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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[–] ShepherdPie@midwest.social 17 points 2 months ago* (last edited 2 months ago)

Another sleazy angle of this was that many of these large recipients somehow had their applications ready to submit literally the second the program became active. This means a lot of legitimate applicants who didn't have access to the forms until the program went live were shut out due to all the funds being used up by the aforementioned individuals.