It's a little surprising how many are banks. A few random searches showed about 80% of the companies are banks.
On reflection, though, not so surprising.
Searchable PPP Loan Data
121–130 of 354 posts
Re: Searchable PPP Loan Data
#122So 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…
> 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 of payroll taxes. Just because a company took a 1M loan, doesn't mean it will be 100% forgiven.
I think your misunderstanding is that the rules actually get followed. What happens when everyone in the scheme comes back and says "the economy is shit, we can't pay that regardless" or more optimistically businesses that have 100's of employees that simply plea with the government that they can't repay their loans, but should be given 100% forgiveness in the spirit of "keeping unemployment low". It's far too political to introduce/enforce anything that makes unemployment numbers worse. It's like a "too big to fail" on a much larger order of magnitude.
> the whole point of this program was to get money to businesses quickly. Means testing takes time. Sure there are going to be some questionable loans. Some fraud too. But overall our government has spent a lot more money and gotten worse returns than the PPP.
I consider rape less evil than murder so hey I guess I shouldn't be so critical of rapists! Look, I know those things aren't totally analogous, but the point is that it's OKAY to be critical of the government, especially when a government program benefits those who need it the least.
Re: Searchable PPP Loan Data
#123Earlier quoted context omitted.
> 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.
Short answer is likely yes. Long answer is that depending on individual bank policy regarding depositing 3rd party checks, relationship with tellers/branch manager/what have you, or whether person verifying exceptions for remote deposit is sleepy that day, it may very well end up being undetected. And thats checks. ACH is a whole different can of worms.
In a sense, I am glad it is getting some scrutiny as clearly people who did not need the money benefited ( likely at the expense of people who really needed it - the currently public fraud cases are pretty amazing already ), but I am worried that this kind of scrutiny will make people hesitant to apply in the future just to avoid the headache.
Re: Searchable PPP Loan Data
#124Earlier 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.
We don’t know anything about their business. For all we know PPP prevented 100% layoffs and a company shutting down.
Recruiting and hiring is hard. No one wants to lay people off.
The rules of PPP also require maintaining the same number of full time employees in order to receive full forgiveness. Any company that received funds and then reduced staff will not have full amount forgivable.
Re: Searchable PPP Loan Data
#125There are a remarkable number of sketchy blockchain companies in this list-- many for larger $5 to $10 million dollar ranges.
I wonder how many of them were sitting on millions or tens or even hundreds of millions of deceptively obtained ICO funds at the time they obtained these 'loans'.
E.g. I see at least one that raised over 100k BTC in ICO funding just couple years ago.
Re: Searchable PPP Loan Data
#126Re: Searchable PPP Loan Data
#127I 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.
Why should taxpayers have bailed out businesses that couldn’t keep employees on payroll though?
There is no end in sight to either corona virus or the economic downturn, so it’s just throwing 8 weeks worth of taxpayer money into bad investments. What’s going to happen within 8 weeks to ensure these employees won’t just be let go again?
Re: Searchable PPP Loan Data
#128Just 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.
You'd absolutely be wrong. Most ambulance services saw a massive downtick.
People who would otherwise have gone to the ER, even if not strictly necessary, were hesitating, "do I really need to go, perhaps not".
And then on the other side, you had people who really _should_ go not wanting to, due to fear.
Both ambulance services in my county were shutting down ambulances and furloughing employees heavily.
-- a paramedic
Re: Searchable PPP Loan Data
#129So 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…
There's a lot of weirdness lately about people expecting companies to not take the money.
The virus wasn't any company's fault. The choice to respond to the virus by shutting down the economy wasn't any company's fault.
Previous epidemics in human history have been dealt with by simply accepting a death rate that modern society, via government policy, has chosen to not accept. This was an unprecedented response that no business could have predicted.
Why do so many of us view businesses who pay employees as the enemy? Agreed 100% on the fact that many of us on this board got stimulus checks that were later spent on mountain bikes or other luxury items. Members of the privileged keyboard class didn't need them at all. People who work with their hands ought to be pretty pissed off they simply didn't get double what they got while we received nothing.
Re: Searchable PPP Loan Data
#130Earlier quoted context omitted.
Wouldn't you just end up with a population density map? Cool project though.
My goal for this map was a tool to search for PPP recipients within your own neighborhood. You're right that it would be interesting to do analysis on population-adjusted loan amounts for different regions... maybe something like a loan $ per capita map?
I was thinking the same thing about the author from above as well.
What I think would be much more interesting is to see what businesses have physical B&M locations. In other words, cross reference Yelp/Google Places with the legal entity's address. Or maybe cross referenced against unemployment numbers by state/city (if that data exists).