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The Payroll Protection Plan shows the ineptness of Govt. and the fleecing of taxpayers
Posted on 4/23/20 at 4:55 pm
Posted on 4/23/20 at 4:55 pm
This plan was designed and pitched to the American people as protecting the payroll of employees that would’ve normally not kept their jobs. But profitable, still operating companies, with no layoffs, basically get their payroll paid for free for eight weeks courtesy of the taxpayer.
I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
Not with this program was designed or pitch to us as.
And we want this government to run our healthcare system and handle this virus the right way?
For clarity I have injected this thought into other threats pertaining to the PPP but perhaps it needs a thread of its own.
I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
Not with this program was designed or pitch to us as.
And we want this government to run our healthcare system and handle this virus the right way?
For clarity I have injected this thought into other threats pertaining to the PPP but perhaps it needs a thread of its own.
This post was edited on 4/23/20 at 6:57 pm
6
Posted on 4/23/20 at 4:57 pm to cuyahoga tiger
quote:
I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
That’s called fraud.
Posted on 4/23/20 at 5:00 pm to cuyahoga tiger
quote:
will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
Then they have to pay it back with interest.
Posted on 4/23/20 at 5:02 pm to Spock
quote:
That’s called fraud.
No it's called paying the loan back at minimal interest
Posted on 4/23/20 at 5:03 pm to Spock
quote:
I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.
Then they will have to pay it back with interest
quote:
That’s called fraud.
no it's not....it's called a loan
Posted on 4/23/20 at 6:21 pm to cuyahoga tiger
Part of the application asks whether the current situation has hurt your ability to do business. If you check yes but are truly still operating like normal then that would be fraud.
Posted on 4/23/20 at 6:40 pm to Spock
quote:
That’s called fraud.
Just getting back after a quick 9 at the club.
Wrong. You own a business that is operating, no layoofs/furloughs, revenue producing and profitable. You get 10 weeks of payroll paid by the us. Now that money that you had earmarked for payroll, of your profitable operating business, can get spent on capital improvements. So the taxpayers are paying for hard assets.
That being said, most small businesses (under 500 employees) have been screwed for years on taxes and regulations, I understand and approve of them taking advantage.
Again, Govt ineptness.
Posted on 4/23/20 at 6:44 pm to AaronDeTiger
quote:
Then they have to pay it back with interest.
again wrong
That payroll money that we would have paid anyway, being a profitable business that had no layoffs, shows the govt they paid the payroll and gets 100% forgiveness. Now that money, that they planned for and would have paid anyhow, is being used for capital improvements.
Lots of simpletons here.
Posted on 4/23/20 at 6:47 pm to Hermit Crab
quote:
Part of the application asks whether the current situation has hurt your ability to do business
It's much more open ended than that - you have to attest that there is "current economic uncertainty". Almost any business in the country could make a legitimate case for uncertainty.
Posted on 4/23/20 at 6:48 pm to Hermit Crab
quote:
Part of the application asks whether the current situation has hurt your ability to do business. If you check yes but are truly still operating like normal then that would be fraud.
True in it's current status. But all companies, even if it's its just a 5% reduction in revenue will still pass the sniff test. There are no defined "profitable" guidelines. Not to mention the businesses that could argue our revenue is flat where the last how many years showed consistent growth. Hence, I was effected.
Posted on 4/23/20 at 8:21 pm to tgrbaitn08
quote:
Then they will have to pay it back with interest
1% over 2 years. Whoopdee shite. Anyone competent could make 3-4% on that money and come out way ahead.
Posted on 4/23/20 at 8:23 pm to medtiger
quote:
1% over 2 years. Whoopdee shite. Anyone competent could make 3-4% on that money and come out way ahead.
I wasn’t saying it was a bad thing or a big deal, calm down Nancy.
I’m following the rules so I don’t have to pay anything back.
Posted on 4/23/20 at 9:10 pm to tgrbaitn08
My point exactly thank you sir
Posted on 4/23/20 at 9:18 pm to tgrbaitn08
quote:
I’m following the rules so I don’t have to pay anything back.
well, just goes to show you that there are no patriots left.....if its good for me , frick the rest
Posted on 4/24/20 at 7:33 am to cuyahoga tiger
quote:
cuyahoga tiger
What would you rather have happen, a large # of small businesses go away forever or a small percentage of small businesses that actually received the PPP funds (right now we are around 8% of all apps funded) take advantage of it?
With everything funded by the government, there are takers that shouldn't be. 'Tis life
Posted on 4/24/20 at 7:39 am to shawnlsu
I would prefer that my tax dollars be used for payroll, that otherwise wouldn't have been paid to laid off employees. Instead of free money to businesses that weren't laying anyone off. Pretty simple.
Posted on 4/24/20 at 7:49 am to cuyahoga tiger
The biggest screw up as I see it is there wasn't a strict oversight apparatus included in the program. Of course companies are going to exploit a program with little oversight. It's a hallmark of capitalism.
Posted on 4/24/20 at 7:55 am to cuyahoga tiger
quote:
I would prefer that my tax dollars be used for payroll
You can rest assured that I am using the PPP funds for that purpose.
Posted on 4/24/20 at 8:09 am to VABuckeye
quote:
You can rest assured that I am using the PPP funds for that purpose.
As am I.
My point was, you can't ask the US goverment to implement a program like this in less than a month and think there's not going to be some waste. Life just doesn't work that way.
I also don't think some people realize the scale of taking some 15-20 million applications in a WEEK, and then funding $350billion to 1.6 million accounts in a WEEK.
This post was edited on 4/24/20 at 8:15 am
Posted on 4/24/20 at 8:19 am to shawnlsu
quote:
You can rest assured that I am using the PPP funds for that purpose.
But, the real question is...are you using those funds for payroll to folks who would have been laid off without my tax dollars?
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