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re: TX woman accused of using $3.7 million in PPP loans for homes, Chanel clothing, diamonds
Posted on 3/4/21 at 1:38 pm to HoustonGumbeauxGuy
Posted on 3/4/21 at 1:38 pm to HoustonGumbeauxGuy
quote:
purchased two homes totaling $725,000
Maybe she bought some rental properties? If so, not a bad move. If not, move to a nicer area and buy one house for $725K dummy.
0
Posted on 3/4/21 at 1:40 pm to ABearsFanNMS
quote:
ope they throw the book at her!
Let’s be honest: that’ll probably be the first book she’s ever had thrown at her.
Posted on 3/4/21 at 1:40 pm to HoustonGumbeauxGuy
If she qualified for the money, who cares what she spent it on?
That was the whole purpose of PPP - keep small businesses cash flowing so they could keep the consumer economy going.
That was the whole purpose of PPP - keep small businesses cash flowing so they could keep the consumer economy going.
Posted on 3/4/21 at 1:41 pm to HoustonGumbeauxGuy
quote:
LaDonna Wiggins
Must be French.
And according to Bobby Brown at least, Whitney Houston wasn't as clean cut as she was made out to be before he met her. I won't go down the rabbit hole though.
This post was edited on 3/4/21 at 2:19 pm
Posted on 3/4/21 at 1:41 pm to Tigerdew
quote:
They had very specific things you could use the PPP money for as it relates to business expenses. It wasn't just for your own private bank account.
100% wrong. It was specifically for your own private bank account.
ETA: that was one part of it, not the whole program.
This post was edited on 3/4/21 at 1:44 pm
Posted on 3/4/21 at 1:46 pm to HoustonGumbeauxGuy
So she has three businesses why didn’t she pay her employees? I’m confused as to why she would have to buy two houses and cars if she had thriving businesses in Houston like her attorney says.
Posted on 3/4/21 at 1:55 pm to LSUballs
quote:
Normally I wouldn't care to argue the ghettoness of Whitney Houston, but it's a slow day and you're wrong.
Nope. Born in the projects, ran the streets of Newark as a teenager and started partying and doing drugs with her brothers at an early age. Bobby Brown didn't corrupt her, she was already that way.
This post was edited on 3/4/21 at 1:56 pm
Posted on 3/4/21 at 1:56 pm to Meauxjeaux
What? I have a couple of friends who received it and said that it was specifically for payroll, not other operating expenses like rent. Certainly not for personal use.
Posted on 3/4/21 at 2:02 pm to Meauxjeaux
quote:
100% wrong. It was specifically for your own private bank account.
bullshite. At least have a clue when you're spewing nonsense.
Posted on 3/4/21 at 2:03 pm to atxfan
quote:
What? I have a couple of friends who received it and said that it was specifically for payroll, not other operating expenses like rent. Certainly not for personal use.
Exactly. So if her payroll was 3.7 million to herself, she absolutely was in the right using the proceeds for houses and cars and such.
I'm not saying she did what was right with the money in her case, but I am saying is what she did with the money is 100% legal if she did it right.
Lastly, it's a LOAN. Forgiveable only if she mis-used it. So she's on the hook for paying it back.
If she makes the payments when they come due, why would she be prosecuted.
Sorry I'm not knee-jerking the "black woman living large she's ghetto and deserves jail" mantra without giving her due process.
Posted on 3/4/21 at 2:04 pm to VABuckeye
quote:
100% wrong. It was specifically for your own private bank account.
bullshite. At least have a clue when you're spewing nonsense.
I'm right, you're wrong. Go read the rules of the PPP program and educate yourself.
Posted on 3/4/21 at 2:04 pm to Meauxjeaux
quote:
If she qualified for the money,
Do you really think she qualified for the money though? If she did, I doubt we're reading about this
quote:
keep small businesses cash flowing
$3.7M is shite ton of payroll and rent for a "small" business
Posted on 3/4/21 at 2:04 pm to atxfan
quote:
What? I have a couple of friends who received it and said that it was specifically for payroll, not other operating expenses like rent.
Your friends are half right. PPP funds were to be used for payroll, rent, health insurance premiums and some payroll taxes. You could use it for payroll but only 75% of the funds HAD to be used for payroll to be forgiven. That ratio has been reduced to 60% for PPP round two but the other applicable expenditures still apply.
Posted on 3/4/21 at 2:06 pm to Meauxjeaux
quote:
I'm right, you're wrong. Go read the rules of the PPP program and educate yourself.
Jesus Christ moron. I've taken out two PPP loans and I'm well aware of the rules surrounding the use of the funds. In no way, shape or form is it to be used as the business owners personal money. In fact, business owners are forbidden from paying themselves bonuses from the funds.
Are you here just to be an arse because you're adding nothing to the conversation other than lies about the allowable use of the funds.
Posted on 3/4/21 at 2:06 pm to jchamil
quote:
If she qualified for the money,
Do you really think she qualified for the money though? If she did, I doubt we're reading about this
My personal opinion with the info I have is she probably gamed the system. But the facts remain that she COULD do what she did and be within the letter and intentions of the PPP program.
quote:
keep small businesses cash flowing
$3.7M is shite ton of payroll and rent for a "small" business
You realize that Harvard U and the Los Angeles Lakers are small businesses right?
Posted on 3/4/21 at 2:08 pm to atxfan
quote:
said that it was specifically for payroll
quote:
not for personal use.
And what, atxfan, do you use your payroll for? You own a home? Bought any cars?
Posted on 3/4/21 at 2:08 pm to Meauxjeaux
quote:
So if her payroll was 3.7 million to herself,
Not allowable. The maximum for the funds to be used is $8333.33 a month. Every employee including the owner is held to a loan amount and payout at a yearly rate of $100k maximum per person. If the employee made less than that then the loan amount for that employee is calculated at 2.5X their monthly gross pay.
Posted on 3/4/21 at 2:09 pm to Meauxjeaux
quote:
But the facts remain that she COULD do what she did and be within the letter and intentions of the PPP program.
This is true IF she didn't use PPP funds for any of those purchases.
Posted on 3/4/21 at 2:10 pm to Meauxjeaux
quote:
But the facts remain that she COULD do what she did and be within the letter and intentions of the PPP program.
Yeah, I bet she was paying herself $1.4M/pay period before PPP came out
quote:
You realize that Harvard U and the Los Angeles Lakers are small businesses right?
Yes, and she probably has just as many employees on the payroll as they do, just as much rent and utilities as well
Posted on 3/4/21 at 2:12 pm to jchamil
It's pretty easy for the IRS to see if the funds were used properly. All they have to do is to look at her quarterly 941 and audit the account the funds were used from after the loan was deposited for the period in question. Obviously, the 941's aren't jiving with proper use.
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