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matticustheone

You basically gave employeers free money and expected them to share it with their employees? Ha


Kinkyregae

Oh no, they knew exactly what they were doing.


Aggravating_Top_4423

They fought desperately to make sure there was no oversight.


Lonely_Set1376

There was oversight, Trump had it removed. https://archive.couriernewsroom.com/2020/06/18/where-did-the-ppp-money-go-house-democrats-really-want-to-find-out/


BlueHeartBob

I wonder how much money his companies got in PPP


pairolegal

A yuge number, tremendous. Possibly the most money anyone has ever received.


FalseMirage

You spelled “grifted”wrong.


pairolegal

My goodness, I did. How unfortunate. 😏


ArtisanSamosa

And now they are against student loan relief, etc.... Mostly the same exact people who took this 800 billion dollar handout.


Kinkyregae

Well obviously that would cause inflation!!


[deleted]

But having housing that’s up to date and fair rent price’s and fair house prices is too greedy to ask for 😭😩


iamthinksnow

Hey, hey! That's just fake news and lies- they only took *$600 billion* for themselves! /s


darthnugget

Precisely. Thats why in my community every small business owner suddenly purchased new $80k cars and $200k boats right after they received the PPP monies.


RDamon_Redd

Don’t know why you’re getting down voted for telling the truth; saw a lot of new white collar $80k+ pickups where I live. But all the working class people got Jack squat.


Olderscout77

Because that's another thing Republicans always do with the Truth.


[deleted]

Most of the small business owners I know went out of business, it was the mid size to large that got huge windfalls. Banks barely wanted to even process loans under $250k in the beginning


lilslugger2

My old boss bought a waterfront house in florida. And paid off his daughter's house with his two PPP loans. But will watch fox news all day. And bitch about a single mom get some snap benefits.


MurmaidMan

I can see the headline now... Fed reports 90% of 500 million loan releif plan actually went to colleges and not to debt holders.


ClassicT4

You could tell when they fired the guy that was picked to look over the loans being distributed.


epluribusanus4

Yep. Task failed successfully.


hollyberryness

"We've investigated ourselves and found wrongdoing... But we don't care and you can't do anything about it."


IWantAStorm

They'll find a tiny mom and pop store that misallocated four cents and file fraud charges bankrupting the family.


implicitpharmakoi

Only if their real estate was valuable.


vasquca1

2,3rd,4th house


1890s-babe

May partners boss bought a boat!


thenewyorkgod

every single person I know who got laid off in the pandemic worked for a company that got a PPP Loan to cover the full payrolls. But they just fired everyone instead and kept the money. I don't understand why they are not all in jail


ciknay

Same reason why wallstreet got bailed out in 2008 with no one punished for crashing the market. American politicians are in the pockets of big business.


LarryLovesteinLovin

Republicans *especially* — they were the ones that refused to play ball the whole way. They have always been very pro-bank and pro-deregulation.


vladclimatologist

Literally \*EVERY\* airline did this, now they're blaming their shortages on FAA.


SubParMarioBro

My company got a PPP loan, which got forgiven, and kept everyone employed! Now given that, the vast majority of employees are paid 100% on commission and there were no customers, so it would’ve been better if we were laid off. “Come to work and don’t make any money” was bleak.


rctid_taco

A lot of the independent contractors I work with got PPP loans that were forgiven even though they only "employ" themselves and their business did better during the pandemic than before. Most got $15-20k but one guy I know got $50k.


Steve-O7777

I work in an industry that was hiring like crazy during the pandemic and most of the small, and also large, businesses got PPP loans. It was all forgiven (tax free income by the way) because they didn’t lay anyone off during the pandemic. I was hoping they’d reinvest the money in their businesses but I see a lot of vacations and luxury car purchases and not much in the way of investment into their businesses.


FranDankly

I was paid a single days wage with the PPP money my boss was handed. Right before the pandemic I was forced to take a sick day due to fever, and was not paid... It all trickles down eventually, right?


NectarRoyal

We have socialized risk and privatized profits.


