Remember all of those COVID loans to help keep struggling businesses afloat? They were critical for many to keep the lights on and keep their employees paid. But when those loans were forgiven some legit questions should have been asked. 🤔
It goes without saying that the businesses who took loans didn't do anything wrong; they didn’t really have a choice since they had to shut down because the government said so. The questions folks are asking now are about how the loans were doled out (and forgiven).
So, here are Five Fast Facts on Seattle’s COVID loan forgiveness:
🔥Bottom line: All three of these examples in Seattle have annual revenues of roughly $100M or more. Maybe they were legit and completely honest about needing this money to help their people. But some estimates say as high as 10%-15% of PPP loans were suspected of fraud. That’s tens of billions of dollars (if not more), with virtually no oversight in the forgiveness process. Given that taxpayers are footing the bill for every penny of this, shouldn’t we demand a little more scrutiny? It’s not as if the national debt is a problem or anything. The full list of Seattle PPP loans is here, if you’re curious.
What do you think about this situation, and what should be done about it?
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