this post was submitted on 31 Aug 2024
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Explain Like I'm Five

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ELI5 How did people steal PPP loans? Was it really easy or did they just know how to get around the red tape and stuff? (lemmy.world)
submitted 2 months ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
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I ask because a couple in a state next to me just pled guilty for stealing not one PPP loan at 2.1 million and a second at 1.6 million? Did I miss out on something by being above board?

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[–] Rhaedas@fedia.io 21 points 2 months ago

This was called the minute they put the PPP loan idea together. Where's the oversight? How can fraudulent claims be avoided? The PPP loss still wasn't as big as the blank checks given to major corporations like airlines to keep the economy machine rolling. And in one sense I'm okay with government stepping in to avoid disaster, that's one of their jobs. It's just so many of these companies got free money that they really didn't need to stay alive, all because they smelled the opportunity...plus they took money that smaller businesses needed and no longer exist.