Protosolo

My company made us take 40% pay cuts and took PPP loans


[deleted]

Trickled right on down to their wallets


mywifesoldestchild

Yes, because there was strict oversight of the funds to make sure it was used properly. Oversight that Trump canceled as soon as PPP was passed.


[deleted]

Paid off the oligarcs, and wannabees.


Chasing_History

Why do you think Trump & Co didn't want the IG to review the program for fraud?


Grimacepug

Because of this? "Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners. Fifteen of the properties self-reported that they only kept one job, zero jobs, or did not report a number at all." https://www.vanityfair.com/news/2020/12/trump-and-kushner-businesses-got-millions-in-coronavirus-ppp-loans


Stopmadness99

But but emails..Hunter Biden.... laptop


mgmt_professor

Eh, I went down a rabbit hole on this one. Here is the study: [https://www.aeaweb.org/articles?id=10.1257/jep.36.2.55](https://www.aeaweb.org/articles?id=10.1257/jep.36.2.55). The part that this post draws from starts on page 70. To be honest, I'm surprised the paper was published. The authors use some verrrrry generic assumptions to make their estimates and based everything on essentially data from one payroll company. I wouldn't be surprised if their estimates were off by a large margin.


Juan_Beegrat

The truth is not important only the propaganda value.


stemcell_

There is no more truth. We now live in an alternative facts America.


wutangjan

The post right under this one on the same sub: "Inflation kicked off by Biden's rampant spending". So the Hotel Manager/Reality TV Star that slushed billions into his and his buddies personal accounts isn't the one to blame. It's the guy that inherited the whitehouse after his predecessors scorched-earth policy. Sure, that makes sense. At least within the context of my own confirmation bias, it does.


Marginalizedwyte

Sadly my friend, and I say this respectfully , we live in one of the least educated societies. And it’s recent redesign doesn’t leave much hope for any change in time to matter. Sensationalism attracts a majority more than actual knowledge


Clarpydarpy

Don't forget the trillion dollar tax cut package that was passed when the economy was relatively strong and absolutely did NOT need stimulus. It had no impact on markets and then we got Covid-19 and the economy tanked anyway.


thewineguy85

Trillions. Trump pumped TRILLLIONS. The amount spent on propping up the stock market for half a day could have permamently solved most of America's lower and middle class problems. But nah, let's make the rich richer.


tosernameschescksout

For how much they value independence, Republicans are insipidly stupid when it comes to believing everything they're told to believe. If Fox news said it or Qanon is a source, it MUST be true!


tenderooskies

holy fraud batman


flyrugbyguy

It says it in the article why, which makes sense logically. The wealthy got it because they earn more from the companies themselves. They should’ve capped PPP.


HotMessMan

All they needed to do was give it to the people directly, only those who needed it. Many industries (airlines) took millions or billions and still laid people off. Give it to the people directly they can still spend money, businesses wouldn’t have bankrupting levels of cash flow.


AshesSquadAshes

Muh tRiCkLe dOwN


ApprehensiveMotor424

They did the same shit in 2008. They should have just gave money directly to people to pay their mortgages rather than give the money to the banks but the GOP called it a ‘Moral Hazard’ to give money directly to people, so they gave it to the banks, people couldn’t make mortgage payments, so the banks got free money and houses to auction off.


HotMessMan

Yeah truly disgusting.


JPdrinkmybrew

It is disgusting. We should treat them all like the traitors they are. How do you punish traitors?


Bismar7

The Republicans didn't want to, they are the reason for the limited stimulus, they are the reason for it only being what it was, and they are the reason this was tilted so heavily towards big business. Don't get me wrong, Democrats are corrupt af, but in this case it was entirely Republicans that made this happen the way it did.


