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Message
re: What’s the consensus on ppp loans
Posted on 7/1/23 at 8:55 am to fareplay
Posted on 7/1/23 at 8:55 am to fareplay
PPP loans were used to pay payroll expenses during COVID. If the money wasn't used for payroll it had to be paid back.
Was PPP misused by some...yes.
Did PPP keep employees employed and keep businesses from shutting down...yes.
There was some good, some bad. But there is no doubt thousands of businesses probably would have gone bankrupt during the shutdown if not for PPP.
Was PPP misused by some...yes.
Did PPP keep employees employed and keep businesses from shutting down...yes.
There was some good, some bad. But there is no doubt thousands of businesses probably would have gone bankrupt during the shutdown if not for PPP.
This post was edited on 7/1/23 at 8:57 am
1
Posted on 7/1/23 at 8:59 am to fareplay
quote:
How? It’s creating more $ to be spent on the economy, why is one ok and not other?
quote:
creating more $
Hello, Inflation.
Posted on 7/1/23 at 9:00 am to Tony The Tiger
quote:
For many, especially restaurants, it wasn't a matter of the strongest survive. It is almost impossible to work when people cannot go out to eat. PPP was flawed, and perhaps should have been a no-interest loan to be paid back over many years, but the collapse of commerce and capitalism due to an overreaching federal government would have been much worse. PPP was a lifeline for many small businesses and kept things somewhat normal.
Here’s what happened at our business. There was a slow down. Not as many employees were needed. However, we made payroll using the PPP loan. No one was laid off. The few that elected not to work because of health concerns were replaced and PPP money. Payroll did not drop.
PPP was successful yes, could it have been done another way? Perhaps, but a lot of families had their breadwinners keep their jobs because of PPP.
Did it help the business too? Certainly
Posted on 7/1/23 at 9:00 am to frogtown
Misused by "some"? Lolwut
Many beach houses and the like were purchased using PPP grants.
I had several million in properties I couldn't collect rents on, yet paid full value property taxes. The whole program was a terrible idea.
People on here only defend it because Daddy Trump did it.
Many beach houses and the like were purchased using PPP grants.
I had several million in properties I couldn't collect rents on, yet paid full value property taxes. The whole program was a terrible idea.
People on here only defend it because Daddy Trump did it.
Posted on 7/1/23 at 9:01 am to doubleb
At their choosing. They all did take out. You could still go to Walmart, other businesses made the choice to stay open or shut. Most of them were afraid but it was silly for so many to do it. And am I supposed to feel bad when all these people have added surcharges or jacked up their costs then ran into bidenflation?
I’m a small business owner and I see it both ways. I def see the greed of most of the ppp takeouts I saw for my state and area. I suggest you go back sometime and see everyone who took them out in your area and see if most needed it.
I’m a small business owner and I see it both ways. I def see the greed of most of the ppp takeouts I saw for my state and area. I suggest you go back sometime and see everyone who took them out in your area and see if most needed it.
Posted on 7/1/23 at 9:09 am to momentoftruth87
quote:
They all did take out
And that equated to a busy dining room with people buying cocktails and wine??? Think again it was something but not business as usual with z as full staff, tips, and etc.
quote:
You could still go to Walmart,
That doesn’t do the small business guy any good.
quote:
I’m a small business owner and I see it both ways. I def see the greed of most of the ppp takeouts I saw for my state and area. I suggest you go back sometime and see everyone who took them out in your area and see if most needed it.
I saw both sides of it. I know it did help a lot of employees keep their jobs who would have been laid off.
Did some businesses follow the rules anc take full advantage of the program and benefit? Certainly.
It’s no different than income tax. If there’s a deduction that benefits you, take it. Don’t ask if it served a purpose, just take it. You pay a lot anyway. Just follow the law. Sometimes it helps you.
Posted on 7/1/23 at 9:09 am to momentoftruth87
PPP grants and the associated bullshite are my main reasons for never voting for Trump or ANY politician who took a multi-million dollar PPP grant. That's our tax dollars ffs.
Looking at you Markwayne Mullin.
Looking at you Markwayne Mullin.
Posted on 7/1/23 at 9:11 am to Bard
The amount of corruption involved in the Covid related federal response will load this country down for years. PPP, unemployment...etc
Posted on 7/1/23 at 9:11 am to Nosevens
quote:
Wasn’t necessary but politicians found away to scam money to corporate donors
False! I own/owned businesses that benefited from PPP as well as some that did not. The difference? Well, the larger businesses did not qualify for PPP. Also, small businesses that were partially owned by private equity did not qualify.
