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Searchable PPP Loan Data

pppreport.org

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Re: Searchable PPP Loan Data

#91

Post by xenospn »

ocdtrekkie wrote: post #79
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…

Arguably it's a pretty transparent way: We're looking at a database of companies that got them.

After they already got them.

Re: Searchable PPP Loan Data

#92

Post by eric_b »

hardtke wrote: post #86

My kids' private school recently sent out a $500 per student tuition credit (about $650K for the entire school). I see now that they got a multi million dollar PPP loan (which will be forgiven). Their revenues were unaffected by the epidemic (full enrollment for next year and no plans to rollback the tuition increase).

Unless you can see their books you really have no idea how their revenues did. And you really have no idea what additional expenses they're incurring due to COVID mitigations.

Re: Searchable PPP Loan Data

#93

Post by otoburb »

xenospn wrote: post #91
ocdtrekkie wrote: post #79

Earlier quoted context omitted.

Arguably it's a pretty transparent way: We're looking at a database of companies that got them.

After they already got them.

Better late than never? Some level of open retrospective analysis might allow for more carefully crafted policies in the future.

Re: Searchable PPP Loan Data

#94

Post by marcinzm »

ta17711771 wrote: post #83
eric_b wrote: post #77

So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…

> unless some or all is forgiven. RIPE for favoritism, aka, corruption.

Huh? There are rules that if followed allow for forgiveness. The rules will presumably be applied fairly and equally to everyone. That's about the exact opposite of favoritism.

Re: Searchable PPP Loan Data

#95

Post by tinalumfoil »

eric_b wrote: post #77

So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…

> Should they not have taken it?

I seriously considered not cashing my stimulus check until I talked to multiple well off people that cashed their dead relative's checks. There just isnt a cultural expectation in the US that you wouldn't take what you're given.

EDIT: Rethinking my comment I'm giving myself too much credit. Since I never got a physical check, I couldn't have "not cashed it" if I wanted to.

Re: Searchable PPP Loan Data

#96

Post by xrd »

Does anyone know the requirements around getting these loans? For example, if employees were furloughed without pay (but kept healthcare) are they still within bounds of the loan if they indicate they retained the jobs listed?

Re: Searchable PPP Loan Data

#97

Post by cj »

eric_b wrote: post #77

So many complaints here. Based on the comments I think there is some misunderstanding about the nuts and bolts of this program. These are loans. They are two year low interest loans. They have to be paid back unless some or all is forgiven. Forgiveness requires documentation on employees retained, wage history, and is capped at $20k/employee maximum. And of course a piece of that comes back to the government in terms…

Edit: Removed my comment, the original comment was refuting the $20k cap, but I misinterpreted the parent's comment when first reading it. Sorry!

Re: Searchable PPP Loan Data

#98

Post by gowld »

tfandango wrote: post #33
rco8786 wrote: post #24

Earlier quoted context omitted.

Worth noting that they will owe this back unless they can show it was used for payroll purposes. How they got that much money in the first place is a definite mystery though.

perhaps it encoded in the PPP law, but I wonder if this could be sidetracked by bookeeping, using PPP money to pay people, and investing that money you would have used toward R&D or something.

Of course. That's what the huge scandal is about. $Billions going to wealthy political insiders who don't need it to pay furloughed employees.

Re: Searchable PPP Loan Data

#100

Post by ksdale »

xrd wrote: post #96

Does anyone know the requirements around getting these loans? For example, if employees were furloughed without pay (but kept healthcare) are they still within bounds of the loan if they indicate they retained the jobs listed?

You don't get forgiveness for wages you don't pay.
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