PPP loan fraud

[Joker]

I’m lost...who is LOA?

Large Orange Acura

 

[LargeOrangeFont]

I’m lost...who is LOA?

Probably me. I don't think he can read very well because I addressed each of his claims point by point in various posts. I do not support buying a car or boat with PPP funds.

But a thriving business taking funds to protect itself and people are complaining about it. Again, the government didn't make a distinction on who gets money and who does not.

He still hasn't answered my question about holding the stock of publicly traded companies receiving PPP loans that didn't need them. So I guess he is keeping the profits and ignoring the moral dilemma, or owns no stock at all.

 

[LargeOrangeFont]

Large Orange Acura

I was thinking it was the Large Orange Aneurysm he is having.

 

[was thatguy]

Large Orange Acura

 

[EmpirE231]

be prepared for PPP round #2 and more fraud

I have seen some peoples discretionary spending increase, that received PPP money.... but I have also seen several people use it for what it was meant for.

The govt was pretty stupid in the way they rolled it out, and is even more stupid to attempt to forgive all loans under the 150k threshold without any audit / certification. I guess 150k in taxpayer funds is just chump change.

But what do you guys expect, when the govt is trying to bail itself out of debt, by inflating us out of it?? The only way to create mass inflation is to print and circulate a LOT of money...... hence $600 unemployment bonuses, $1,2000/ea stimulus checks, PPP loans, EIDL loans etc etc etc .........and another round!!? be prepared to see more helicopter money.

 

[LargeOrangeFont]

be prepared for PPP round #2 and more fraud

I have seen some peoples discretionary spending increase, that received PPP money.... but I have also seen several people use it for what it was meant for.

The govt was pretty stupid in the way they rolled it out, and is even more stupid to attempt to forgive all loans under the 150k threshold without any audit / certification. I guess 150k in taxpayer funds is just chump change.

But what do you guys expect, when the govt is trying to bail itself out of debt, by inflating us out of it?? The only way to create mass inflation is to print and circulate a LOT of money...... hence $600 unemployment bonuses, $1,2000/ea stimulus checks, PPP loans, EIDL loans etc etc etc .........and another round!!? be prepared to see more helicopter money.

No No No, it is not the poor governments fault...

 

[just_floatin]

This is a good example and illustrates my point. What makes him a bad guy for prepping his essential business to weather the coming storm? What makes him ineligible for a free government loan because he did the right thing, ran his business correctly and had cash reserves?

He didn’t make the rules, he is just playing the game.

The gentlemen is a wealthy acquaintance I have known in our circle of water folks for the past 10 years. His business is not suffering nor will it anytime soon. Recession proof I would say. I only posted facts based on two business owners I know with two very different circumstances. Not sure if playing the game is the right term. But I will say the mega home and garage framed up in Havasu is certainly over the top.

 

[boatnam2]

1200 bucks well help lower income people for a few weeks, the $600 extra is helping people make more than they did serving food and keeping them sitting at home, but 1-3 million or whatever is it can be depending on how many company's you run well do I need to say it. Rich people get rich the ways its always been.

 

[Bobby V]

I would imagine it should be on the balance sheet of any publicly traded company?

But here you go:

Tracking PPP: Search Every Company Approved for Federal Loans - ProPublica

As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search more than 11...

projects.propublica.org

Have fun

Interesting looking up by zip code on who got PPP funding. Havasu has a few zip codes. 86403 brings up some well know businesses. Checked out my trade also.

 

[Community]

I am shocked...It' all a joke.....

 

[was thatguy]

Interesting looking up by zip code on who got PPP funding. Havasu has a few zip codes. 86403 brings up some well know businesses. Checked out my trade also.

Hmm

So Bradley Chevrolet and Bradley investment each got $350-1 million?

 

[84miller]

PPP was to be processed to the businesses via local banks or the bank that the businesses use for monetary transactions for their business up to and including payroll. The decision to loan/give the requesting business PPP is pretty much based on a application including questions of intended use of the funds. So if you as a business are deceptive, it will show in 2021 when the business taxes are filed. I for one would be very worried if I was found to have taken federal funds in a deceptive manner. You do not want to mess with the IRS or the Feds.

 

[LargeOrangeFont]

Hmm

So Bradley Chevrolet and Bradley investment each got $350-1 million?

Let the hand wringing begin!!

JR Motors got some too.

Nordic, most of the big restaurants in town..

 

[was thatguy]

Let the hand wringing begin!!

JR Motors got some too.

Nordic, most of the big restaurants in town..

I’m just asking really, but it seems that parent companies and their holdings may be separate recipients to some degree?

I guess if each has separate payrolls?

