-target-11-5-million-small-business-owners-in-massive-fraud-investigation/ar-BB1idwjK?ocid=msedgdhp&pc=U531&cvid=4d6432fef45b4eda9a6de6d429eabeb2&ei=8
15   HeadSet   2024 Feb 13, 7:01pm  

Misc says

Looks like small business owners ain't that well connected after all

Small business was never "well connected" on a Federal level. Only big business can afford that level of bribes.
16   stereotomy   2024 Feb 13, 7:06pm  

I guess that's why they need 80,000 armed IRS agents . . .
17   Misc   2024 Feb 14, 12:05am  

Any guesses on how many lawyers took the free PPP money???

Anu guesses on how many of them took a wee bit too much ???

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