PPP loan used to buy a Lamborghini...what an asshat!

[Trading Tiger]

I don't have a link, google for yourself, but I read about a guy named David Hines in Florida who was somehow able to receive millions in PPP loans for his moving company. Something like $4 million for a moving company?? Ummm hello, think McFly, think. The best part is that after the money started showing up in his account, he went straight to the Lambo dealership and got himself a new whip. Have fun in the pen David, don't drop the soap.

But the seriously messed up part is that the article stated his entire application was falsified, but no one involved in the process is actually verifying the info. The only truth to it was that he does indeed have a moving company, it's only worth about a hundred bucks, but it does exist.

The government handed/is handing out trillions of dollars to basically whoever asks for it. WTF!!!

 

[IcelandTiger]

I don't have a link, google for yourself, but I read about a guy named David Hines in Florida who was somehow able to receive millions in PPP loans for his moving company. Something like $4 million for a moving company?? Ummm hello, think McFly, think. The best part is that after the money started showing up in his account, he went straight to the Lambo dealership and got himself a new whip. Have fun in the pen David, don't drop the soap.

But the seriously messed up part is that the article stated his entire application was falsified, but no one involved in the process is actually verifying the info. The only truth to it was that he does indeed have a moving company, it's only worth about a hundred bucks, but it does exist.

The government handed/is handing out trillions of dollars to basically whoever asks for it. WTF!!!

Wait, you are telling me the government is Inept and inefficient? Shocking

 

[scott in nashville]

Sadly, I bet there was much more of this than we want to know.

 

[Baloney_Pony]

PPP had good intentions, but it was way too much money way too fast to keep it even somewhat honest.

The amount of front page fraud is huge, but theres also companies that saw no drop in revenue that used PPP money for a few months. They have to certify that they had hardship, but the chance of them getting audited is very very low.

 

[Casa_del_Tigre]

I have to place blame on the ignorant politicians that didn’t see this coming.

 

[coop#]

Much like people being allowed to go into forbearance on their mortgage without proving they suffered a hardship. I bet some people on this board did it. All of these programs probably had good intentions.

 

[dickerj]

Honestly, is anyone surprised? This is ubiquitous in all walks of life because there are criminals everywhere in the public and private sector.

Hopefully, for every 1 Lamborghini-buying asshole criminal there are 100 COVID-impacted small business owners that got to keep their lights on.

 

[dickerj]

Wait, you are telling me the government is Inept and inefficient? Shocking

Well, there really isn't any other entity that could manage this so this is the best we could do.

USA
USA
USA

 

[mskoonce]

PPP had good intentions, but it was way too much money way too fast to keep it even somewhat honest.

The amount of front page fraud is huge, but theres also companies that saw no drop in revenue that used PPP money for a few months. They have to certify that they had hardship, but the chance of them getting audited is very very low.

We looked into the PPP money when it first got announced, but both my banker and my accountant cautioned us against applying unless you REALLY needed it. They both felt like because the oversight was so lax that ultimately there would be a bunch of fraud and, after the public outcry, a lot for checking up on the loans to make sure that everything was on the up and up. We declined to apply, and I havent regretted it at all. And we actually had a really strong 2nd quarter so any "certifications" that we had a hardship would have obviously been bogus. Although it would have been cool to have Lamborghini for a while.

 

[mskoonce]

And there is this...

"President Donald Trump has upended the panel of federal watchdogs overseeing implementation of the $2 trillion coronavirus law, tapping a replacement for the Pentagon official who was supposed to lead the effort.

A panel of inspectors general had named Glenn Fine — the acting Pentagon watchdog — to lead the group charged with monitoring the coronavirus relief effort. But Trump on Monday removed Fine from his post, instead naming the EPA inspector general to serve as the temporary Pentagon watchdog in addition to his other responsibilities."

 

[johnhugh]

He was stimulating the economy by buying a Lambo. OP hates the market

 

[Bosse de Nage]

now that's how you ride the tiger in the Kali Yuga.