 

[was thatguy]

PPP was to be processed to the businesses via local banks or the bank that the businesses use for monetary transactions for their business up to and including payroll. The decision to loan/give the requesting business PPP is pretty much based on a application including questions of intended use of the funds. So if you as a business are deceptive, it will show in 2021 when the business taxes are filed. I for one would be very worried if I was found to have taken federal funds in a deceptive manner. You do not want to mess with the IRS or the Feds.

What’s in it for the banks?
Pure speculation here on my part, but seems like lots of room for mutual back scratching!

 

[Looking Glass]

Hmm

So Bradley Chevrolet and Bradley investment each got $350-1 million?

He owns Juicy's ?

 

[was thatguy]

He owns Juicy's ?

I don’t know. It said new car dealerships.

 

[Looking Glass]

PPP was to be processed to the businesses via local banks or the bank that the businesses use for monetary transactions for their business up to and including payroll. The decision to loan/give the requesting business PPP is pretty much based on a application including questions of intended use of the funds. So if you as a business are deceptive, it will show in 2021 when the business taxes are filed. I for one would be very worried if I was found to have taken federal funds in a deceptive manner. You do not want to mess with the IRS or the Feds.

That's NO Shit.

I would rather have the "MOB" after me, at least you can bribe your way out of trouble with them.

 

[C-2]

Probably me. I don't think he can read very well because I addressed each of his claims point by point in various posts. I do not support buying a car or boat with PPP funds.

But a thriving business taking funds to protect itself and people are complaining about it. Again, the government didn't make a distinction on who gets money and who does not.

He still hasn't answered my question about holding the stock of publicly traded companies receiving PPP loans that didn't need them. So I guess he is keeping the profits and ignoring the moral dilemma, or owns no stock at all.

You're the guy who opened up a cluster of new topics. Why should I respond to them? So I can carry on 4 other arguments with you while you distance yourself from your original statement of "Don't blame the people" in a loan fraud thread.

The thread was started as PPP FRAUD, it was not about business owners who had a legitimate need for the funds. There are other threads on that topic.

Nice spin Large Orange Acura

 

[Havasu blue label]

I now of realtors as a team received 250 to 500 thousand and they just invested a portion into a development just last week in havasu

 

[28Eliminator]

Can I have some of the crack you are smoking?

The government set up the program. The government set up the rules. The government gave out the money. The government did not define how to determine if you “need” the money or not.

So yea, blame the applicants for applying for and taking the free govt. money.

I can't afford crack.. My PPE loan fell through

Your inability to understand personal responsibility and blame everyone and everything around you, makes you a solid fit for the Democratic Party

 

[HCP3]

I am surprised it took this long for this to come to light. Record unemployment and record boat sales during the same time period...

 

[Bobby V]

I am surprised it took this long for this to come to light. Record unemployment and record boat sales during the same time period...

Ha Ha . I put Boat Manufacturers in the PPP link and over 500 companies showed up..

 

[was thatguy]

I am surprised it took this long for this to come to light. Record unemployment and record boat sales during the same time period...

Well, if proprietors kept PPP money (and bought boats) and their employees went on unemployment then yeah.
But I have a hard time believing anyone actually drawing unemployment bought a new boat because of $600 a week for 16 weeks or whatever it was. (It’s over now)
That barely pays for the trailer...and thats on a cheap boat.

PPP is not unemployment, but misuse of PPP funds could have certainly affected unemployment numbers, and probably did in cases of misuse.

 

[C-2]

A month ago an unlicensed contractor neighbor couldn't afford to replace his washing machine.

Today, there is a 750i in his driveway with mad remodeling of his home underway. He has an old (money pit) twin engine Formula that I'm sure will turn into an Outerlimits soon.

Yes, I'm bitter.

 

[hallett21]

I feel like a lot of people are confusing PPP loans and the SBA emergency loans


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[LargeOrangeFont]

You're the guy who opened up a cluster of new topics. Why should I respond to them? So I can carry on 4 other arguments with you while you distance yourself from your original statement of "Don't blame the people" in a loan fraud thread.

The thread was started as PPP FRAUD, it was not about business owners who had a legitimate need for the funds. There are other threads on that topic.

Nice spin Large Orange Acura

Show me again where I said don’t blame Lambo boy?

You have legit fraud or misappropriation of funds, which buying an exotic car clearly is.

Then you have people here complaining about who “needs” the money and who does not. The government decided who needed the money and who didn’t. Do t blame business owners for recieving money. Blame the government. What happened to the money after it was given away is not controlled by the government.

 

[Bobby V]

I feel like a lot of people are confusing PPP loans and the SBA emergency loans


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Post #97 link says PPP loans.

 

[D19]

Whatever happened to saving your own money for a rainy day and not needing or wanting the government's help?

