Only 25 percent of the 800 Billion in Payroll Protection Funds protected jobs

a reply to: Backagain

All BS based on biased estimates and some clever "Peter-Paul & Mary" shifting 😎

a reply to: Backagain

The total deficit is still increasing in 2022 but at a slower rate than 2020/21. They are comparing what was added in each year - not the total.

2020 and 2021 had revenues drastically reduced and 2 trillion in the cares act.

Biden is not really handing out that much compared to the cares act and most businesses are open, so that accounts for the difference.

I'm not surprised; I know of several separate situations where businesses owning friends/family/abundances used PPP funds to pay their own family members who never before worked at the company. Most have been a common practice. Not to mention using the money to pay for upgrades and updates.


The problem was that most companies with the business and banking ties to sign up for and qualify never really needed the aid. While those companies who did need the aid did not have the banking and business ties to qualify... and so they went under.

I can attest to the use of PPP money for my company. Before the loan it cost me $50 K a week x2 to flatten the curve. After the two weeks it cost thousands to get my people back to work, the only glimmer of hope was that I filed ASAP, with my bank for the PPP loan. In my case it was 1/2 a million.
In Tennessee there were a few other programs that helped a little. Through September of 21 we got reimbursed for Covid sick time and quarantine time off. The money took the sting out of it, but there was absolutely no money leftover for us. We spent everything trying to keep our people employed.

Had it not been for the hope supplied by the PPP program, I would have had no choice but to cut my losses and close the business.

a reply to: Nickn3

You were how it was supposed to work.

Over the last few weeks I've seen news stories of people being arrested for committing fraud to get money from the PPP. One clown spent $85,000 on Pokeman cards.
www.justice.gov...

Another bought a sports car.
www.justice.gov...