Politicians Opposing Student Loan Forgiveness, Yet Had PPP Loans Forgiven

That's a pretty weak appeal to hypocrisy in light of the context and differences.

Sometimes people just like shouting pejoratives for the sake of doing just that, without any rhyme, reason, or method to the madness apart from tribal politics.

 

Why shouldn't they be paid back by companies who experienced minimal disruption? If you lost 20% of previoys year revenue, forgive 20%..instead 100% forgiveness regardless of revenue loss.

 

My usual sales revenue was about $160k per month. I was getting 30-50% of that during the first 6 months of the pandemic with no assistance. It was brutal. My employees stick with me and I felt I owed it to them and their families to help them through. We did a lot of building improvement projects when we had no customers. We repainted the shops, fixed things, cleaned up, organized tools, got rid of junk, landscaped, and did training. Things we normally didn’t have time for. When things started picking back up, we were better as a result.

 

Whatever salary they paid to the analyst/researcher to dig this dirt up….not sure they got their money’s worth from him/her/xyr/it. It seems like a petty attempt to whine about hypocrisy.

 

Well part of it is that the loans didn’t replace 100% of the revenue. It was based upon headcount and previous payroll, not total revenue.

 

Very familiar with it. Also very familiar with multiple firms that had minimal disruption and profitted handsomely from the forgiveness as they had their expenses covered by the taxpayer. Even at 50% revenue loss, if the loans covered 100% of your labor and rent you ended up ahead unless your margins are ridiculously high. And you got the benefit of the improvements you made to your business and your employees. The loan forgiveness should be based on proven loss of revenue year over year. How much is revenue compared to total of labor, rent, utilities? We run around 75 - 80%

 

Well, I don’t disagree completely, but this isn’t really a rebuttal to what I posted. My point is that it wasn’t the complete scam or abuse that many say it was as a blanket statement.

 

I can’t agree more. All of this was political. Both republicans and democrats are to blame.

 

Well covid was real and the need to close things down until it could be managed was real. And companies in certain industries certainly needed some help keeping people employed and insured. Uncertain as to what you are referring to as all political.

 

Good.

 

Yeah, I can see why you’d say that; we’ve long ago established you fully engage in “tribal politics.” Move along.

 

Shouldn't have been forgiven

 

The point of the PPP loans was to keep businesses alive and people employed. If that money actually made its way to the employees, I consider that a win. Better it helps some folks than the feds waste it on something frivolous, like a ship that doesn't work.

 

How tribal of you.

 

Two wrongs don't make a right. Hundreds of billions were added to our kids debt that shouldn't have been

 

I support debt forgiveness, though. And I support efforts to make higher education far more affordable, even free. It's a public good that should make our country economically stronger and more civically engaged.

 

This thread is a great example of common sense people validating stupidity by attempting to debate stupidity. The thread should have been locked as soon as someone pointed out to the OP that the PPP loans had a forgiveness clause in their initial contracts.

 

He didnt take it. He paid his employees with it. The government did that to prevent layoffs. PPP money was a completely unique thing and should not be compared to other loans.

 

PPP was based on salaries and *some* lost revenue. You had to go through a process that basically required detailed payroll accounting.

There wasnt really this truckload of money dumped into a bin in the accounting dept and we just kept most of the pile as profit.

The money has to be accounted for or the "loan" loses the forgiveness component.

This is just politics.

Loan forgiveness for students is good in my eyes.

But one can disagree with me and still take PPP funds in good faith because they arent even close to the same thing.

 

I didn’t even see this hating ass part the first time. Look, it was nice to have, but was it necessary? Did it improve my bottom line? Would I have done it if there were revenue generating things I could have done? No.

How do you even analyze how cleaning and painting increased your revenue? It was busy work. I was paying them, so I’m not just going to have them sit around and stare at the clock. They didn’t want to, either. They knew I was footing the bill. Also, I did that while I was paying, that was well before the PPP came. I had almost ran out of operating cash when the loan arrived. I might have been able to make one or two more payrolls before closing up the shops. PPP gave us just enough to survive, and then we went on a tear the next year.