Opinion | PPP Loan Terms Amount to Legalized Fraud

I own a food-manufacturing business with more than 200 employees that was recently awarded a $3.4 million loan through the Small Business Administration. From what I’ve observed, the Paycheck Protection Program is completely flawed and will function as a handout to companies that don’t need it. Billions of misspent dollars will never be paid back.

As a maker of food products sold in grocery stores, my business hasn’t yet been negatively affected by the Covid-19 crisis, unlike many other industries. We are an “essential service...

opinion I'm sorry, I must be missing something. Pete Vegas applied for & got a $3.4 million PPPloan he didn't need, that would have helped thousands of companies like mine who desperately need $10,000, & now he's writing abt how corrupt others are for doing the same? Put it back then

opinion “In the PPP application, only one line pertains to the effects of Covid-19. In signing the application, I agreed to the statement: “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

opinion What? Where have you been for the past 2 months? Everything is a scam, We are witnessing the biggest robbery in the history of mankind....

opinion I was forgiven for all of that, everything, so im not even worried about anyone else's opinion

opinion Kind of late to the party on this one

opinion It's why it ran out.. in minutes! PPP

opinion Article doesn’t take into account that if some people are helped, then this will be worth it. Some funds to those getting it that don’t need it doesn’t really hurt anyone. The speed at which the government and banks have processed these has been instrumental to paying employees.

opinion Some of the names listed in these PPP loans are unbelievable! LindBlad expeditions? A company that sells $25K luxury cruise expeditions needs a bailout?!? These were meant for small businesses. Christ.

opinion The author of this Op-Ed applied for and took a loan even though he doesn’t need it and then wonders why other businesses couldn’t get loans? What a POS

opinion You mean financially healthy and morally corrupt.

opinion Oversight would have been nice!

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Several major US banks are being sued for unfair PPP lending practices - Business InsiderJPMorgan Chase, Wells Fargo, Bank of America and US Bank are being sued for unfair practices in their processing of Paycheck Protection Program loans. Hate to break it to you but this is all banks regardless of size Government should have done a better job on incentivizing banks on processing smaller payroll loans than larger. They did try with a tiered commission but it wasn’t effective enough. As a reminder, people should never want big government cause they rarely get things done right Unethical
Source: BusinessInsider - 🏆 729. / 51 Read more »

Some Not-So-Small Companies Are Getting Small-Business Loans Under PPPThe Paycheck Protection Program was meant for small businesses, but some big, publicly traded companies have cashed in too, including sandwich chain Potbelly, video storage company Quantum and coal producer Hallador Energy, each of which got $10 million. Greed!!! The program is just an extension of Trump's pay to play philosophy. He sees public office as a mechanism to transfer taxpayer assets to his private account. Graphic from OpenSecrets These are the places that have ripped off the small businessman! We need to not eat at RuthsChris & Potbelly & let them deal with the consequences!
Source: NPR - 🏆 96. / 63 Read more »