The Most Fresh & Cordial Political Thread Ever

[SunnySide]

Originally Posted by Chief X_Phackter

PPP borrowers were eligible for loan forgiveness if they used at least 60 percent of their loan to fund employee wages within 24 weeks of receiving the money.

The government's Pandemic Response Accountability Committee found that 97 percent of PPP loans were used to help fund payroll. The average amount of PPP loan forgiveness was $72,500.

The authors, including Massachusetts Institute of Technology professor David Autor and economists from the Federal Reserve, found that PPP saved 1.98 million and 3 million years of employment over 14 months. The study was conducted using data from payroll software provider ADP and the Bureau of Labor Statistics.

The economists estimated that $115 billion to $175 billion in PPP loans went toward paychecks, meaning that only 23% to 34% of PPP funds went directly to workers who would otherwise have lost jobs.

Where did the rest go? The remaining 66% to 77% went to business owners and stakeholders, including shareholders, creditors, and suppliers.

The picture gets more stark when the authors traced how PPP dollars flowed to households. The study estimated that $365.9 billion, or 72%, of the PPP dollars ultimately flowed to the top-fifth of high-earners, who make up a disproportionate amount of the country's income and business owners. The bottom quintile got $13.2 billion, or 2.6% of the $510 billion.

The authors also noted that PPP's per dollar boost to GDP was 0.36, according to the Congressional Budget Office, versus 0.60 and 0.67 for stimulus checks and enhanced unemployment insurance checks.

https://www.businessinsider.com/majo...seholds-2022-1

I can say from first hand ... businesses with strong existing bank relations got moved up as priority. A certain bank takes my boss golfing and dinners etc ... guess who got priority treatment?

Guess who got PPP money for payroll that we were going to pay anyway?

There was a small cafe in our office building, owner didnt know what to do, no real bank connections.

Guess who didnt get a PPP?

Guess who went out of business?

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IMO the PPP isnt a R vs D issue. It was a rushed band aid during a sudden unprecedented time in this Country. Whether it was an R or D in the White House, I think the result would be the same.

Now ... im sure fox news et al would be screaming that it was a huge failure, giving money to the elite and big business at the expense of farmers and hard workers, how Biden's businesses and families recd large loans and how Biden's press secretary's family recd 2 million.

But it was an R ... so the right isnt beating that drum.