Politicians Opposing Student Loan Forgiveness, Yet Had PPP Loans Forgiven

Do you have any idea what these loans were used for? I can assure they were not so they could get a college education. I would assume as with the vast majority of ppp loans, they were used, per requirement of the loan, to make payroll for employees since the business was mandated to be closed.
Not really comparing apples to apples here.
My non-profit I volunteer with received some ppp money we didn't have to pay back. It allowed us to keep about 10 employees paid. A lot different than a school loan.

 

I support some level of loan forgiveness.
But this isnt a fair argument.

PPP loans existed because the government shut businesses down.

Those loans paid for moms and dads to survive while they were out of work.

If he kept the money for himself then this would make sense, but if he paid his people as required by law, then this is a lame gotcha attempt

 

"But I liked those loans" doesn't seem to be a strong argument here. I think education is a good reason to loan money too.

 

If millionaires enriched themselves by lying and deceiving the ppp payback requirements, then I would hope it would be caught in any audits being done to ensure they were properly used. Not a single student who took out a school loan required the loan to live. They could have chosen to not go to school, attend part time or many other options. When the government shuts down the country you have no options.

 

PPP loans were applied for via private banks of your choosing, not directly from the feds. They were basically guaranteed by the feds...

...But the PPP loans that my company got werent really to the company. They were to the company employees and were never intended for payback. They were only called a loan for semantic reasons to make sure businesses paid their employees. As long as you do that then it basically became a payment instead of a loan.

While I am in favor of a serious overhaul and even forgiveness of the current school loan situation, I cant see how the teo are even minutely related. That tweet is nonsense and the person posting it clearly knows very little about this.

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Who said that?

I think college loans are crippling kids and the whole system needs overhauled up to and including some bailout relief.

 

Again. These loans were never designed to be paid back and people were told that BEFORE taking them. That is a ocean of difference from a loan where payback terms are clearly expected.

 

You pretty much are. What the loans were for only matters from the context of "But I like those loans."

 

One poster on this board apparently used their PPP loan to give their employees the largest bonuses they had ever received.

 

Are you familiar with the Cares Act and the PPP loan program in particular?

 

Lots of ignorance here. Too much to even try to explain to result in an adequate understanding of the PPP loan program and how equating to student loans is apples to cumquats. Not even close to similar programs and repayment terms. Silly false equivalence.

 

The specifics of what was paid and when would provide much needed context to bonus event. I know of a situation where PPP funds were used to sustain an operation through its COVID downturn. One the company survived that period, the employees that stayed with the employer (most of the pre-covid employee group) were rewarded. $$s are fungible once in the bank.

Having said that …. there were abuses of the program by many people.

 

Yeah. Ppp loans and student loans aren't really analogous. The design of the ppp loan was for it to be forgiven, and that was known ahead of time.

 

But this is a cumquat vs. kumquat argument.

 

I think the problem here is this bit of hypocrisy: “Proponents of this literally want student loan debt transferred to other people. It’s obnoxious.”

 

I wonder how many of the rich politicians needed the loan to live. You will argue that the loans paid salaries of lower income folks (did they?). I argue that tuition revenue puts food on the table for worker bees in colleges (support and maintenance staff). You deny the hypocrisy?

 

They were loans meant to be forgiven. There's a difference. Student loans were made years before they ended up being forgiven. Students signed contracts to pay back loans same as businesses signing contracts to receive PPP loans with the stipulation that if the money went to pay expenses like labor, they would be free and clear. Besides, unlike student loans, the government created that mess by shutting the country down for 2 weeks, almost closing nearly 8 million small businesses (250K have since shut down any way).