Centralized inflationary fiat monies are financing political corruption around the world. Centralized power corrupts.
These fiat monies need to be replaced by #Bitcoin. Politicians will learn to be honest. https://t.co/5YKmwbJgF5
The PPP fiasco makes me sick. I don’t see how so many of these recipients can justify that is was ‘necessary’. Every buisness can use free capital. It’s bullshit that some got it while many didn’t. Vote em all out. @SRuhlehttps://t.co/ICYZfpDjHh
The requirements are listed at:
Pretty much any business entity that meets the size requirement, and can demonstrate (or pretend) that they would otherwise lay an employee off if not given the loan, is then eligible for the loan. If they then spend most of the loan within a few months, they don't have to pay it back.
The reason why larger businesses are receiving the bulk of the loans is because the federal government of course made the application process both fairly complicated and limited in banking entities that could process the applications. Many small businesses were not able to \*quickly\* produce the necessary financial statements, and many small businesses also didn't have a banking relationship with an entity who was not immediately overwhelmed with PPP applications. The end result is mostly larger businesses with an accounting team, combined with a banking relationship where the bank prioritized working on their application, got the apps in and approved while small businesses didn't.
I think it's lame that a 'religion' who is already getting a heavy tax advantage is able to apply. If they aren't viable without both a tax advantage and a loan, then they should go out of business instead of further burdening tax payers to support them.
Oh good point. If I had to guess, it isn't the religious entity that took the loan; they're too large to qualify. Based on that TBT article from last year about how they are using hundreds of anonymized LLC's to buy up downtown clearwater, they likely applied for the PPP through some of their associated entities, that they really own, but it doesn't look that way on paper from the fed's perspective.
Most of the majory cruise lines are not US companies so they don't pay US Taxes so they are not eligible for US subisides
Royal Caribbean is a Norwegian company
Carnival Cruise Line is a UK company
Celebrity Cruises is a Liberian company
i Wonder if everyone posting here realizes the PPP loan program had strict guidelines. Loan amounts were based on a calculation of the companies pre COVID payroll avg over a period of time. Then the original terms were that 75% had to go to pay employees and payroll Related expenses to get them off unemployment and 25% was allowed for facility expenses such as rent, mortgages, utilities etc.... this all had to be spent over an 8 week period. later on the terms were changed to 60/40 payroll/other approved expenses and over 24 weeks.
There were also other terms and requirements for any staff on payroll making over $100k. Payroll records and receipts all have to be turned in. I think a lot of people think this was just money that went into the company general fund to use however They wanted.
I know, I am the exec director of a nonprofit. The PPP absolutely saved us. We had furloughed almost 100 staff until we received a loan for nearly 200k. $160k of that went to payroll for all the furloughed staff and the rest went to building expenses.
I Am absolutely agreeing that some organizations abused it or were /are easily well enough off in cash flow that they didn’t need it but also know if they received the money they do have to use it for only the approved items.
This article here is the problem with the media. NBC is painting their own story without including logic. PPP money must be paid back if it isn't used to save jobs. Period. It doesn't matter how prominent the business owner is, if the money saved jobs and kept people off unemployment, the plan succeeded and the money was used for good.
I posted much the same. My organization got a PPP loan and it saved us. But all the money has to go to employees and approved other expenses such as rent, mortgage, utilities etc... everyone posting here seems to think the companies just pocket the money.
What’s happening in our government is legalized looting.
Next time someone says that we are a capitalistic country remind them that that’s not true. We are a socialist country - socialist for the rich. That’s what happens when you have a capitalistic oligarchy.