this post was submitted on 31 Aug 2024
83 points (94.6% liked)

Explain Like I'm Five

14064 readers
70 users here now

Simplifying Complexity, One Answer at a Time!

Rules

  1. Be respectful and inclusive.
  2. No harassment, hate speech, or trolling.
  3. Engage in constructive discussions.
  4. Share relevant content.
  5. Follow guidelines and moderators' instructions.
  6. Use appropriate language and tone.
  7. Report violations.
  8. Foster a continuous learning environment.

founded 1 year ago
MODERATORS
sabbah@lemmy.world
AradFort@lemmy.world
rikudou@lemmings.world
Don_Dickle@lemmy.world
Rikudou_Sage@lemmy.world
83
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 4 weeks ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
14 comments fedilink hide all child comments
 

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?

you are viewing a single comment's thread
view the rest of the comments
[–] Rhaedas@fedia.io 21 points 4 weeks ago

This was called the minute they put the PPP loan idea together. Where's the oversight? How can fraudulent claims be avoided? The PPP loss still wasn't as big as the blank checks given to major corporations like airlines to keep the economy machine rolling. And in one sense I'm okay with government stepping in to avoid disaster, that's one of their jobs. It's just so many of these companies got free money that they really didn't need to stay alive, all because they smelled the opportunity...plus they took money that smaller businesses needed and no longer exist.