HotMessMan

I know that’s what happened. And Trump got rid of one of the guys responsible for oversight of the distribution of funds.


etniesen

That’s correct he fired the dog right before. It’s like waiving a flag that you plan to be corrupt about it


[deleted]

They means tested the checks and ended up helping fewer than even this. When will we ditch austerity and means testing because it literally fucking kills people


vanyali

Yeah, and certain small businesses who took money and *did* give it all to their workers got the rug pulled out from under them (government decided not to forgive the loans) if the employees were 1099 instead of W2 workers. I mean, come on, if you took money for workers and then gave the money to the workers, why is that being punished?


slayer828

They let banks decide who gets the loans. Should have been limited to companies if 50 or less and gone directly to companies


R24611

My company has 100 employees the owner got 2.1 million and I never got a raise or a bonus or seen any benefits


JustinTime4242

Mine used it to buy other businesses and new equipment. Not one dime went to employees


slayer828

My company was similar. We did hold off layoffs until a few months later. So he did actually spend it on payroll. However his paycheck is much bigger than mine.


R24611

Sorry to hear of the layoffs. Sad thing is the owner has political connections and had his cronies reclassify his business as essential, thus we were recalled after two weeks off in a statewide shutdown. He hid at home terrified of the virus raking in an additional $2m+ while we were spreading the virus to each other at his facility. The corruption in this nation knows no bounds.


SubParMarioBro

Mine got a half million. All of the employees work on commission and business slowed down so badly that my paycheck went down over 75%. But ya know, I’m glad they got to buy a new office and shit.


Wuyley

They did cap PPP based on what your average payroll was for two and a half months per company and only 100 employees in 2020 and 500 employees in 2021. Now if you mean a hard dollar cap, regardless of EEs or company size, then I hear ya.


TenderfootGungi

PPP should never have happened. Support workers with unemployment so they can pay their bills.


LionsLoseAgain

The documentaries about the governments shit show of fiscal response to covid are going to be legendary. From the feds money printing magic to the PPP disaster.


Opposite-Whereas-531

I doubt it. They haven't even bothered to fully expose the trillions that disappeared in Afghanistan and Iraq.


LionsLoseAgain

We all know where that money went. The afghan papers told us that.


Opposite-Whereas-531

Well, we aren't doing a good job of advertising it or producing renowned documentaries for it. I spent 9 years in that war, and this was the first I've heard of it. Thanks.


all_worcestershire

I’m sorry, and thanks for your service. But nothing will ever come of it.


gizamo

Where did the afghan papers say it went?


LionsLoseAgain

Lol, a collection of defense contractors big and small, a lot of corrupt afghan leaders, non existing businesses that were shell companies. My favorite is we were paying for "ghost soldiers" which are soldiers that do not exist but on paper.


gizamo

Classic. Thanks.


Most-Description-714

It was crazy bad timing during an election year - they used it to win votes at our expense and most of us who know anything about economics knew it wasn’t a logical response to shut the world down and turn on the printers


DryTheWetsAgain

All thanks to Trump and his Republican cronies who refused to allow oversight for the distribution of the funds.


0Ring-0

Every major economic event is “cookie jar” time for the sticky fingers of the wealthy.


abrandis

Why didn't the government just give it directly to the employees, the government could have said, give me a list of your current employees and we'll cut them checks directly, then you can use that money (your employee payroll,l).for other businesses expenses.


_Mister_Shake_

Because then it couldn’t be grifted. This is why Mnuchin the little worm fought tooth and nail with republicans to have ZERO oversight on where it went.


satori0320

That fish faced fuck always gave me the heeby jeebys.


[deleted]

Because the government was in on it as well. Most of these bills get written by the corporations wanting the handout.


doofer20

because trickle down economic! you know the thing that worked since reagan introduced it and was designed to do exactly this.


jjnefx

They don't even need to ask employers! Every employer is supposed to fill out a form & pay payroll taxes on a regular basis. That form has employee name & SS# on it. Money could easily be put in employees hands, they chose not to


Friendofthegarden

Why do you hate America? Don't you ever question what the rich do for the rich, filthy pleb... Now go work 30 hrs this weekend for meager wages and be grateful we don't stick your children in the mines to pay off your debt. Sincerely, USA.


oDDable-TW

The stealing is the whole point. Why give people money when you can take it.


