PPP Loan Terms Amount to Legalized Fraud/On Lawrence O'Donnell
[Attribution: WSJ]
Healthy companies can easily exploit aid meant for those that had to shut down.
By Pete Vegas
April 20, 2020 6:45 pm ET
I own a food-manufacturing business with more than 200 employees that was recently awarded a $3.4 million loan through the Small Business Administration. From what I’ve observed, the Paycheck Protection Program is completely flawed and will function as a handout to companies that don’t need it. Billions of misspent dollars will never be paid back.
As a maker of food products sold in grocery stores, my business hasn’t yet been negatively affected by the Covid-19 crisis, unlike many other industries. We are an “essential service...
= new reply since forum marked as read
Criminal
If the government did what they should have, they could have given money directly to the people via payroll services of companies at a reduced rate (ie 50-75% of their salary) for the period of the pandemic and make the companies guarantee that the employees remain on payroll (or else they have to reimburse the government after if they don’t keep them employed for at least 3 months and their health insurance is paid by the company during the pandemic and later be reimbursed by government if they keep them on payroll. That would have gotten money directly to the people, money that keeps their bills paid and the employees off unemployment and having health insurance and giving the company a boost and help to stay in business and keep going after the pandemic and the economy can return easier.
Something like this or a variation but not this BS cash giveaway to corporations and friends of banks.
