P3 loans were a waste of taxpayer money – Mississippi’s best community newspaper
Paycheck Protection Program Loans for Local Businesses, Immoral, Illegal or Neither?
More than sixty local businesses received these loans of more than $ 40 million, according to ppprecipients.com.
When you look at who received the loans, you think of the saying: “Pigs get fat and pigs are slaughtered”.
Some of the recipients never closed their doors and made record profits. Some laid-off workers still got the loans.
These Small Business Administration loans are forgivable if certain “lax” criteria are met. So you are not supposed to spend the funds or certain things like cars, condos or helicopters.
This is what alerted the Department of Justice to investigate the man in Florida with the Lamborghini. He was fraudulent in acquiring the loan.
The banks got a pass. It also boils down to subsidies for the rich with taxpayers footing the bill. I guess everyone is too big to fail now. What happened to free enterprise?
Lenders willing to cash more than ease the process. After all, they received a percentage of the loan amounts they processed.
The SBA, wanting to disburse the money as quickly as possible, said lenders don’t worry about verifying it is up to applicants to provide documents if we decide to verify the loan.
The banks got a pass. Businesses got free payroll and utilities. The taxpayers got hosed.
Well, the individuals got $ 1,200 each, so maybe the taxpayers got dusted. Some people see things in black and white. New high school or old high school?
Taxpayers see it as theft and abuse. This while a new round of stimulus plans is being discussed. Ask yourself if it’s illegal, immoral, or neither?