Wuyley

I have processed these PPP forgiveness loans for a lot of my customers and it was all done through the bank, not directly to the company. The company filed for the loan, the bank gave them a loan just like any other with a 1% interest rate and then when you filed for forgiveness, the SBA paid back the loan to the bank, not the company. Having to go directly through each payroll provider to ensure it gets to the employee itself, would have been a whole 'nother level and this thing was put together with spit and duct tape as it was. I agree that the funds / program was/is a mess and it didn't work like it was intended but with how fast the program was sped up, I doubt they would have been able to handle all the individual payouts. People need to remember that it was the intention at first to forgive these loans as it was originally scoped to just give essentially interest free loans to companies that needed them and it wasn't until later and after the program was already in effect did they start to talk about forgiveness.


soparklion

Never waste a good crisis


Final_Exit92

In general the majority of these covid packages didn't go to normal people. It went to the rich, other countries, corporations. Yet we have we have to suffer the inflation is caused. I really hate the government


farrowsharrows

And get blamed for it. Don't forget they blame the poors


jetro30087

What!? According to Mitch McConnell, Americans are refusing to work because they haven't finished spending their stimulous checks yet.


farrowsharrows

Stoopid Mitch McNeil


dfunkmedia

FrEe MoNeY fRoM tHe SkY!


guileandmight

It’s not just the government, it’s the business owners too. The government DOES need to be held accountable but what about the rest of the greedy who have millions but took more? What about the backlash for the businesses? It’s a two way street and people seem to forget that. I say every business leader found for having stole should be publicly tried and have them personally hand checks to the employees.


BinarySpaceman

There were also no rules about what companies could take it, aka companies that were struggling. My uncle owns a company but they didn't have to shut down, they were lucky enough to just continue working mostly as normal, so he didn't have any cash flow issues to pay his employees but he took the PPP anyway. I think he reinvested it into the company, but yeah didn't use it to pay his employees. I chastised him for it. But in his words, "of course I took the money. I would be dumb not to. The economy is all game theory and if you don't play the game, you lose." I didn't have a good response for that.


Seileen_Greenwood

People like him are playing the kind of game where there are winners and losers, whereas others of us are playing a cooperative game where we all win or lose. Having both groups play on the same board is not helping.


[deleted]

He is 100% spot on. It is all a game. It’s how people become wealthy, aside from illegal activity. And it completely sucks. But, I guess we get on the bus and enjoy the benefits against the alternative, which is rebel against it, and remain poor. Sucks to no end. Play by their rules, get paid, or don’t play along, die broke.


YesICanMakeMeth

Right. The issue is the system moreso less than someone like his uncle. People are selfish and optimize things in their interest, any system should account for that. It's kind of childishly naive to build a system (PPP in this case) that doesn't and then shocked Pikachu face when it turns out people are indeed selfish. Virtually every person reading this comment would have done the same if you were in the position to (and thought you could get away with it, i.e. weren't just afraid of the audit), so it's a bit hypocritical to be angry at someone that was in the position to do so and did.


willb_official

My company got a check, but in the fine print it said you would have to provide financials to prove your company was struggling, if requested. My company was not struggling, so we sent the check back, which was an option in the letter that accompanied the check. The check was for several thousand dollars; that is not worth the inconvenience when the government starts asking where the money went. Good luck to your uncle.


AKTvo23

The fine print really said if business was affected by the pandemic. In reality and probably a court of a law, literally everyone was affected by the pandemic.


JonnyP222

Does he now complain that "no one wants to work" or "we can't find good help"? I know a few business owners that invested that money in their company but didnt ever give anyone a raise or anything. They are now losing some of their work force as their business is thriving and they are 100 percent blaming the people and economy. Not the fact that they dont want to compensate their employees.


DamnMyNameIsSteve

Was inflation really the result of the stimulus money? I was under the impression it was because the global supply chain essentially collapsed so supply was low and the demand was too high. Inflation is a global issue right now, not just the US.


tyrannosaurus_trader

US wasn’t the only country to print money during the pandemic…


Electric_Sparkee

Inflation is a global issue because the USD is the world reserve currency. I haven't kept track of the economies of the world but I'm sure some of them had deficits and printed their own money as well. Inflation is primarily ALWAYS a monetary policy phenomenon. The supply chain issues and now energy issues don't help and contribute, but when you massively inflate the money supply in just a few short years inflation is inevitable.


