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Searchable PPP Loan Data

pppreport.org

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Re: Searchable PPP Loan Data

#101

Post by eric_b »

cj wrote: post #97
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!

https://home.treasury.gov/system/files/136/3245-0407-SBA-For...

> if a 24-week Covered Period applies, does not exceed 2.5 months’ worth of 2019 compensation for any owneremployee or self-employed individual/general partner, capped at $20,833 per individual; and

> if the Borrower has elected an 8-week Covered Period, does not exceed 8 weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual.

Re: Searchable PPP Loan Data

#102

Post by marcinzm »

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…

>Of particular reference here - startups that laid off employees and /then/ applied for a PPP loan

Aren't these exactly the companies that SHOULD have received PPP? They were clearly struggling and without the money were reducing head count already.

Re: Searchable PPP Loan Data

#103

Post by _fullpint »

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…

my original comment was misinformed

Re: Searchable PPP Loan Data

#104

Post by fullstop »

ksdale wrote: post #100
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.

Is there any penalty for increasing wages after receiving the "loan" ?

Re: Searchable PPP Loan Data

#105

Post by icedchai »

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…

These loans may as well be grants. Any company with even a half decent accountant will make sure that most of the loan amount is forgiven.

Re: Searchable PPP Loan Data

#106

Post by basch »

schoolornot wrote: post #47

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 dolla…

I would guess the logic was somewhere around KYC. Businesses have relationships with their banks, and the easiest way to be guided through the process was going to your local rep. Banks would be much better at determining "do we already have an established business relationship with this legit business" vs the federal government trying to determine "which businesses are fake or frauds." It was a way to distribute the verification workload.

Re: Searchable PPP Loan Data

#108

Post by mc32 »

tinalumfoil wrote: post #95
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.

>’ cashed their dead relative's checks.’

Unless there is some weird allowance (widower/widow inheritance, etc.) wouldn’t this be straight fraud?

I know in some countries people don’t report their relatives’ deaths in order to keep receiving their benefits, but obviously that’s illegal too.

Re: Searchable PPP Loan Data

#109

Post by wavefunction »

tinalumfoil wrote: post #95
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.

Those people broke the law though cashing checks made out to their dead relatives. I understand that's part of some Americans' expectations of the world as well though.

Re: Searchable PPP Loan Data

#110

Post by wiremine »

schoolornot wrote: post #47

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 dolla…

> Of all types of institutions, why should we be giving the banks the right to decide which businesses should be recession proof or not?

Your underlying point is well made, but it's important to understand the process: The banks issued the loans, but the federal Small Business Association reviewed and approved them.

> yet the stream of cash continues to flow to those too stupid to save a few months of operating expenses/payroll.

You can disagree with the program, but the comment is overly hash, IMHO. As a business owner, I see the program as a lifeline to handle cashflow issues and retain workers. I'm not sure that is a "trash society."

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