this post was submitted on 31 Aug 2024
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Explain Like I'm Five

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ELI5 How did people steal PPP loans? Was it really easy or did they just know how to get around the red tape and stuff? (lemmy.world)
submitted 2 months ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
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I ask because a couple in a state next to me just pled guilty for stealing not one PPP loan at 2.1 million and a second at 1.6 million? Did I miss out on something by being above board?

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[–] francisfordpoopola@lemmy.world 21 points 2 months ago

My company filed for two PPP loans to keep afloat. Any company could have just kept making money and the owners could have pocketed the cash. There were expectations that employees were not fired and other questions in the application that I can't recall. When we applied for forgiveness on the loans we provided tax receipts and staff numbers over time. I'm sure it would have been pretty straightforward to lie or find someone to lie for you (accountant with less than stellar ethics).