Biden's PPP loan forgiveness - No wonder inflation is off the hook

[JGalt]

I found this website that lists every individual or business by location, that was given a PPP loan during the pandemic. Just type in your zip code and be shocked by the results.

Tracking PPP: Search Every Company Approved for Federal Loans - ProPublica

"As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration."

Most of the loans were merely written off under the Biden administration:

Biden to make it easier for smallest businesses to take out a PPP loan

 

[Gabe Lackmann]

Truth be told, inflation has been pretty bad for the past 20 years.

It has only just recently achieved 'off the hook' status.

Biden can pretty much do nothing at this point.

contract government and revalue.

However, government has grown so big that any governmental contraction would in itself dangerously affect the economy.

Enjoy the fall...they are legalizing weed everywhere to help you cope with that....if that is your 'thing'.

EDIT: For God's sake get your savings out of dollars, while you still can.

 

[1srelluc]

Yep, and every "loan" was forgiven.

The one that got me was a local hardware store.....They were so busy during that time that you had to park near a block away.

I also noticed a electrical company that has been in the news for shady dealings in the area.

 

[Harpy Eagle]

Most of the loans were merely written off under the Biden administration:

Can you provide something to support this? Your link does not say this happened.

 

[Harpy Eagle]

Yep, and every "loan" was forgiven.

 

[JGalt]

Can you provide something to support this? Your link does not say this happened.

It's even worse than that:

"The Biden administration announced this fix as part of a package of PPP changes, including setting aside $1 billion in loan dollars for sole proprietors and independent contractors and allowing small-business owners who had recent nonfraud felony convictions or are delinquent on their federal student loans to apply for the forgivable loans."

https://www.bizjournals.com/kansasc...udent loans to apply for the forgivable loans.

​

PPP1 Loan Forgiveness Statistics​

As of Sunday, February 21, 2021, the SBA published the following PPP1 forgiveness statistics:

Forgiveness Applications Processed 1,700,000 $151,700,000,000

(with letters of determination)

Under SBA Review 187,000 $76,900,000,000

Applications Outstanding 3,300,000 $292,100,000,000

Not Forgiven - $450,000,000

President Biden Revises PPP2

It got so bad that Biden had to appoint a special prosecutor to address the PPP fraud.

"In his State of the Union address on Tuesday President Joe Biden announced that he will appoint a special prosecutor as part of a series of measures to combat fraud and identity theft in pandemic relief programs."

Biden Putting Special Prosecutor on PPP Fraud

 

[Harpy Eagle]

It's even worse than that:

"The Biden administration announced this fix as part of a package of PPP changes, including setting aside $1 billion in loan dollars for sole proprietors and independent contractors and allowing small-business owners who had recent nonfraud felony convictions or are delinquent on their federal student loans to apply for the forgivable loans."

https://www.bizjournals.com/kansascity/news/2021/02/23/biden-ppp-loan-fixes-sba-money-for-gig-workers.html#:~:text=The Biden administration announced this fix as part,student loans to apply for the forgivable loans.

​

PPP1 Loan Forgiveness Statistics​

As of Sunday, February 21, 2021, the SBA published the following PPP1 forgiveness statistics:

Forgiveness Applications Processed 1,700,000 $151,700,000,000

(with letters of determination)

Under SBA Review 187,000 $76,900,000,000

Applications Outstanding 3,300,000 $292,100,000,000

Not Forgiven - $450,000,000

President Biden Revises PPP2

It got so bad that Biden had to appoint a special prosecutor to address the PPP fraud.

"In his State of the Union address on Tuesday President Joe Biden announced that he will appoint a special prosecutor as part of a series of measures to combat fraud and identity theft in pandemic relief programs."

Biden Putting Special Prosecutor on PPP Fraud

The rules for loan forgiveness were set in the Dec of 2020 under the COVID measures Trump pushed for and signed.

And of course there is fraud, anytime humans are involved there is fraud.

There should have been a special prosecutor from the beginning to catch all the fraud early on.

 

[debbiedowner]

wereI found this website that lists every individual or business by location, that was given a PPP loan during the pandemic. Just type in your zip code and be shocked by the results.

Tracking PPP: Search Every Company Approved for Federal Loans - ProPublica

"As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration."

Most of the loans were merely written off under the Biden administration:

Biden to make it easier for smallest businesses to take out a PPP loan

The PPP was set up under Trump and I notice on loan approval dates were in 2020. The original program was set up with forgiveness if certain criteria was met. There wasn't much oversight then and that continued under Biden. I know of at least 3 people who received loans and had no employees and lost nothing because of the pandemic. There loans were forgiven. They were smaller loans compared to most but the still the same these 3 did not deserve a dime. Oh, and many were written off under Trump, check it out.