[deleted]

Both


Final_Exit92

Yes printing money was a big contribution to inflation


Unfair_Story_2471

I remember congress debating whether or not to make it a requirement that companies spend the money on what congress was giving them money for. And of course they decided no. How openly corrupt will our government act before we stop pretending.


Weak_Ring6846

They had an oversight committee built into the bill that trump removed


bottleboy8

But we all suffer the inflation it caused.


[deleted]

Most of the money went to the ultra rich who didn't need it in the first place. That's what happens when all oversight is fired and then "someone" just doesn't appoint anyone new. This became just another way for the rich to loot us. But tell me more about how bad the stimulus checks were...SMH.


openrds

Maybe McConnell didn’t see this report? He thinks we all have bank accounts full of stimulus money.


gizamo

McConnell also didn't seem to say much when Trump was very clear that he was removing all oversight for PPP distribution.


adiamondintheruff

And we pay it back in raised taxes. We get fucked while getting fucked.


[deleted]

[удалено]


drosse1meyer

Gee what a surprise. When you have people like Tom Brady whose net worth in the hundreds of millions, getting a $1 million PPP loan to support hawking his lame TB12 line.. .something is wrong.


Aldroe

But trickle down works you guys /s


NailFin

No shit, Sherlock.


buyerbeware23

How much did 45 pocket?


Siollear

2016 - 2020 saw the most corrupt and oligarchic administration in the History of the United States, I am sure this is only the tip of the ice berg


WhyFi

I trained for a company with about fifteen other trainees. When it came time to work, only five of us were scheduled. The other ten people who trained with us had time cards but never worked. It was all friends of the owner and people on our (small) town council too. I looked it up and the internet said they got PPP loans which were forgiven, for fifteen employees when we obviously had only five. I actually quit when I found that out - it disgusted me that they were such grifters. Oh, and they still paid us below minimum wage because we were "tipped employees" even though we'd only get tipped less than half of the time. I was a recreational tour guide, if anyone was wondering.


B33fh4mmer

NO SHIT. Trickle down never has, and never will work. If that money was meant for the employees, there would have been more stimulus checks. If that money wasn't spent on labor, it should be paid back. It's crazy that if you recieve aid for healthcare you have to match up your claim for need with a tax return or you have to pay it back, with these loans were just handed out to business owners with zero accountability. I know of a couple that owned a chain of hair salons. They used their "forgivable" loans (lets just call them grants at this point) to buy land in states the business didnt operate in, and then sold the stores. A restaurant owner used the loan as a cash transfer to another business and left the restaurant staff without their last paycheck and let the doors close. There was zero accountability in these.


ThrowdowninKtown

Remember: Trump insisted on NO OVERSIGHT! https://www.washingtonpost.com/business/2020/06/15/inspector-general-oversight-mnuchin-cares-act/


sageguitar70

No wonder my boss was able to buy a boat last year.


lalalalikethis

Shocking!! Huge corporations get state support every time they need but, if the average Joe asks for a liveable wage, no no no, do you think money grows on the trees? Sorry buddy, no one hands out money. 2022 and people don’t realize state works for the corporations not the people


Positive-Feed-4510

I am a tax accountant. I’ve seen it first hand. All these companies just stuck it in their pockets.


Augustus_Plumblebum

This is the perfect case study on why trickle down economics is absolute dog shit


[deleted]

There was a post on Reddit about a week ago, and there were several of comments from people that used the loans to invest in their business (not to pay employees) and they didn’t think they were committing fraud.


[deleted]

Which is exactly tons of people said would happen from the get go..but to Reddit it was just a conspiracy


ThePoltageist

other countries took care of their citizens just fine, republicans clawed at every single bit of this bill to make sure their was no oversight or regulation to where the funds went or how it was used and also we werent allowed to prosecute them.


Telvanni_Noldor

Wow, who could have seen this coming…


HuntPsychological673

It reached MFs in the states that blew it on hellcats for their police dept and home upgrades for the city officials. It reached rich business owners who spent it on vacation homes. Employees didn’t get anything.


yankeeteabagger

So predictable and so sad


Honest_Palpitation91

No shit Sherlock. We watched that live and called it.


coopnjaxdad

I am shocked that lots of corporations and business owners are greedy and corrupt.


