Posted on 07/14/2023 7:53:08 AM PDT by ChicagoConservative27
Tens of thousands of fraudsters splurged on Lamborghinis, vacation homes, private jet flights and Cartier jewelry by fleecing the PPP loan system in a $200 billion heist — and did it because the COVID loan scheme was so easy to milk.
Approximately $1.2 trillion was rushed through Congress in 2020 and 2021 in COVID bailout cash for businesses and spent on the Economic Injury Disaster Loan Program (EIDLP) and the Paycheck Protection Program (PPP) schemes.
But a new report from the Small Business Administration’s Office of Inspector General reveals an astonishing 17% vanished to fraud — an estimated total of $200 billion.
And the SBA says it estimates there are more than 90,000 “actionable leads,” while it has already prosecuted dozens — including a former New York Jets wide receiver, Josh Bellamy.
(Excerpt) Read more at nypost.com ...
Is this a government operation or what?
Only 17% fraud? LOL I don’t believe any number that is below at least 50% for COVID fraud.
It was always meant to be a slush fund.
Used to buy off people from protesting the lockdowns.
Compliance was rewarded with public money.
I thought “if you take out a loan, you pay it back” was the new mantra? Or is that only with student loans and not PPP loans to millionaires that get forgiven?
That being said, to believe the government or big banks can manage taxpayer money is a joke.
Well to be fair it did kind of beg for fraud from the gitgo. 😏
Is that the program being referenced in attorney “help-your-business-collect” ads on radio and TV? Something about employee retention?
Well, some people really need 6 condos in Hawaii.
The amazing thing, to me, is how quickly the fraudsters were able to launch their schemes. Admittedly, the rules were loosey-goosey like nothing we’ve ever seen, but the fraudsters got onto their schemes like white on rice.
Thank you for posting NohSpinZone.
If I've got my ducks in a row, then Paycheck Protection Plan (PPP) was signed into law by Trump.
Paycheck Protection Program (non-FR)
But it's disturbingly harder to pinpoint mission of Economic Injury Disaster Loan Program which might be found between the lines of the PPP explanation above.
What I see through the smoke and mirrors of these unconstitutional (imo), so-called federal economic "safety net" programs is a (deliberately?) confusing federal network probably intended for funneling unaccountable taxpayer dollars through the desperate Democratic money laundering machine.
This alleged confusing Democratic money laundering machine within the unconstitutionally big federal government was probably intended to make it easier non-popularly elected crook bureaucrats running constitutionally undefined federal agencies to point their fingers at each other for the purpose of putting stumbling blocks into Republican congressional inquiry when voters complain about the support that they're not getting from unconstitutional federal services.
Something like that.
My alleged Democratic money funneling maze within the corrupt federal government is one more incentive for Democratic and Republican Trump supporters to effectively "impeach and remove" ALL incumbents up for reelection in state and federal governments, except for Gaetz, MTG, and Jordan, by primarying them in 2024.
After all, lawmakers and executives continue to show that they do not have the patriotism and leadership skills necessary to find legislative support for effective remedies for unconstitutional government policies.
Again, given that one of the very few powers that the states have expressly constitutionally given to the big, bad federal government to dictate peacetime domestic policy is to run the Mail Service (most federal domestic policy actually based on stolen state powers), the worst problem that the country would otherwise be looking at with a new Congress of freshman lawmakers is arguably a delay with mail delivery.
Trump can endorse candidates that Constitution-savvy patriots recommend as long as candidates are not incumbents, candidates also promising to repeal the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments after they win office.
The definition of insanity is reelecting your beloved career state and federal lawmakers and executives over and over again, expecting those same politicians to find remedies for unconstitutional government policies every time.
Sounds like our Ukraine expenditures.
A lot of people have no idea the amount of money handed out like candy in the PPP program. My previous employer got $5 million. They had virtually no employees. The only employees are family members, everybody else is contract. I would bet anything the contract companies got a boatload of money, too. The whole idea of shutting down the economy and handing out printed money was psychotic to me.
11.5M Loans Approved
964,843 Organizations approved for loans between $150,000 and $10 million
$790B Amount Approved
$757B Amount Forgiven
790 BILLION DOLLARS!
You can look up a company here:
https://www.federalpay.org/paycheck-protection-program
Who could have predicted this?
Oh, what party predominates in the fraud?
Well the Clintons, Bidens and Obamas know this might be their last scam for awhile.
Well most didn’t pay their rent. Squatted for nearly 2 years. Landlords still required to pay property taxes
90,000 “actionable leads,” while it has already prosecuted dozens
In short most will get away with the crime.
“actionable leads,” while it has already prosecuted dozens,
WOW actionable leads and dozens. Im sure it was selective and will be
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