Who's getting a handout in your neighbor hood?

[D2Cat]

Fed govt has been handing out money in the nature of a small business loan that does not have to be paid back. When I look at the list I ask myself how does an insurance agency qualify as loosing anything because of covid?

I get the impression there are a lot of people in America that come out of the wood work with both hands together, palms facing up, wanting all they can get. It's discusting!!

https://www.federalpay.org/paycheck-protection-program

 

[B737]

No hand outs received here. I only get to pay in. I know several friends and family who were able to keep their businesses because of the program.

Actually, I cant say I didnt receive anything, if they had not bailed out the airlines, I would have lost my job along with tens of thousands of others.

California man fraudulently got $5M in COVID-19 relief money to buy a Ferrari, Bentley and Lamborghini, authorities say

According to a federal indictment, Mustafa Qadiri, 38, fraudulently obtained millions of dollars to buy luxurious cars and take lavish vacations.

www.usatoday.com

 

[Nicfin36]

That is a VERY interesting link! I was surprised by the names I saw on it in my area..

 

[Fordtech86]

Hmmm, never seen anything from the money my employer received.

 

[motionclone]

Fed govt has been handing out money in the nature of a small business loan that does not have to be paid back. When I look at the list I ask myself how does an insurance agency qualify as loosing anything because of covid?

I get the impression there are a lot of people in America that come out of the wood work with both hands together, palms facing up, wanting all they can get. It's discusting!!

https://www.federalpay.org/paycheck-protection-program

I got a PPP forgivable loan. It was a significant amount of money (to me) and i dont have any regrets in the least.

I dont consider it a handout but rather a small portion of money back that ive paid in all these years so politicians can buy votes.

The IRS forgot to send me and my wife the last 2 stimulus checks even though we qualified. so there was that slap in the face as well.

 

[B737]

I dont consider it a handout but rather a small portion of money back that ive paid in all these years so politicians can buy votes.

I agree @motionclone, I see it the same way.

 

[bmblank]

Looks like the company I work for got a little over 800k. Sure seems like they must have at least paid SOME of it back.
I agree with fighting against so much spending, but it'd be silly not to take every advantage to advance the company when the opportunity is given. Particularly at a time like this, when companies really are hurting.

-Hey man, you better not stick that $100 bill in my face again, otherwise I'm gonna take it...
*Sticks bill in face again*
*takes bill*
-Hey, you can't do that!!!

 

[motionclone]

I wonder what the banks are getting out of it? The "loans" are processed through regular banks then the "forgiveness" part is applied for through the bank as well. the "loans" arent reported on credit reports and there is no credit-worthiness check to qualify. If the loan isnt forgiven then it has to be paid back at 1%apr in 5 years.
Banks arent in business to lose money so wonder what the fed is paying banks to distribute these?

Also I realize that no money is "free" someone has to pay for it. Well future generations have to pay for it like those mellinials and z generation that laugh at hard working boomers and feel they are entitled to everything like 3x minimum wage to flip a burger or paid sick days half the year. Thats who will have to pay for it.

 

[Fordtech86]

We need more!

A petition urging the government to give $2,000 monthly stimulus checks to every American has surpassed 2 million signatures

Senate Democrats have urged recurring relief checks to help Americans stave off financial difficulty brought on by the pandemic.

www.businessinsider.com

 

[dirtydeed]

not just small businesses...inmates are eligible for covid relief checks as well. I don't think it's the "extra $300/wk for unemployment, but rather the (2) single payments.

 

[ctfjr]

Although that link is very interesting, as many things on the internet are, it doesn't tell the whole story.

The company I work for is an 'open book company'. If you are unfamiliar with the phrase it means other than 'individual salaries' pretty much every other piece of financial data is available to all employees.

Last year when the shit hit the fan we (I am in the senior management group) were talking not about losing $$$ but rather whether we would survive. This 100+ year old business employs over 200 people. If we took a dump the ripple effect would be pretty serious.

The 'free' money meant we didn't have to cut hours or release anyone. ALL senior management took a serious pay cut. We did do serious belt tightening like our corporate life depended on it. OT was out (who needed it with a 50% sales cut). All unnecessary purchases were out. We received over $2.5mil from the government.

Turns out we turned things around in several months. So much so that those senior peeps that had the pay cut got it retroactively back in December.

Oh yeah, we gave all the $$$ back to the government.

How many other entities on that linked list did the same? Probably a lot. How may were sleazy? Also probably a lot.

 

[Bmyers]

I know our company applied and received the PPP loan. We used the money to keep the people on payroll instead of laying them off. We did improvements around our buildings, worked with local municipalities and helped them and with the local school districts to keep everyone busy while many places were shutdown that we normally work at.

I was surprised to see some churches on the list and a few other businesses.

 

[spittinfire]

A large church in my area got a healthy check. Being a Christian and church goer myself I have so many issues with that. As an American citizen who pays taxes I have so many more issues with that.

There is also a very large NASCAR team that got right at $1 million. Considering they work off sponsorship, they stopped racing and furloughed all their employees I'm not sure what they did with it.

 

[bmblank]

Well, the thing with the churches is attendance was forced to 0 for the most part. Churches are entities that need money to survive, just like other companies. When there's nobody there, income drops to 0 for all intents and purposes. Bills sure don't stop.

There are definitely some names on there that I recognize as a person that's just taking money so they can go home and sit on their ass or pad their bank accounts or whatever. Like somebody said, it's hard to justify yay or nay based solely on that list.
As far as racing teams... I don't know... They stopped racing; they're not getting any income off of that. If I were a sponsor, I wouldn't be paying for a car to sit in the garage where nobody will see it... I can imagine a team shutting down because they can't weather something like this.

 

[skeets]

No hand outs here, people are getting their 3rd check and I never got the second, and just got the first about 2 months back

 

[PoTreeBoy]

My Dad died in June last year. When I took his info to the tax preparer, they asked if he got the second stimulus check. I couldn't believe a dead man was eligible, but they assured me that if he was alive at any time during the year, he was due the money.
Meanwhile, I'm retired and drawing social security but they threw additional money my way. They can't print money fast enough.

 

[WFM]

That young man is a great link.
Shows every business in my small town that cashed in EXECPT mine !!!
Oh well. No handouts for me.

 

[motionclone]

That young man is a great link.
Shows every business in my small town that cashed in EXECPT mine !!!
Oh well. No handouts for me.

Your competition surely did which puts them at a slight financial advantage. Business 101, never leave money on the table.

 

[skeets]

WOW a local GMC dealer got 1.5 mill and the Fusion Japanese Steak house got a 900 K, guess Im in the wrong bussiness

 

[WFM]

No Money left on the table sir. I have no payroll so No payroll protection for me. And thats fine. Nothing for the goverment to track here or see where the payout went.
I'm good with that and very blessed to have more orders then I've ever seen.
Folks are spending like no tomorrow.