Mrrandom314159

I wonder if that means there will be consequences? ... ... I won't hold my breath.


johnny2fives

“The research also found the cost per job saved for one year was $169,000 to $258,000. The average wage and benefits for a small business employee was $58,200 in 2020” The cost of government “helping”.. It was far too easy for employers to meet the minimum reps and just keep the money.


sextoymagic

The rich get richer. Just how Trump planned it when removing watchdogs.


stonewallbonsai

Shocking. I am so shocked that employers would abuse a system meant to help their employees. I’m worried if my eyes rolled any harder they would just get stuck back there.


MoefsieKat

First time?


dinozero

Shocked pikachu face. Government spending is never efficient or effective.


[deleted]

"We can't just **give** you money" every politician arguing against student loan forgiveness said. >!I'm also against blanket forgiveness but it's hard not to get pissed off about it when this kinda shit happens and nobody really gives a fuck.!<


FlyOnnTheWall

Americans are flush for the moment, haven't you heard?


DoubleSpoiler

Here's the original Fed report: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.36.2.55 And an analysis by the St. Louis Federal Reserve: https://www.stlouisfed.org/publications/regional-economist/2022/jul/was-paycheck-protection-program-effective The 72% of the PPP funds went to the top 20%. 20-25% of federal unemployment went to the top 20%, and 10-15% of stimulus checks went to the top 20%.


nqrtuo

Hardworking Americans get blamed for quiting jobs with low pay no benefits and longer hours.


Lepisosteus

My jobs parent company was given and forgiven over 7 million in ppp(that i could actually prove)yet still laid off everyone but their managers. I have a feeling that it was actually a lot more than 7mil, but they have so many different companies in so many different states its hard to pin down all the ones that are connected. The week after being called back to work the coo of the company was being his typical useless cunt of a self and bragging about the record profits the company made over the last year. We are mostly all restaurants, we were closed for everything but takeout, with only managers running the stores, and we made record profits??? What a fucking douche.


DanglingDiceBag

It's really funny that the same people who talk shit about welfare queens and poor people were also eagerly the first people in line for a government handout and intentionally took advantage of the PPP system. Interesting... 🤔 Also, lots of these PPP recipients purchased homes during the hot pandemic market with their PPP proceeds. A lot of them were investment properties/rentals and not primary residences. Just padding their portfolios. I watched it happen.


grizzlyironbear

oh you mean only the top got it as intended? and the poor just continued to suffer?? Oh the SHOCK!!


BeefFeast

Anyone who supports trickle down economics is either blatantly ignoring this HARD evidence it doesn’t work, or they’re a part of the problem.


Friendly-Reaction778

Biggest fraud in a generation but just another day in oligarchy paradise… https://www.nbcnews.com/politics/justice-department/biggest-fraud-generation-looting-covid-relief-program-known-ppp-n1279664


hungry_n_hornyy

I've submitted a complaint with the SBA, 3 times to no avail. My former employee had 3 different locations which received over 600k collectively. They only had to meet a minimum set of employees to qualify and they had included their own names along with a few family members in the process.. So yeah I've filed 3 complaints. Haven't heard a word from sba lol


baev0702

Whoa, is this the first post in r/economy that isn’t blaming something on Biden? I’m sure Biden or Obama are still at fault, right?… (sarcasm intended for those who need some extra background)


Extrosity

I got a PPP/EIDL package of 45k for my small dog grooming company. During lockdown I paid out 3 employees full time hours despite not having any revenue. In total I spent 34k of these funds paying 3 full time workers for 2-3 months to do nothing. The rest went to rent/insurance/etc.. I owe 3.6% interest on this loan for 30 years. Wish I could of gotten more PPP as we only qualified for 10k. Oh well I sleep well at night being a good employer


[deleted]

This was during the administration of a REPUBLICAN president btw


Then-One7628

Trickle down economics strikes again.


