Paycheck Protection Program Data Lookup

[Graysonhogs]

That was my outlook when it was offered. We took it, and I distributed every available penny to my employees and prepping our company for the worst, in unstable times. My people showed up to work throughout the bull****, and I am gratefull to them for that.


I also don't give two wet farts what anyone else thinks about it. Most people who make judgements on small business owners for how they operate, don't know **** from wild honey about what it takes to keep things going.

Yes.Yes.Yes

[M16]

People did on the 2nd go around. They had to submit financials to prove you lost everything but the kitchen sink..... The ones who committed fraud will be found out one way or another..... I was raised the right way to not take anything that wasn't mine or that I didnt deserve.... You need to realize that there's a much higher power that we all have to answer to one day..... His judgement is going to be way worse than the IRS so don't get so worried about what other people say or do. Vengeance is mine declares the Lord.

Do you really think the government is going to do something about fraud?

[c3products20]

Do you really think the government is going to do something about fraud?

They already are...... Just got do a little research and you'll see a bunch of people have been busted.

https://www.justice.gov/opa/pr/florida-man-sentenced-after-fraudulently-obtaining-39-million-ppp-loans

[Bear82]

It was interesting going through the list in my area. CPAs must have really been hurt last year. They received lots of money. Real estate business must be slow in Texas too.

I imagine farmers and ranchers could have received more money. But I have a feeling many don't report all their income so they couldn't get as much as they could have by reporting all their income.

I was applying for a land loan and banker say my farm income. He said I should sign up and let any body else I know.

[M16]

They already are...... Just got do a little research and you'll see a bunch of people have been busted.


https://www.justice.gov/opa/pr/flori...lion-ppp-loans

Let me know when the politicians start getting cuffed and stuffed.

[texasdeerhunter]

I know a lot of businesses that were not shut down or suffered a financial loss. Yet they applied for and received welfare. Shouldn’t you have to prove a financial loss to get the welfare?

For the first round, you had to prove that your PPP loan was used for eligible expenses (namely payroll) in order for the loan to be forgiven. If you did not use the funds for things like payroll or eligible expenses, you have to pay the money back. Most business show they used the money for payroll. That’s why the loan was called the “Paycheck Protection Program”.

For the second round, businesses were only eligible to receive if 1) they received the first round of PPP funds and can prove those funds were used for eligible expenses, 2) had less than 300 employees, and 3) MOST IMPORTANTLY IMO had to show a minimum of a 25% reduction in gross receipts in 2020 vs the same comparable quarter in 2019.

My wife’s firm took the first round, but didn’t qualify for the second round. Even though business was down, it wasn’t down 25%. It wasn’t welfare. It was used to keep from laying off an employee or two

[c3products20]

Let me know when the politicians start getting cuffed and stuffed.

I'm thinking you should do your own research.

[Das71198]

For the first round, you had to prove that your PPP loan was used for eligible expenses (namely payroll) in order for the loan to be forgiven. If you did not use the funds for things like payroll or eligible expenses, you have to pay the money back. Most business show they used the money for payroll. That’s why the loan was called the “Paycheck Protection Program”.

For the second round, businesses were only eligible to receive if 1) they received the first round of PPP funds and can prove those funds were used for eligible expenses, 2) had less than 300 employees, and 3) MOST IMPORTANTLY IMO had to show a minimum of a 25% reduction in gross receipts in 2020 vs the same comparable quarter in 2019.

My wife’s firm took the first round, but didn’t qualify for the second round. Even though business was down, it wasn’t down 25%. It wasn’t welfare. It was used to keep from laying off an employee or two

Is it Kinda like the Bail out GM received to keep from going Bankrupt?

[texasdeerhunter]

Is it Kinda like the Bail out GM received to keep from going Bankrupt?

No, I don’t think so. Because previously, the government never decided what was an “essential business” and what wasn’t. Even if you were financially prudent and a successful business owner prior to covid, if you weren’t an “essential business”, the government shut you down during covid. Even if you wanted to work and operate your business, you couldn’t because of federal mandate. The GM and AIG situation was different. They shouldn’t have been bailed out. But those companies becoming insolvent wasn’t because of government interference and mandates

[miket]

I am against welfare of all kinds. But it didn't take me long to see that my competition was taking it and I would be at a huge disadvantage if I didn't. My competition had their employee wages paid for 3 months. If I didn't do that, all the while business was wayyy down, I would be screwed. So I took it. I did all the numbers legitimate and provable. Ran the numbers later and the second quarter of 2020 business was down 79%

Govt put us in a position that forced us to take it to make it. When govt is funding your competition, what choice do you have?

[Graysonhogs]

Let me know when the politicians start getting cuffed and stuffed.

They never will. They all have underlings for that.


Sent from my iPhone using Tapatalk Pro

[mmoses]

The PPP loans were a bad idea along with every stimulus. However, I don't fault any business or person who took them.

They are going to pay for it. All of us will pay for it.

Obviously, fraud happened. It always does. Correct me if I'm wrong but the first round of PPP did not require you to show you actually needed it.

[DallasCoon12]

If you had employees(including yourself) and were in any way concerned with the economic future then you could truthfully qualify for the first round.

[RdRdrFan]

The PPP loans were a bad idea along with every stimulus. However, I don't fault any business or person who took them.

They are going to pay for it. All of us will pay for it.

Obviously, fraud happened. It always does. Correct me if I'm wrong but the first round of PPP did not require you to show you actually needed it.

First round of PPP you had to certify that you would have to reduce your staffing if you didn’t receive it.

[M16]

I’m perplexed about this. Unemployment benefits were so generous that many people preferred to stay at home cause they received more money than actually working. But businesses got payroll protection loans? Why? Wouldn’t it have made sense to lay workers off?