Quote:
Originally Posted by RickFLM4
This and I'll add that PPP was always designed as a grant. It was a loan only if businesses didn't meet the requirements for "forgiveness" as laid out upfront. The alternative was to pay unemployment to all the people laid off.
People can debate whether PPP was a good idea or not, which is fine. I understand and agree with portion of both sides of that argument. But it is apples and oranges to forgiving debt that was always intended to be repaid.
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virtually all businesses met the forgiveness doctrine because most businesses didn't suffer any sort of definable loss... it was completely gamed. Yes, there were businesses that truly needed the money and that was fine... otherwise, it was setup to be games and effectively rob taxpayer money. I literally spoke to folks giving this money out... oh and an origination fee for banks to do this... that was a wonderful idea.
Also... if you recall... they were intially classified as official loans and were later out of nowhere free money in the form of forgiveness... i think that was done so folks like me would put blinders on.