25 million to lose $600 enhanced unemployment...So they say....

Bugsy said:
At least the PPP businesses provide actual employment and the 401k people are actually working.
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Did they though? Latest word is that the Trump administration wants to dispense with actually checking if the PPP businesses did keep their employees, so I guess we'll never know. And that's before you start looking at if those companies would have kept their employees without the PPP. I know a lot of entrepreneurs and a lot about their companies. When the list of PPP recipients came out I was interested to see how many sold their souls for some free cash that they absolutely didn't need because their businesses were either completely unimpacted by COVID or the impact was very minor on them and I knew they had plenty of cushion. I had hopes that it wouldn't be abused, those hopes have all gone away by now.
 
Sig said:
...I was interested to see how many sold their souls for some free cash that they absolutely didn't need because their businesses were either completely unimpacted by COVID or the impact was very minor on them and I knew they had plenty of cushion. I had hopes that it wouldn't be abused, those hopes have all gone away by now.
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I agree. I am one of more than a dozen I know in my area and industry who stayed away from the free money. Fun to see how spine defeats brain.
 
Sig said:
I had hopes that it wouldn't be abused, those hopes have all gone away by now.
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You thought a government program hastily put together with very little oversight to provide forgivable loans to businesses would not be abused?
 
ET180 said:
You thought a government program hastily put together with very little oversight to provide forgivable loans to businesses would not be abused?
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Yeah I know, hopelessly naive right:( I was hopeful because the rules about demonstrating loss of business and excluding highly paid owners/executives seemed to be somewhat well written, at least given the timeframe they had to write them. While my company would have qualified due to a one time positive event last year unrelated to COVID which made it look like we lost revenue this year, we otherwise technically wouldn't have as we shouldn't have. The issue is that we're now not actually going to see if anyone, or at least the vast majority of companies, actually ever met those rules. Which makes them somewhat pointless.
 
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