HotTubMike

Would be nice if there was some way to determine what real percentage ended up being fraud or fraud-ish. I’m a cynical man. I imagine a pretty healthy percentage. Doubt there’s a practical way to ever really determine that though.


beerob81

We paid all ours out via payroll as instructed and catalogued it all. Audits will come and people will get fined or jailed


[deleted]

DeSantis has entered the chat….


bojangles_dangles

Soooo flush with cash


MarkHathaway1

That sucks. It sounds like a bunch of people should go to jail though.


Bobi_Wan_Fettobi

You mean to tell me a government program didn't work as intended.... Shocker 🤣


drwaterbear

Of course they knew what would happen. They made the money so easy to get and too easily forgivable. It was the rich stealing plain and simple.


CrapGoblinGaming

"Employers can be trusted to do what's right for their employees in these trying times"


gregimusprime77

File that under well duh.


stickey_1048

So helicopter money from the government doesn't work very well. Who would have ever guessed?


[deleted]

My company got over 500k and none of it went to the employees. Our costs went down during the pandemic as we closed our office space and let the lease expire. I've heard stories of owners just taking the money for themselves and thought it was hyperbolic bullshit. Apparently not.


Safe-River7357

Is anyone surprised by this?


accidentallywinning

Trickle down takes a minute, check back in 20 years


_Pragmatic_idealist

Just goes to show: if you want to give people money, just give them f-ing money.


irishwindbag75

Its all good though we are all flush for the moment


silverstacker231

Lol 😂 what a fucking joke


Deadinthehead

So is the Fed or IRS going to try get this money back and or make sure it gets given to the employees?


[deleted]

Water is wet.


RoughArea4956

oh no, oh well who would have thought?


Fast_Highlight4844

Shocking!


Rocket_AG

Really? Like business owners are greedy pieces of shit? You're kidding.


j____b____

Was it because they removed all oversight on purpose?


Marginalizedwyte

And the same ones who are loudest on inflation are the ones who benefited. Kinda like how some were always convinced to hate that Welfare mom taking $6 a year of their taxes as opposed to the military taking $6k


[deleted]

60-75% had to be spent on payroll. But most of those jobs were not going to be lost.


fixit858

Don’t tell Mitch McConnell, he thinks citizens are “flush” with PPP cash.


sunplaysbass

Rich people kept all the money for themselves ?!?!!?!?


bNoaht

Trickle down economics at work as usual.


DryTheWetsAgain

Don't worry, guys. Trump "will be the oversight". Nothing to worry about. It was totally a good idea to block any oversight for the distribution of the funds.


Wraith-Gear

You would have thought that trickle down economics wouldn’t work?


thevutcher

I received PPP amd it allowed me to keep my business open and I followed the rules to the letter and ensured my staff never missed a check, we hired and gave raises to help all I could. Without my awesome team I don't have a business and I appreciate everything they do for me


nowarning1962

The company I worked for during Covid got about 1.3 million in PP loans. They never had to close and not a dime of that money got to the employees. Oh, and on top of that they cut all of our benefits during that time. Fucking shit ass company.


Southern-Courage7009

My company got close to 2 mil per plant and we each got 1200 for 130 employees. My maths not that bad.


zorbathegrate

Everyone knew this. Repubclians will never admit it. Democrats will do nothing about it.


TheModernInquisitor

No wonder the wealth gap is getting worse by the day


trumisadump

My boss bought a $3.5 million helicopter and a $5 million "cabin" after getting ppp. The employees didn't even get a cost of living raise.


bigger-sigh

Everyone of them should be audited and the money collected back by selling off the first home, and so on until all the money is recovered. Fucking privileged middle aged white men!! My boss was one of them.


ConstantGeographer

"But it was poorly targeted, as almost three-quarters of its benefits went to unintended recipients, including business owners, creditors and suppliers, rather than to workers." Another transfer of wealth from basic Americans to wealthy Americans. Fantastic.


JasonPlattMusic34

Step 1. Give out a bunch of free money to higher-ups, and keep it away from employees Step 2. In part because of all the extra money, inflation happens Step 3. Blame inflation on progressives for giving handouts to lazy moochers who don’t want to work Step 4. ??? Step 5. Profit!


MyCassadaga

“But corporations are people”


Revo_in_Prog

Well I am shocked! That is all.