 

[Pawmeister]

PPP had good intentions, but it was way too much money way too fast to keep it even somewhat honest.

The amount of front page fraud is huge, but theres also companies that saw no drop in revenue that used PPP money for a few months. They have to certify that they had hardship, but the chance of them getting audited is very very low.

The Lambo kid aside. Most people/companies had no way of knowing the true impact of the lockdown when they applied for PPP. It is hilarious how people forget that because hindsight is always 20/20.

 

[PawsFan_]

 

[Casa_del_Tigre]

He was stimulating the economy by buying a Lambo. OP hates the market

Think of the commission some lambo salesman got.

 

[johnhugh]

Think of the commission some lambo salesman got.

I bet the lambo salesman went and had some nice dinners, maybe bought a couple new jet skis. Then those jet ski salesman went and got their A/C at their house fixed, and the HVAC tech finally was able to take his kids to get some new shoes at the local sporting goods store. Can't believe OP doesn't want kids to have new shoes. What a doosher

 

[Jonada]

 

[CU Alumnus]

I have to place blame on the ignorant politicians that didn’t see this coming.

In truth, anyone who wanted to 'pump the brakes' on these programs was vilified by both sides. It was an emergency measure and was time sensitive. Nothing done under those conditions is ever perfect. That doesn't excuse anything but it just is.

 

[Casa_del_Tigre]

In truth, anyone who wanted to 'pump the brakes' on these programs was vilified by both sides. It was an emergency measure and was time sensitive. Nothing done under those conditions is ever perfect. That doesn't excuse anything but just it just is.

I’d argue that being vilified is better then passing a bill that will make most Americans worst off. I disagree with AOC on about everything but admire she didn’t sign on to the cares act. People are asking for communism because both sides call our economy “capitalism.”

Conservatives need to remembered they are conservative. Trump ran in 2016 calling the federal reserve out and complaining about the fake inflated stock market. Since trump has been in office the GOP is less fiscally conservative than Obama was lol. While trump brags about the stock market and demands more fed intervention.

 

[DW4_2016]

Well, there really isn't any other entity that could manage this so this is the best we could do.

USA
USA
USA

nobody handled coronavirus like the USA. nobody.

 

[Tiger Guru]

I don't have a link, google for yourself, but I read about a guy named David Hines in Florida who was somehow able to receive millions in PPP loans for his moving company. Something like $4 million for a moving company?? Ummm hello, think McFly, think. The best part is that after the money started showing up in his account, he went straight to the Lambo dealership and got himself a new whip. Have fun in the pen David, don't drop the soap.

But the seriously messed up part is that the article stated his entire application was falsified, but no one involved in the process is actually verifying the info. The only truth to it was that he does indeed have a moving company, it's only worth about a hundred bucks, but it does exist.

The government handed/is handing out trillions of dollars to basically whoever asks for it. WTF!!!

You mean tax Payers?

 

[mskoonce]

In truth, anyone who wanted to 'pump the brakes' on these programs was vilified by both sides. It was an emergency measure and was time sensitive. Nothing done under those conditions is ever perfect. That doesn't excuse anything but just it just is.

This is very true. Its kind of like attacking Afghanistan or torturing terrorists after 9-11. Pretty much everyone in this country wanting us to go kick someone's ass as payback. Then years later we slowly realize the true cost. We had to get some money in people's and businesses hands before it all came crashing down.

 

[TigerDMD]

That's crazy and he should go to jail. Also, some responsibility goes to whichever institution gave him the funds. Our business received a small one and I had to provide all kinds of documentation.

 

[mskoonce]

You mean tax Payers?

I dont understand, are you saying he is entitled to it because he is a tax payer? I'm all for money going to businesses to help keep the doors open and people employed. But I'm not for any dude that wants it just to go buy stuff defrauding the government (which is the taxpayers) to get that money.

