well the second round you had to prove covid was responsible for a decrease in business. First one you just had to attest to it
PPP was a well-intended yet horribly executed plan. Round 2 was outright stupid. Still pales in comparison to the stupidity of the employee retention credits though.
The fact that round 1 PPP went from announcement to dispersing cashing in 30 days is still amazing to me. It was a shit show, but there was no way it wasn't going to be. We were still at the stage of its better to overreact than do nothing. Rolling out a complex financial aid system essentially over night went about as well as anyone could expect. I do find it ironic that the same people on the left that says means testing government assistance costs more money than it saves are up in arms about the people who got PPP but didn't really need it.
Now we are in a spider man meme. The only reason it is being brought up is because the same exact individuals who were forgiven massive loans are complaining that people with far less than them are being forgiven 10k.
The fundamental difference though was that the PPP "loan" was basically a cash infusion that was never going to be treated as a loan if they did what was required.
i still contend the second stimulus was one of the worst pieces of legislation we've even enacted. economy is strong, but lets throw more money at it for no reason.
the intent was to help people bridge the gap and not have to lay off their workforce because of covid. the problem was only like 20% of people who got it used it for that purpose.
The entire point was to give the money to the employers to pay the employees, not just subsidize the owners.
Again, until some fundamental issues of students loans are addressed, this is nothing more than a buy a vote campaign. This does zero to fix any problems.
It fixes some problems for some people. It certainly doesn't fix some of the fundamental problems. And it may be a shot across the bow with a full expectation of it being stopped by the courts.
Yep. That way that $40k ends up in the pockets of their 40 employees and not in their new house boat.
I guess I've got good law-abiding clients. The worst any of mine did was pay employees a 13th month and super funded a profit sharing plan that no owner participated in once they realized they didn't need the PPP money.
I think we need to bring back the CCC and massively overhaul environmental impact studies on projects. The average time I those studies is 4-5 years on public projects. More time than it took to actually build the Golden Gate Bridge and Hoover dam. If those needing loan relief assistance works for the CCC for a set time, they could then qualify for a percentage of loan forgiveness.
That would gave given people a bunch of cash then they would have been unemployed. Probably just a different shit show at that point.