Searchable PPP Loan Data • Hacker News Board

Re: Searchable PPP Loan Data

#141

Post by _fullpint » Tue, Jul 07, 2020, 6:40 PM UTC

latortuga wrote: post #112

_fullpint wrote: post #103

Earlier quoted context omitted.

my original comment was misinformed

There's still PPP money left so I'm not sure what your point about the finite sum is.

I stand corrected. Early reports were reporting that many were not able to obtain loans due to the fund being consumed. I’ll delete my comment.

Re: Searchable PPP Loan Data

#142

Post by reaperducer » Tue, Jul 07, 2020, 6:40 PM UTC

earthscienceman wrote: post #60

I love that an official SBA/federal release can have a file titled: "PPP loan data key things to keep in mind FINAL- Sunday.pdf". Nothing says "over-it" like all caps "FINAL-Sunday". Also, maybe even funnier, is that the "Ayn Rand Institute" applied for a loan... that's the best thing in the database I've found so far.

It doesn't say "over it." It means it's the final revision. This is very common terminology among people who prepare documents like journalists, editors, public relations, etc...

Re: Searchable PPP Loan Data

#143

Post by digitaltrees » Tue, Jul 07, 2020, 6:40 PM UTC

I think PPP saved the economy. We can scapegoat and find problems. But don’t ignore what would have happened in its absence. Companies would reduce spending at the very least or go out of business at the worst. We would have entered a self reinforcing cycle of reduced spending and purchasing creating a depression.

Re: Searchable PPP Loan Data

#144

Post by vmception » Tue, Jul 07, 2020, 6:41 PM UTC

digitaltrees wrote: post #135

latortuga wrote: post #112

Earlier quoted context omitted.

There's still PPP money left so I'm not sure what your point about the finite sum is.

There is money left because people were scared shitless after the SBA threatened criminal prosecution for misleading certifications. The problem is that issued a statement redefined the certification after the fact and made it much more strict and than when they were initially released. All of the sudden a bunch of people thought accepting the PPP funds would land them in Jail. Go to the reddit PPP or small business…

> They have since back tracked and issued a blanket protection from audit for loans under $2M

anything I can read about that?

Re: Searchable PPP Loan Data

#145

Post by mc32 » Tue, Jul 07, 2020, 6:41 PM UTC

A4ET8a8uTh0 wrote: post #123

mc32 wrote: post #108

Earlier quoted context omitted.

>’ 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 peo…

Doing some of that could get people into lots of trouble. Not sure if they could get them with wire fraud if it’s a physical check but at least financial fraud, impersonation, faking a signature, caching someone else’s check, etc...

Re: Searchable PPP Loan Data

#146

Post by havelhovel » Tue, Jul 07, 2020, 6:43 PM UTC

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...

Maybe the loans helped those businesses carry on despite drops in revenue, as intended. In that case, the unemployment line is shorter than it might have been. Neither of us know without seeing financials, but it’s important to acknowledge both possibilities.

Re: Searchable PPP Loan Data

#147

Post by reaperducer » Tue, Jul 07, 2020, 6:43 PM UTC

llamataboot wrote: post #40

fullstop wrote: post #34

Earlier quoted context omitted.

How does this actually work? Is this effectively "Free Payroll" for a few months or is it more complicated than that?

It is, yes. If you keep the same headcount and use at least 60% of it for payroll (not exactly clear how you prove that since money is fungible), it is essentially a stimulus check

It shouldn't be too hard to prove. Every time a company writes a payroll check the government knows exactly how much it was for and who got it. Seems like simple math.

Re: Searchable PPP Loan Data

#148

Post by fullstop » Tue, Jul 07, 2020, 6:43 PM UTC

georgespencer wrote: post #126

fullstop wrote: post #107

Earlier quoted context omitted.

It only includes loans over $150k. edit: I swear I can type

> It only includes loans up to $150k Do you mean "over" $150k? Parent's loan was <$150k.

I did, my mistake.

Re: Searchable PPP Loan Data

#149

Post by ksdale » Tue, Jul 07, 2020, 6:43 PM UTC

xrd wrote: post #120

ksdale wrote: post #100

Earlier quoted context omitted.

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

What happens if that happens? What recourse, if any, does an employee have in that case? Is anyone looking out for those cases?

I'm not sure what you mean about recourse. If the employee isn't paid, the employer has to pay the money back, they don't get to keep it.

Re: Searchable PPP Loan Data

#150

Post by vmception » Tue, Jul 07, 2020, 6:43 PM UTC

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...

What is that supposed to mean?

I would never announce a financial problem or ever publicly announce employees let go. It would harm my contracts with vendors.