Just going through my zip saw a big one forgiven Nov 5, 2020.

Saw a landscaper that received $40,000 and written off. Well, that might not be strange in some places, but in Florida where the landscapers work year around? One landscaper I know had his best couple years and bought all new equipment and he didn't even apply for a loan.

 

[JGalt]

The PPP was set up under Trump and I notice on loan approval dates were in 2020. The original program was set up with forgiveness if certain criteria was met. There wasn't much oversight then and that continued under Biden. I know of at least 3 people who received loans and had no employees and lost nothing because of the pandemic. There loans were forgiven. They were smaller loans compared to most but the still the same these 3 did not deserve a dime. Oh, and many were written off under Trump, check it out.

Out of the 100 recipients displayed in my zip code, 90 of them were forgiven in after Biden took office in 2021. Many of those businesses I recognized as never having issues during the pandemic, and were open.

 

[Moonglow]

I found this website that lists every individual or business by location, that was given a PPP loan during the pandemic. Just type in your zip code and be shocked by the results.

Tracking PPP: Search Every Company Approved for Federal Loans - ProPublica

"As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration."

Most of the loans were merely written off under the Biden administration:

Biden to make it easier for smallest businesses to take out a PPP loan

Tracking PPP
Search Every Company Approved for Federal Loans

As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. | Frequently Asked Questions →

by Moiz Syed and Derek Willis, July 7, 2020. Updated April 14, 2022

I noticed that Biden was not president in 2020, trying to hide Trump again I see

 

[Moonglow]

Out of the 100 recipients displayed in my zip code, 90 of them were forgiven in after Biden took office in 2021. Many of those businesses I recognized as never having issues during the pandemic, and were open.

How many PPP loans forgiven during Trump?

 

[Moonglow]

How many PPP loans forgiven during Trump?

Dec 1, 2020 — Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, ...

Release of PPP loan recipients' reveals troubling patterns

Tenants paying rent at Trump Organization and Kushner Companies properties are beneficiaries of PPP loans.

www.nbcnews.com

 

[TNHarley]

So a clinic in my small town got a 70k loan. Why the fuck would a clinic need money during a pandemic?
I also noticed in the next town, a guy got his trucking business a 25K loan and he got a personal one of 6k.
WTF

 

[debbiedowner]

Out of the 100 recipients displayed in my zip code, 90 of them were forgiven in after Biden took office in 2021. Many of those businesses I recognized as never having issues during the pandemic, and were open.

I know what you mean, I can see many restaurants and other's in the service industry but damn I saw at least half the people in my zip of approximately 6000 that were open and busy. I saw independent agents one man operation that can very well sell over the phone receive a pretty good amount to meet payroll. What payroll? They all work by phone for commissions. Some were forgiven under Trump but the majority under Biden. From Trump through Biden there just wasn't any GD oversight.

 

[para bellum]

The PPP loans were for WAGES. The reason many small businesses stayed open is because the federal gov't was picking up some payroll costs.

The owner (who can't claim unemployment benefits) was allowed 10 weeks of his 2019 net income, capped at a 100K salary. That's a tad over 19K or so for the owner, tops.

You had to be in business in March of 2020 to be eligible, and had to show a net loss in 2020 of at least 25% to get forgiveness. You had to prove your application for forgiveness with banking records and income tax filings.

There was a rule change that allowed small businesses to use up to 40% of the money on certain operating costs, rent and utilities. Some businesses used part of the money to pay rent, and they had to show who received the money.

There was fraud- the Democrat Party of Florida wasn't even eligible, and they got over $800K and had to pay it back.

It wasn't perfect, but that program saved a ton of small businesses from going under. It's the first time I've ever seen, that in a recession the gov't actually gave a crap about small business owners.

edit to correct: The forgiveness was if you had a reduction of 25% or more gross revenues, not net earnings. The loan was to the business, not the owner. Even if the owner was the only employee, the business had to meet the qualifications.

That was done to prevent people from starting fake businesses and taking out loans. That still happened, because there was a strong push to get the money out fast. But when it came to forgiveness time, they were more particular and you had to have all your docs in order.

Also there were 2 rounds. One in 2020, and another in 2021. Businesses could apply for both rounds.

 

[para bellum]

Gawd I could go on. There were a lot of the "regular suspects"- political rent seekers that took millions from the program. Non-profits and think tanks, PAC's and members of Congress, etc. A certain amount of every program in D.C. will be siphoned off by the parasites, you have to just expect it.

The banks prioritized the applications to bigger companies that owed them money, before they serviced the little guys. They wanted to protect the loans that were already on their books, so it wasn't a "first come first served" process. It ran in tranches. Big companies, with big payrolls and big loans got priority.

But even with all the flaws, they still helped a whole lot of little guys who would otherwise have not made it.