PPP loan fraud

[DLC]

We drove past the remodeled Hampton Inn on Saturday night 8/15 and the parking lot was jammed packed with cars trucks and boats and some really nice boats.

who they are and how they all paid for the room is anyone’s guess.

its actually cheaper for me to stay in Havasu at my 2nd home than it is to stay home in San Diego north county, plus we enjoy it more alot less stress is on us Out here.

 

[77charger]

Yep it can be done on the cheap, but I don’t see many of these new boats everyone is buying with PPP funds out in front of Days Inn though.

Even in your example, you are in for $600 for just the weekend. The notion that everyone out there is simply unemployed just doesn’t pass the sniff test in my mind.

If I was unemployed I’d be staying home saving money or local lake where it only cost me 25-30 bucks total. 600 dollar river weekend would pay my boating locally all summer. hell maybe I’ll get the boat out today since I’ve been playing with the stand ups all summer.

 

[LowRiver2]

I've heard some crazy stories about it already from my business-owner friends. It's bad...Straight up free money that will be extremely hard to prove was spent erroneously.

A personal friend went to their accountant for some routine stuff and the accountant asks them if they applied for the PPP loan. They said No since they didn't feel that they were struggling. The accountant has them apply through QuickBooks, and bam. $150k in their account in 3 days. All they have to do is pay their employees with the PPP money and then take a distribution. 75-100% paid by all of us.

I'm not gonna Judge their situation or choices but I know this will be a HOT issue in the years to come. I think the bigger issue is that the money was so readily available and with so little qualification standards. I guess when the world's biggest economies are about to crash, you have to move quickly.

Agreed
It will be very hard to judge who shouldn’t have received funds.
I know if one biz owner who received $92k and 0 employees were ever laid off and the biz actually made more $ over this period.

This was an unprecedented situation.
Individual morals will be the only factor in those that got it and didn’t need it giving any relief back.

 

[DILLIGAF]

Without reading all of this.....If any of you know.....know for a fact that someone took this under false pretenses/fraud you should have it addressed by someone in authority. This kind of shit needs to stop.

 

[red ant]

Just wait until business owners try to fill out the loan forgiveness paper work. It is such a mess. that most banks are not accepting the paper work as yet. ADP keeps sending updates. Looks like the number that SBA had a business use for their loan amount is vastly different than what you will be able to forgive. Hopefully this will change. Things are changing every day.