Politicians Opposing Student Loan Forgiveness, Yet Had PPP Loans Forgiven

loan forgiveness without meaningful reform for those who qualify is meaningless as it will just accumulate again and we will have very low to no ROI on the I. loan forgiveness should also be paired with aggressive prosecution of "colleges" that target minorities and others that have very low graduation rates for criminal prosecution.

I am familiar with the forgiveness process. lots of professional services firms took PPP loans and missed only days of quarantine after an employee tested positive. the "loans" paid legitimate expenses which increased the percentage of profit. different industries had different impacts but the term essential was very loose. if the business was legitimately lost, it would show up in the revenue columns easy enough. Doesn't seem like that much to ask for to warrant the forgiveness. forgive 120% of the loss in annual revenue up to the total amount loaned. Under those conditions, there were likely hundreds of billions that should not have been forgiven.

did you receive 6 months of PPP? What was your annual revenue loss %? how long was closure for your area/industry?

 

This wasnt about "quarantine" due to "testing positive". There was a short time where a small amount was set aside for missing work if sock, but that expired pretty early.

PPP in most cases was about lockdowns. Government enforced closure of business.

We were completely closed for 6 weeks. 65 staff at the time. (Thanks Gov Cooper ) and we kept only what was needed to keep all of our staff paid.

But 65 people for 6 weeks is a lot of money and way more than a non profit like us has set aside for a rainy day.

 

agreed and understood. did you PPP money cover more than 6 weeks expenses?

 

Ours did not. I basically lost 6 moths pay but my staff was paid their normal amount. This was on the heels of of recovering from Hurricane Michael.

 

I dont remember because we went back to work at 6 weeks. We stayed closed for the public longer, but did restart operations internally. I believe you could have if needed.

 

many got 6 months of rent, utilities, payroll that far exceeded their revenue losses

 

Only of they were dishonest. But what does that matter. This guy paid his employees and is being called a hypocrite as if he kept the money.

Its nonsense to compare PPP to student loans regardless of where you fall on either. They are completely different.

 

PPP loan were a government subsidy.

Bad things happen. Business either have insurance, figures out how to deal with it, or shuts down. It was a subsidy to private business to survive.

The payment to individuals through PPP for their salary was also a subsidy. Individuals could have saved and been unemployed, but stayed at home with a paycheck.

A loan forgiveness for education is also a government subsidy.

Both are burdens on the taxpayer.

 

SBA estimates $200B in fraudulent PPP. There was $800B in PPP loans. 1/4 was potential fraud makes me think all those PPP recipients need to have more compassion because they might be in jail.

 

Payroll coverage insurance usually excludes viruses in the language of the policy.

I think if bad planning shuts a business down than you are right, but in this case the GOVERNMENT did it.

Insurance likely will deny that and leave you hing out to dry.

Most mom and pops cant survive two months payroll and expenses.

That isnt how most small businesses work.

 

All these experts, but only a handful actually have run a business and been under the stress of we don't pay bills this week so we can make payroll. Many have never had to fire someone because the business can't survive with the amounts of employees they have. This was a government created crisis and you are damn right they needed to do something about it.

 

I was of the understanding that he used the money as bonus money, no doubt, better than keeping it himself, equally no doubt just more straw on the backs of taxpayers of future generations.

 

been there, done that, still doing it. it was a health care created crisis, no different than a tornado. nature striking out causing a crisis. something needed to be done and it was done fast and loose.

 

I don’t disagree about BI. I am not disagreeing with the purpose of the PPP. Yes, government shit downs were the reason.

I am just saying that this all falls on the tax payers. So, that is the apple to apples comparison.

 

There were also endless numbers of experts on the medical ins & outs involving a global crisis. So easily forgotten.

 

Calling this apples to apples would be sort of like calling military spending and Green energy subsidies apples to apples because they’re both taxpayer funded.

The fact that they’re taxpayer funded is about where the comparisons end. Who supports them, their cost, the urgency needed to fund them, and grading them as policy tends to lead you in entirely different directions.

Which are the relevant points when it comes to comparing PPP to student loan forgiveness. Not to mention the elephant in the room that businesses didn’t have a choice in whether to shut down. College students had a choice on where to go to college and they had a choice on whether to go to college at all.

 

We're 30 trillion in debt and some get their panties in a wad over PPP.

 

Gotcha.

 

You are exactly right! And the further we get away from the pandemic, and look back, the more we should realize the things that were done correctly, the mistakes made, and how some of the experts that were touting science, were really just touting their belief and opinion. Hindsight is always 20-20, we just all need to be adult enough to point out both the good and the bad policy decisions no matter what side of the aisle they came from!