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Searchable PPP Loan Data

pppreport.org

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Re: Searchable PPP Loan Data

#41

Post by Frost1x »

pkulak wrote: post #11
unethical_ban wrote: post #7

There are several scenarios that frustrate me. Examples like law firms or physicians' offices. These are relatively small firms with very wealthy principals. They are asking for taxpayer money to maintain their wealthy lifestyles, so they don't have to sacrifice their Bentleys to pay staffers. Examples: Thomas J Henry in San Antonio. LLCs and franchisees that probably have millions of dollars in holdings and cash, bu…

Those things only frustrate me if they aren't loans, which they would be, right?

To add to what some others said, the interest rates are also at a massive 1%, assuming they for some reason do have to pay them back.

Seems like even if you didn't need a PPP loan for staff, there are opportunities to create a scenario where it appears justified you need to loan to cover employees salaries, then divert the previous capital for your labor to an opportunistic expansion while others are scraping by. You got a large loan, with low interest, during a time period many were struggling. Great way to accumulate wealth.

Re: Searchable PPP Loan Data

#43

Post by cj »

tfandango wrote: post #26

Just looking through my home town for businesses I know about... A fair number of them I know carried on with business as usual and had no financial problems (one I used to work for). Seems wrong when there are lots of people in the same town lining up outside the unemployment office every day...

Not sure why this comment is being downvoted.

I just searched my local city and noticed that our (for profit) ambulance service received a loan:

> DIAZ MEMORIAL AMBULANCE SERVICE INC

I definitely don't think they saw the number of ambulance rides go down. And also don't think their profits suffered.

Re: Searchable PPP Loan Data

#44

Post by JackFr »

llamataboot wrote: post #35

I really think we should not call these loans, as that obscures what they are. Like it or not, the vast majority of these will be forgiven. We could argue that it was a good use a stimulus funds, or a bad use, but it was basically fre money funneled through businesses in a fairly un-transparent way. Of particular reference here - startups that laid off employees and /then/ applied for a PPP loan https://layoffs.fyi/2…

It's really not stimulus either. It's more correctly characterized as relief.

Re: Searchable PPP Loan Data

#45

Post by [deleted] »

unethical_ban wrote: post #7

There are several scenarios that frustrate me. Examples like law firms or physicians' offices. These are relatively small firms with very wealthy principals. They are asking for taxpayer money to maintain their wealthy lifestyles, so they don't have to sacrifice their Bentleys to pay staffers. Examples: Thomas J Henry in San Antonio. LLCs and franchisees that probably have millions of dollars in holdings and cash, bu…

[deleted]

Re: Searchable PPP Loan Data

#46

Post by ciarannolan »

unethical_ban wrote: post #7

There are several scenarios that frustrate me. Examples like law firms or physicians' offices. These are relatively small firms with very wealthy principals. They are asking for taxpayer money to maintain their wealthy lifestyles, so they don't have to sacrifice their Bentleys to pay staffers. Examples: Thomas J Henry in San Antonio. LLCs and franchisees that probably have millions of dollars in holdings and cash, bu…

It's the class of people telling others that they should have "saved for a rainy day" who are the first to stick their hand out and take free money.

Re: Searchable PPP Loan Data

#47

Post by schoolornot »

Of all types of institutions, why should we be giving the banks the right to decide which businesses should be recession proof or not? Personal opinion but I would have required the applicants of these quasi-forgiveness loans to give up 35% of their businesses to the state/county/federal inclusive of all assets and investments non-dischargeable by bankruptcy.

We have 100,000 people dead in this country, million dollar hospital bills for those on vents, and yet the stream of cash continues to flow to those too stupid to save a few months of operating expenses/payroll. What a trash society the US has become.

Re: Searchable PPP Loan Data

#48

Post by c0nsumer »

greatwave1 wrote: post #8

I'm working on a dashboard to map each of these loans geographically: https://www.quiverquant.com/sources/sbaloans It's a slow process (as I've been respectful of the rate-limit on the reverse geocoding API I'm using), but I finished mapping four states and hope to complete the other 46 by the end of this week.

How about adding something to the page itself about completion status?

I went and looked, before reading your second paragraph, and the clusters immediately jumped out, and it either seemed suspect or wrong. Then I had to come back here to see why it was wrong.

Re: Searchable PPP Loan Data

#49

Post by jm4 »

unethical_ban wrote: post #7

There are several scenarios that frustrate me. Examples like law firms or physicians' offices. These are relatively small firms with very wealthy principals. They are asking for taxpayer money to maintain their wealthy lifestyles, so they don't have to sacrifice their Bentleys to pay staffers. Examples: Thomas J Henry in San Antonio. LLCs and franchisees that probably have millions of dollars in holdings and cash, bu…

A lot of misinformed generalizations here.

I work for a firm where staff took 20% pay cuts, partners took much larger cuts and the principals likely will not be paid at all this year. I had to lay off a dozen people personally. Other firms took similar or more extreme measures. Law firms are getting hit fairly hard like a lot of other businesses. We didn't take PPP funds, but if we did and it saved some of the 70 of my coworkers who lost their job in the worst economy anyone alive today can remember, then I wouldn't feel the least bit guilty about it.

Nobody is buying used Bentley's so I don't know where you get the idea that someone can just liquidate one to pay employees. And why should someone have to liquidate personal possessions to pay someone else anyway?

What franchisee do you know who is sitting on millions in cash? It doesn't work that way. Someone who franchises a fast food place makes an enormous investment, takes a significant risk, works their ass off and then pays substantial fees to the company. These are generally small business owners.

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