Paycheck Protection Loans Propped-up the Swamp
Article from For Liberty by Norm Leahy.
The Small Business Administration published data on companies that received loans of $150,000 or more from the Paycheck Protection Program.
More than 660,000 loans have been made so far totaling more than $500 billion.
The loans were intended to help smaller businesses keep workers on the payroll, and were forgivable if 60 percent of the loan amount was used for wages.
Critics of the program say it was rife with waste and helped prop-up the very swamp President Donald Trump says he wants drained:
Politico reports that PPP borrowers included companies owned or founded by members of Congress, as well as the educational arms of the Congressional Black Caucus and the Congressional Hispanic Caucus. Several lobbying firms, technically barred from receiving loans if over half their revenue comes from lobbying, also benefited from PPP.
On the executive side of things, the Daily Beast reports that several companies linked to the family of White House Special Adviser (and President Donald Trump’s son-in-law) Jared Kushner received PPP loans.
As questionable as some of the loans maybe, more than $134 billion is still available in the program, and Congress has agreed to extend its ability to make loans to Aug. 8.
Why is so much money still available? Rules that were constantly changing, inflexible mandates, and old-fashioned bureaucratic indifference.
None of which stopped the well-heeled, the connected, and the powerful, who got loans while thousands of small businesses suffered:
Any PPP loan that went to a politically connected lobbying firm or a billionaire-owned shoe company is a loan that did not go to the government-shuttered restaurant or similar small business down the street. All those PPP dollars could have gone towards relief programs better targeted at the least well off. The money could have also gone straight back into the hands of taxpayers.
You can search the list of companies that got loans worth $1 million or more here.
Call in all these loans, NOW! Obviously the applications were fraudulent and if they don’t return all the money immediately, prosecute the CEOs and CFOs of those who don’t. If that includes Jared Kushner, then so be it.
I said fraudulent applications if the money was never intended to go to huge corporations who could absorb losses or the types of businesses the loans were never intended to go to. Heck, even one of the Chinese NBA teams gave back their loan after they were exposed.
Huge corporations employ millions of people.
Many have little to no net worth.
How will their employees get money to live on?
Trump’s people approved all these loans.
What about prosecuting the Trump appointees who approved these loans?
It looks like the buck does not stop at Trump’s desk.
Perfect opportunity for a politician owned business to fleece the public.
That’s why we need term limits and no other means of support while in office
That sounds right to me! 🤜🤛👍😎
We have very strict term limits for elected politicians.
The max is six years.
You are out if you do not win reelection.
To say that you can not hold an elected position because you have held it before is undemocratic.
To say that you can not run for a seat you hold is not nearly so undemocratic.
We want all qualified politicians to run.
On an equal basis.
With no power of incumbency.
The buck stops at Trump’s desk.
He is in his first term.
He may be term limited, come 2021.
I am sure I read Nancy Pelosi’s husband’s business had received a huge amount also! Why was that not mentioned in this article? Three guesses and the first two don’t count.👎🥴
Where did you read that Nancy Pelosi’s husband’s business received a loan?
What is is the reason he should not receive a loan.
Because his wife tried to have Trump impeached?
Should all of Trump’s relatives be precluded from receiving loans.
Which one of Trump’s appointees gave the loan to Pelosi’s Sugar Daddy?
I did not hear anyting about Pelosi’s husband getting a loan but I did hear he was being investigated for selling off stock illegally. Dumped it, and made a bundle.
What stock did he sell off illegally?
How much did he make?
Who did you hear it from?
A friend of a friend of a very good friend who heard it in her car pool?
“If the foundations be destroyed, what can the righteous do?” Psalms 11:3 KJV This once GREAT country, as well as the world, the United nations, are doomed to destruction! Zephaniah 3:6 to 3:8 KJV
Hey, we are trying to have a civilized conversation here.
Rub your gun, thump your bible, send your son on a retreat with your Man of God
Trump should not wear one of the those silly looking masks.
It makes his face look fat.