It amazes me how many people who consider themselves hardcore conservatives throw all that out the window when socialist wealth distribution programs become available. ( I know I just upset a lot of people and I don't care. Flame on! LOL) .... So with that logic it wasn't Ok for the FED to bail out large companies in 2008 but it's ok for them to bail out small and large companies in 2020? I don't get it. LOL

I believe the Fed should be reduces by 99% and should not have the power to have any influence over the economy. You know that old document called the constitution!

All in all, we're F'd anyways. Let's drive it til the wheels fall off. Get what you can from the government that has been stealing from us if that's what you want to do. I don't care, there is no saving this sinking ship.

 

[hallett21]

Post #97 link says PPP loans.

Agreed on that. Just some of these comments are only talking about PPP loans. Which if you own a Corp with multiple employees, you probably are a W2 employee yourself [emoji6].

Pretty sure as long as you pay your employees you can still go buy toys with your “paycheck”.


I bet a lot more of these toys are being bought with Emergency SBA loan money. 3.75% with no collateral is a damn cheap credit line.


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[was thatguy]

Whatever happened to saving your own money for a rainy day and not needing or wanting the government's help?

It amazes me how many people who consider themselves hardcore conservatives throw all that out the window when socialist wealth distribution programs become available. ( I know I just upset a lot of people and I don't care. Flame on! LOL) .... So with that logic it wasn't Ok for the FED to bail out large companies in 2008 but it's ok for them to bail out small and large companies in 2020? I don't get it. LOL

I believe the Fed should be reduces by 99% and should not have the power to have any influence over the economy. You know that old document called the constitution!

All in all, we're F'd anyways. Let's drive it til the wheels fall off. Get what you can from the government that has been stealing from us if that's what you want to do. I don't care, there is no saving this sinking ship.

I think a defining difference is that in this case the government itself ordered the shut down of thousands of businesses, and effectively caused the loss of employment of tens of millions of employees.
In some States they are continuing to force businesses into closing and bankruptcy.
They arrested the gym owner in NJ yesterday, and even hair salons are operating out the back doors on a cash only basis because they will get arrested and lose their licenses if they operate normally.

The government caused this shit when they shut the country down

 

[LargeOrangeFont]

I can't afford crack.. My PPE loan fell through

Your inability to understand personal responsibility and blame everyone and everything around you, makes you a solid fit for the Democratic Party

So does your support of Big Government free money programs, comrade

 

[D19]

I think a defining difference is that in this case the government itself ordered the shut down of thousands of businesses, and effectively caused the loss of employment of tens of millions of employees.
In some States they are continuing to force businesses into closing and bankruptcy.
They arrested the gym owner in NJ yesterday, and even hair salons are operating out the back doors on a cash only basis because they will get arrested and lose their licenses if they operate normally.

The government caused this shit when they shut the country down

Well it can be argued that government intervention caused the mortgage crisis in 2008 and many other recessions. So were those bailouts justified since the problem was created by government? ... I'll answer my own question: No.

Back to my point about reducing the federal government by 99%. When you have a small government with limited powers (this also applies to state and local), they can't force anyone to close their business, they can't mandate masks and tell us to stay in our homes.

The more they spend on social programs, the bigger they get and the more laws they secretly create to screw us all over. Government is now the new "too big to fail" because so many rely on them. LOL

This is not going to change, it's too late. I enjoy watching conservatives and liberals argue their points with each other. Most of the time I just stay out of it because If i disagree with a liberal they call me a Trump supporter, if I disagree with a conservative I get called a liberal. Same stupid response by anyone backed into a corner by logic and common sense. The answer isn't red or blue. The answer is fire them all rebuild a government that is in alignment with the constitution. I tend to be a realist so I know that will never happen so that's why I say who cares. Get your government check while you can and have fun!

 

[Looking Glass]

I now of realtors as a team received 250 to 500 thousand and they just invested a portion into a development just last week in havasu

Tell it, I believe there are members in here who might NOT wish to do business with people like this. ☹

 

[Havasu blue label]

It’s crazy when they ask you to invest your own money then you ask for the other investors liquid cash flow and There it is on the desk

 

[lbhsbz]

Whatever happened to saving your own money for a rainy day and not needing or wanting the government's help?

It amazes me how many people who consider themselves hardcore conservatives throw all that out the window when socialist wealth distribution programs become available. ( I know I just upset a lot of people and I don't care. Flame on! LOL) .... So with that logic it wasn't Ok for the FED to bail out large companies in 2008 but it's ok for them to bail out small and large companies in 2020? I don't get it. LOL

I believe the Fed should be reduces by 99% and should not have the power to have any influence over the economy. You know that old document called the constitution!

