re: Did PPP save your job? The government has released loan data for recipients

It saved some of my employees providing us with the needed cash flow while shutdown.. we did furlough some employees but have since brought some back once we were able to get back up and running on a more normal basis... the whole shutdown has completely changed our strategy and some of that for the betterment as we’ve been forced to be more targeted and lean...

(no message)

quote:

---

And it was/is. Many of my customers businesses never were shut down, revenue never stopped and in fact this years revenue is beating expectations. But each of them secured the PPP loans. They simply took the money budgeted for payroll and paid down debt or made capital improvements with our tax dollars. Government waste at its finest.

---

I talked to a good friend of mine on the finance committee at my daughter's school and this is basically what the Diocese did. The diocese applied for the PPP loans for each school and then allocated enough money for each school to buy some stuff (text books, chromebooks, various other supplies, etc) in lieu of paying their teachers with budgeted funds....then gave the schools enough from the PPP loan to cover their salaries from March - June I think. The shite kicker is the diocese kept a little from each school off the top.

This seems like a clear overreach of public tax dollars for a religious institution. All from a diocese that has a huge endowment and is constantly in position to pay down substantially more debt than is due at the time.

My guess is it will never be investigated or subject to any oversight whatsoever.

The taxpayers get shite on again. Although on the other had it does taste pretty good for the rest of society to have to pay for a school that their children will most likely never attend like I've done for many years. Although conversely they didn't have a choice in the matter as I do.

quote:

---

They just take the money budgeted for salary and spend it on a little more capital outlay....then pay the salaries with the PPP Loan...BAM good to go

---

Good point. What a racket.

You are free to use the money any way you want, it just depends on how you use it will determine whether or not it’s forgivable.

We used it the way the plan was designed so we won’t have to pay any of it back.

I know some people that got high 6 figures and are using it as a low interest loan

We did that with the EIDL, low interest long term, no early payoff penalty, payments won’t start for 12 months.

You have to document and provide payroll registers

quote:

---

You have to document and provide payroll registers

---

Of course you do. So business "A" simply doesn't fund payroll from their operating account and those dollars, that would have been earmarked for payroll, is used for other purposes.

Don't try to deflect my point, that businesses that were not effected by the CV and are profitable and revenue producing are using our tax dollars for business improvement and not for payroll.

quote:

---

Well that’s.. ironic.

---

Not really, wasn't she on welfare or medicaid or lived in government housing the last few years of her life?

quote:

---

So, how are they gonna figure out which of your dollars are going to payroll? It will all be documented as going to payroll. It's a shell game for a large majority of PPP recipients. And the tax payers lose again

---

There’s a formula that you use to show your payroll before, during and after as well as other expenses. When you’re granted the money you’re only granted enough money to cover a certain amount that covers payroll and other specific expenses

You don’t have to follow their guidelines but if you do then you won’t have to pay it back.