The businesses that went out of business regardless of the PPP were exploited by the financial sector. Literally, the banks that made the loans put the recipients into bankruptcy.
When PPP was passed by Congress the program didn't tie the hands of the US Treasury in order to facilitate the distribution of the funds. Well, Munchkin decided the monies going to the small businesses weren't going to be as much help as the Democrats expected. PPP was a Democratic plan. The next time these programs are repeated there needs to be a far better outcome to the businesses receiving the funds. In other words, a quality control office needs to be in touch with ALL the recipients to be sure the monies went to the right businesses and they were sufficient enough to MAINTAIN the viability of the small businesses.
There are many, many bankruptcies in the country costing the US economy all the jobs that went along with those failures. An investigation must ensue and justice brought to these people. It will take a couple of years to conclude an investigation that size, but, where we go again. The Obama administration had these issues as well and it took his staff some time to weed through all the tricks of the trade.
Secretary Yellin is going to need a staff that can assist those that received funding from PPP. Literally, Secretary Munchkin gave monies to PPP participants with one hand and took it back with the other to the very financial sector it was never designed to help.
VICIOUS is the only word that comes to mind to express the hatred Munchkin has for "the little guy." They never had a chance.
This failure of the PPP is a national shame. The people never fully received the benefits of this program and currently have lost jobs to bankruptcies anyway.
When will Republicans learn that manipulation of language and definition to facilitate their own priorities is just as illegal as if it were written in stone?
By Kevin G. Hall, Ben Wieder and Nicholas Nehamas
The Paycheck Protection Program, (click here) a small-business lending facility created by the Trump Administration and Congress amid the pandemic, has generated more than $18 billion in fees for the nation’s banks, according to a new data analysis by McClatchy and the Miami Herald.
Since its creation in April, banks have helped funnel more than $525 billion in forgivable government-loans to small businesses willing to keep their doors open and their workers employed. The program hasn’t just helped struggling businesses, as it appears to have thrown a lifeline of sorts to banks that have seen their lending activities and loan portfolios under pandemic strains.
JP Morgan Chase & Co., the biggest bank in the country, led all banks in both loans and fees, lending an estimated $29.3 billion in PPP loans and earned fees just over $1 billion. It was followed by Bank of America Corp., which lent out $25.5 billion in PPP money and generated fees of more than $947 million. Those two far outpaced the third-largest lender by value, Wells Fargo & Company, which processed about $10.5 billion in PPP loans with fees of nearly $427 million....
