this post was submitted on 31 Aug 2024
84 points (95.7% liked)

Explain Like I'm Five

14289 readers
1 users here now

Simplifying Complexity, One Answer at a Time!

Rules

  1. Be respectful and inclusive.
  2. No harassment, hate speech, or trolling.
  3. Engage in constructive discussions.
  4. Share relevant content.
  5. Follow guidelines and moderators' instructions.
  6. Use appropriate language and tone.
  7. Report violations.
  8. Foster a continuous learning environment.

founded 1 year ago
MODERATORS
sabbah@lemmy.world
AradFort@lemmy.world
rikudou@lemmings.world
Don_Dickle@lemmy.world
Rikudou_Sage@lemmy.world
84
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
14 comments fedilink hide all child comments
 

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?

you are viewing a single comment's thread
view the rest of the comments
[–] francisfordpoopola@lemmy.world 21 points 2 months ago

My company filed for two PPP loans to keep afloat. Any company could have just kept making money and the owners could have pocketed the cash. There were expectations that employees were not fired and other questions in the application that I can't recall. When we applied for forgiveness on the loans we provided tax receipts and staff numbers over time. I'm sure it would have been pretty straightforward to lie or find someone to lie for you (accountant with less than stellar ethics).