All in all, we're F'd anyways. Let's drive it til the wheels fall off. Get what you can from the government that has been stealing from us if that's what you want to do. I don't care, there is no saving this sinking ship.

I've had a couple rainy days in close enough proximity where my rainy day fund was not replenished by the time the .gov and Karens caused it to start raining again. I'll take some of my tax money back...I'm not too proud to do that.

 

[Bobby V]

Agreed on that. Just some of these comments are only talking about PPP loans. Which if you own a Corp with multiple employees, you probably are a W2 employee yourself [emoji6].

Pretty sure as long as you pay your employees you can still go buy toys with your “paycheck”.


I bet a lot more of these toys are being bought with Emergency SBA loan money. 3.75% with no collateral is a damn cheap credit line.


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From the link..

Companies and nonprofit organizations that receive PPP loans may have the loans forgiven if they meet certain criteria, including not laying off employees during an 8-week period covered by the loan. Applicants must attest in their application that the loans are necessary for their continuing operation. Note: This data includes loan applications approved by banks and submitted to the SBA. It may not reflect money distributed to, or credit used by, a given company.

 

[was thatguy]

I've had a couple rainy days in close enough proximity where my rainy day fund was not replenished by the time the .gov and Karens caused it to start raining again. I'll take some of my tax money back...I'm not too proud to do that.

Exactly.
I’ve wrote those mid year and year end 5 figure checks too many times to feel guilty about drawing unemployment that doesn’t even equal most quarterlies I’ve paid.

 

[LargeOrangeFont]

I've had a couple rainy days in close enough proximity where my rainy day fund was not replenished by the time the .gov and Karens caused it to start raining again. I'll take some of my tax money back...I'm not too proud to do that.

I’m having one of those rainy days now, and don’t “need” the money as I do have plenty in savings. I am taking the benefit as I’ve paid in for almost 2 decades since last drawing unemployment. 0 guilts given.

 

[was thatguy]

I’m having one of those rainy days now, and don’t “need” the money as I do have a savings, but am taking it as I’ve paid in for almost 2 decades since last drawing unemployment.

Been 30 years for me.

 

[Duck'ed_Up]

I hope they rot and I can buy up their toys. We took the PPP loan and every cent plus more out of my pocket went to my employees. Zero went to rent, tools, materials. Glad I can sleep at night.

Were you guys shut down the whole time?


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[lbhsbz]

I’m having one of those rainy days now, and don’t “need” the money as I do have plenty in savings. I am taking the benefit as I’ve paid in for almost 2 decades since last drawing unemployment. 0 guilts given.

This is my first time...and I hope it's my last.

 

[LargeOrangeFont]

This is my first time...and I hope it's my last.

Same here. I missed the extra $600/week though.

 

[ChumpChange]

be prepared for PPP round #2 and more fraud

I have seen some peoples discretionary spending increase, that received PPP money.... but I have also seen several people use it for what it was meant for.

The govt was pretty stupid in the way they rolled it out, and is even more stupid to attempt to forgive all loans under the 150k threshold without any audit / certification. I guess 150k in taxpayer funds is just chump change.

But what do you guys expect, when the govt is trying to bail itself out of debt, by inflating us out of it?? The only way to create mass inflation is to print and circulate a LOT of money...... hence $600 unemployment bonuses, $1,2000/ea stimulus checks, PPP loans, EIDL loans etc etc etc .........and another round!!? be prepared to see more helicopter money.

yup. It’s Chump Change.

 

[UltraLucky]

yup. It’s Chump Change.

Have you seen anyone apply for and receive forgiveness yet on the PPP loans?

 

[ChumpChange]

Have you seen anyone apply for and receive forgiveness yet on the PPP loans?

although the SBA says the application is finalized, the forgiveness portal isn’t even open until August 10th.

 

[was thatguy]

 

[McKay]

I now of realtors as a team received 250 to 500 thousand and they just invested a portion into a development just last week in havasu

So they are trying to carry on with their normal business practices. Ya burn em!

 

[LargeOrangeFont]

So they are trying to carry on with their normal business practices. Ya burn em!

But they didn’t “need” the money.

 

[D19]

I've had a couple rainy days in close enough proximity where my rainy day fund was not replenished by the time the .gov and Karens caused it to start raining again. I'll take some of my tax money back...I'm not too proud to do that.

Seriously. I'll take whatever they want to give me back. Which is usually nothing. LOL. It's not easy writing those checks once a quarter and looking at how they spend /waste the money. like I said cash the check and have some fun while it lasts. who cares what people do with the damn money, it's the taxpayers money anyways. go buy a Ferrari I don't care, it's not nearly as bad as what the government does with our money

the government wants to put people in jail for improperly spending tax dollars yet they do it every single damn day.