PPP was not a sop to rich donors. It was a stupid, unfair, inequitable typical inefficient Federal Government attempt to fix a problem it created in the first place through ill-advised lockdowns. Some rich people benefited, and most did not.
. You mad.
Posted on 7/1/23 at 9:14 am to doubleb
Except for ultimately screwing over the bottom and next generations with massive debt. Sorry I’m not a fan of socialist tactics. Your points are valid there’s just more to it. If employees don’t want to work because they’re scared of a virus, get rid of them. A lot of poor decisions by business owners ultimately cost them. And yes most of the blame should be on the govt for those actions and the hand outs.
You’re also forgetting the massive unemployment scam that ya pretty much everyone was okay.
You’re also forgetting the massive unemployment scam that ya pretty much everyone was okay.
This post was edited on 7/1/23 at 9:16 am
Posted on 7/1/23 at 9:16 am to TDTOM
I'm mad because of tax dollars.
I can afford to miss 100k, so it's not about my wealth, I am and will be just fine. Heck I keep 500k totally liquid just in case I see a nice investment I want immediately.
I only care because it's bad for the taxpayer.
I can afford to miss 100k, so it's not about my wealth, I am and will be just fine. Heck I keep 500k totally liquid just in case I see a nice investment I want immediately.
I only care because it's bad for the taxpayer.
This post was edited on 7/1/23 at 9:19 am
Posted on 7/1/23 at 9:16 am to momentoftruth87
quote:
If employees don’t want to work because they’re scared of a virus, get rid of them.
Yeah, that is what happened.
Posted on 7/1/23 at 9:18 am to TDTOM
Yes, most employees forced the hand and made more money from unemployment. Again you’re not thinking back to all the variables involved over the time of this. Also ppp wasn’t even a factor when shut downs were happening, it was after.
Posted on 7/1/23 at 9:19 am to cuyahoga tiger
quote:
$$ that were earmarked for payroll, simply gets used for capital improvements.
It was a sham to all non-business owners.
That wasn’t always the case, but it certainly happened a lot. We did not get a lot, but what we got did not cause a single job to be retained.
There were definitely a lot of cases in which the only way a company could get their PPP loan forgiven was to retain idle employees, so it did save some jobs. It was just wildly inefficient and unfair. A company with 390 employees could receive $4 million while their competitor with 410 employees got nothing. Then the slightly smaller company had a bunch of idle employees, while the slightly larger company had to cut theirs. Then the smaller company could underbid jobs and execute them at what would normally be a loss but was actually very profitable because the employees did not cost them any wages. So the larger company had to layoff employees and then could not win work so had to layoff more.
Posted on 7/1/23 at 9:28 am to momentoftruth87
quote:
ppp loans by momentoftruth87Except for ultimately screwing over the bottom and next generations with massive debt
Look at the big picture.
The government shuts down much of the economy. There is a large recession, maybe a depression. What happens to future generations when thousands of businesses fold? Thousands are unemployed? Entire industries are gutted.
Now we all know now the actions taken by the government were over the top. Hindsight is 20 20.
And no doubt there could have been a better program than PPP to help the economy, but the government broke it(the economy) and they knew they had to fix it somehow.
Posted on 7/1/23 at 9:57 am to momentoftruth87
quote:
. I live in a pretty lib state that was heavily restricted and nobody around me lost their jobs etc.
Maybe because of ppp loans? Do you even know how the program worked?
Posted on 7/1/23 at 10:05 am to fareplay
quote:No. Because the money was given to workers.It's not like "the rich" just pocketed the money.
Were they a scam by the rich?
quote:The PPP always had the conditions... if you gave all of the money to workers, it would be forgiven. That's what people signed up for. Student loan borrowers had no such conditions.
How come student loans isn’t ok but ppp is?
quote:Because the economic impact of shutting down the entire economy is in no way comparable to Suzy not willing to pay back money she took for herself.
Why wouldn’t congress create law for one but other
AS someone on Twitter put it:
quote:
PPP loans were a reaction to economic damage done by government lockdowns.
Student debt cancellation is a reaction to economic damage done by your decision to study Sociology.
Posted on 7/1/23 at 10:06 am to fareplay
quote:
Why not let them go bankrupt? Strong survive.
Because lockdowns were being mandated by the weak.
Posted on 7/1/23 at 10:24 am to fareplay
Found the guy living in his moms basement with a womens studies degree and $100,000 in loans
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