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Started By
Message
re: Is there a new PPP hustle going around?
Posted on 5/25/21 at 8:42 am to LSU316
Posted on 5/25/21 at 8:42 am to LSU316
quote:
If your position is it would be difficult to provide a fake PPP application that gets approved well I'd say that would probably be a reckless position at the least.
quote:
I know a guy that runs some S8 housing....he said a shitload of his tenants started making these things and selling them out of their houses just to be able to apply for PPP. He tells me that they got it too. I still am not sure I believe it but he swears its the truth....he said big screens, new cars, etc were coming into the hood like hot cakes last year.
Im saying shite like this is not happening. Are there fraudulent applications? Of course, and there's even more non-qualified spending.
But it's going to be incredibly easy to catch that. In a lot of cases it's not even going to take human interaction.
Some people will get away with fraud, no doubt, but it's not some wide spread conspiracy
quote:
Now today the auditing of the PPP applications may be more stringent (IDK but I kind of doubt it), but when the CARES Act was first signed and PPP first went online back in mid-2020 it was the wild wild West.
What are you basing any of your opinions on? My firm has handled PPP since its inception.
This post was edited on 5/25/21 at 8:43 am
1
Posted on 5/25/21 at 8:45 am to Mingo Was His NameO
quote:
Some people will get away with fraud, no doubt, but it's not some wide spread conspiracy
I doubt there will ever be an audit into PPP but I'd love to see the outcome it there is.
quote:
What are you basing any of your opinions on?
What I heard at the time from accountants at my company and banking partners that we work with.....I suppose it is possible that they could have been lying to me but I'm not sure what the gain would have been other than to tell a good story I guess.
ETA The whole reason I asked those folks about it was because I had heard numerous rumors that "small businesses" were getting it that I had questions about if they were an actual business and how they could prove revenue and other metrics (labor, expenses, etc). I also had questions about how need was determined....because a lot of businesses got PPP that lost 0 revenue.
This post was edited on 5/25/21 at 8:49 am
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