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A Bailout for the Rich & Well Connected


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2020 Jun 14, 10:07pm   1,173 views  13 comments

by Misc   ➕follow (1)   💰tip ($0.10 in tips)  

The Paycheck Protection Program is basically a giveaway program to America's rich and well connected. The total dollar amount of the program is $660 billion. That is more than the yearly spending on America's military. This was the part of the CARES Act that was crammed through Congress despite warnings from some Democrats not to be hasty with the legislation. Enough coercion from senior Congress-critters muted efforts for strongly worded legislation as to who could benefit.

After being signed into law by the president, the mandated Inspector General was fired so there was no oversight as to the disbursement of funds. It was administered through the banks and there were plenty of reported transgressions. I'm sure laws were broken, fraud took place, but the peasants got their $1200 even as the rich and connected got millions.

Now the Treasury Department is saying they are not going to tell anyone who got the money...we just have to trust them.

Sometimes AOC is right.

https://www.usatoday.com/story/money/2020/06/13/mnuchin-ppp-small-business-loans-covid-19-aid/3182772001/

Comments 1 - 13 of 13   

1   Cash   2020 Jun 15, 10:07am  

Banks were being bailed out since all the last qtr of 2019 and before. Trillions of $$$s going to the bank/trading houses all FDIC insured.
Not to mention this stock market rally is just another bail out opportunity for corp and all the big league players to sell into all the Federal Reserves
Buying... Why the retail smalls stack up buys for the big sell-off soon to come
2   Misc   2020 Jun 16, 6:44am  

We should play a guessing game, as to how much your Congress-critter and their families got.

https://www.politico.com/news/2020/06/16/congress-small-business-loan-320625

You and your $1200, while they got millions.
3   Cash   2020 Jun 16, 7:06am  

All the big dogs came together wrote the bill and then while congress was voting it in, they all already had their fingers on the go button to receive every cent possible
for their representative groups and why very few small businesses got nary a penny, it was gone before the last vote was in...
4   Misc   2020 Jun 17, 3:30am  

Treasury doesn't want to make the list public because it could become a hit-list for rampaging mobs.

Take California for example. I'm sure that there were plenty of connected people that got millions in the state. Meanwhile 20% of renters didn't make this month's rent payment. In a state of 45% renters with a 39 million population that means about 3 million people are looking at getting economically displaced in the state. The governor has a moratorium in place barring evictions until the end of July. All of a sudden, 3 million people are going to be scampering wondering what will happen to them. There will be a certain amount of social friction between those losing their residency and those who got a more substantial bailout.

Police are going to have a very difficult job. The potential for atrocities is high.
5   Misc   2022 Jul 10, 9:27am  

Golly...the mainstream media is finally catching up to what was reported on Patrick.net a couple of years ago.

https://fee.org/articles/federal-reserve-economists-have-harsh-assessment-of-the-government-s-small-business-relief-program/
6   Al_Sharpton_for_President   2022 Jul 10, 9:51am  

The Paycheck Protection Program was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). All of the Paycheck Protection Program's original $349 billion was allocated between April 3 and April 16, 2020. The Small Business Administration stopped accepting new PPP applications on April 16, 2020.[66][103] $342.3 billion was for PPP loans, and $6.7 billion was for lender reimbursements for processing loan applications that were approved.[be][103] Between April 3 and April 16, 2020, there were 1.7 million loans made, and 4,975 lenders approved loans. The average loan amount was $206,000. Of all loans, 74 percent were for $150,000 or less.[103] Businesses in the construction industry received 13.12 percent of the total of loan amounts, the largest percentage of any classification. The next four highest classifications were professional, scientific, and technical services with 12.65 percent; manufacturing with 11.96 percent; health care and social assistance with 11.65 percent; and accommodation and food services with 8.91 percent.[103]

On June 11, Treasury Secretary Steve Mnuchin told the Senate Committee on Small Business and Entrepreneurship that PPP loan recipients' names and loan amounts were confidential and would not be publicly released

8   Tenpoundbass   2022 Jul 10, 9:56am  

The PPP was a trap that was set, that was meant to entrap Conservative company owners. But conservative people by nature, if they took the money, did so lawfully to the letter of how this program was set up.
The Liberal free shit creeps were the ones that took out $60K for a company that had zero employees, many of them incorporated for the sole purpose of getting the loan, and then spending it like it was found money.
9   keeprubbersidedown   2022 Jul 10, 9:56am  

This is one big area I cannot support Trump on. Almost everything else Im in 100% but not this...
10   Tenpoundbass   2022 Jul 10, 9:58am  

Al_Sharpton_for_President says

On June 11, Treasury Secretary Steve Mnuchin told the Senate Committee on Small Business and Entrepreneurship that PPP loan recipients' names and loan amounts were confidential and would not be publicly released


If they did it would wipe out their donors, and put them all in prison.
11   Al_Sharpton_for_President   2022 Jul 10, 10:01am  

keeprubbersidedown says

This is one big area I cannot support Trump on. Almost everything else Im in 100% but not this...


The rushed out COVID gene therapies and his pro get the gene therapy stance.
13   Ceffer   2022 Dec 4, 11:39am  

Paul Pelosi received huge PPP benefits, so you can probably rest assured it was a form of graft from the get go. Maybe it was his slush fund when he was cruising the gay bars and pedo palaces.

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