Reddit ppp loans. Why we didn’t .

Reddit ppp loans. According to a govt oversight committee, an estimated of 90 billions of PPP are fraudulent since banks distributing these loans are not required to check the legitimacy of the loan applications (as written by the law passed by the congress). No Judgement, just advice! I was watching the news and they did a story on how many people got fraudulent small business loans during the pandemic and I just want to cry. Why we didn’t BofA takes the remaining PPP balance off my account one day. Abstract: The Paycheck Protection Program (PPP) provided small businesses with roughly $800 billion dollars in uncollateralized, low-interest loans during the pandemic, almost all of which will be forgiven. That makes some sense for them - processing PPP loans is guaranteed fees for Bluevine with zero risk. Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. I worked for a small company and the owner asked me to help get a PPP loan because he didn't understand the paperwork. When news of a public list involving everyone who applied for a PPP loan broke, multiple commenters inquired about being on the list, even those who never took out a loan, because anxiety is It's 100% irrelevant because the PPP loans specified that they needed to be used in a specific manner, and if they were, they would be forgiven. (I didn’t even know what bank funded me or anything. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. But it screwed over their entire existing client base, us included. Provides a phone number that leads to people who say it’s for EIDL loans. I had reviewed my paperwork from the portal. PPP loans were issued during the pandemic as a way for business owners to continue paying their employees. | <a href In the process of trying to get a loan, it was discovered that there were two PPP loans in my name that were never paid back that I didn’t know about. . Anyone had any experience with this and/or know how long it will take to PPP loans, to be forgiven, had to be used for specific things that were deemed to be in the public interest -- things like payroll, mortgage, rent, utilities, etc. Hi all, I'm a reporter at Marketplace, a business show that airs on NPR, working on a story about business owners who did not get their full PPP loan amount forgiven. A couple days ago I posted about a fraudulent Paycheck Protection Program (PPP) loan that I discovered and reported to the SBA OIG. I even saw other business owners being scammed into it. Their place of empyment was forced to close down so they would get laid off without the PPP loans. It was a nice idea in theory. We would like to show you a description here but the site won’t allow us. Now the SBA sends letter May 2024 demanding payment. I'm looking to talk to anyone -- bigger businesses to contractors -- who are now expected to pay any amount back due to a requirement problem, bank error, being overfunded, etc. Those funds were used to buy properties, boats, vehicles, and in most cases everything but pay workers as intended. Jul 7, 2020 · 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. Her net worth, political party, position, and likeability (or lack thereof) are of absolutely no value to this discussion. Since that post, I have discovered and reported 50 more likely fraudulent loans. So now they get to write off the PPP loans and make us deal with the government on loans that should have been forgiven?! A community founded to provide people with help and advice regarding PPP loan forgiveness. This currently has the initial legitimate loan I’m trying to get stalled until the fraud is taken care of. My question is, if that $100k income that they supposedly made as being self-employed wasn't reported on their taxes, would that not draw a red flag? r/EIDLPPP: Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Anyway, this is insane. My identity was used to get them, making them fraudulent. My motivation in doing this is to help the government recover taxpayer funds, and collect up to 30 percent of any recovered funds as a reward under the False Claims Act (FCA). 3-4 months after receiving the loan I had saw so many different fraudulent loan videos on youtube, and reddit that I had gotten very concerned. Essentially, the goal of the PPP program was to help businesses stay operational -- and keep paying their employees -- even if their revenues dried up. In theory the PPP program replaced unemoployment benefits for people who would have qualified for them and wouldn't need them once the pandemic restrictions were lifted. Reply reply more repliesMore repliesMore repliesMore repliesMore replies We would like to show you a description here but the site won’t allow us. They reported that they made $100,000 so they received a $20k loan. With 94 percent of small businesses ultimately receiving one or more loans, the PPP nearly saturated its market in just two months. In practice it was free money for anyone who could open an LLC fast enough or lie about the number of employees they had. He said once we get it, we will close but he couldn't afford to pay the employees and close without it. 8tkt nlwrp0w qz japihc laz1 oqv pyvod dp 2ozq86 fkgui5