 

[Nobarscanholdme]

PPP had good intentions, but it was way too much money way too fast to keep it even somewhat honest.

The amount of front page fraud is huge, but theres also companies that saw no drop in revenue that used PPP money for a few months. They have to certify that they had hardship, but the chance of them getting audited is very very low.

They had to certify at time of application of business "uncertainty". No one knew back in Mar, Apr, or May the actual impact to their biz. Looking back, some suffered bigly, some a little (us), and some actually saw an increase in revs.

For forgiveness, just need to document monies were spent on payroll (>60%) , and other qualifying expenses. Has absolutley nothing to do with showing a rev decline yr over yr.

The issue with this dude is he LIED big time on the app. Not sure how as i had to submit lots of payroll docs supporting the loan amt.

Now, i do believe loans in excess of 2mill will come under further scrutiny and may have to show biz was impacted.

For the new PPP being discussed, will be for businesses of less than 300 (could also be 100) employees, and those will have to show revs were impacted by at least 50% to get a 2d PPP.

 

[firegiver]

I don't have a link, google for yourself, but I read about a guy named David Hines in Florida who was somehow able to receive millions in PPP loans for his moving company. Something like $4 million for a moving company?? Ummm hello, think McFly, think. The best part is that after the money started showing up in his account, he went straight to the Lambo dealership and got himself a new whip. Have fun in the pen David, don't drop the soap.

But the seriously messed up part is that the article stated his entire application was falsified, but no one involved in the process is actually verifying the info. The only truth to it was that he does indeed have a moving company, it's only worth about a hundred bucks, but it does exist.

The government handed/is handing out trillions of dollars to basically whoever asks for it. WTF!!!

bi partisan failure
https://time.com/5823510/coronavirus-stimulus-oversight/

 

[Trading Tiger]

You mean tax Payers?

No, the government. I didn't say "paid for by the government", I said "handed out by the government".

 

[BionicTiger]

Sadly, I bet there was much more of this than we want to know.

I have colleagues who make $3-5MM+ per year who have very small staffs who received PPP money. We never closed down. No one had to furlough their employees/staff. Had one acquaintance whose husband is a specialist surgeon at a world renowned university hospital. Together they bring in 8 figures. She applied for PPP money. I passed on applying, since my wife and I didn’t feel like it was necessary - even though the office was filing them for us. When it’s all said and done, we will likely make similar to what we did last year, if not slightly more. It seems ridiculous to me that certain people in my industry were allowed to file for and receive money. Now, some have gotten in trouble with the feds, but it’s a small handful who massively abused the system. There are a lot more who used the system unnecessarily - abuses it but within the bounds of the law, IMO.

 

[Tiger Guru]

I dont understand, are you saying he is entitled to it because he is a tax payer? I'm all for money going to businesses to help keep the doors open and people employed. But I'm not for any dude that wants it just to go buy stuff defrauding the government (which is the taxpayers) to get that money.

No, just implying it isn't the governments money they're giving out. Left out "Money"

 

[Tiger Guru]

No, the government. I didn't say "paid for by the government", I said "handed out by the government".

I left out money... I messed up. sorry.

 

[mskoonce]

Got it. I agree its the tax payers money, but once the government has it I dont want them to give it to someone that defrauded the government to get it.

 

[dbjork6317]

He was stimulating the economy by buying a Lambo. OP hates the market

This! Capitalism is beautiful! Love that this job creator found a way to use his superior skill and intelligence to maximize his earnings and then trickle that money down!

Just too much winning!!

 

[johnhugh]

This! Capitalism is beautiful! Love that this job creator found a way to use his superior skill and intelligence to maximize his earnings and then trickle that money down!

Just too much winning!!

If we give all the money to the rich people it will benefit the average American immensely!!

 

[Trading Tiger]

This! Capitalism is beautiful! Love that this job creator found a way to use his superior skill and intelligence to maximize his earnings and then trickle that money down!

Just too much winning!!

You keep using that word, capitalism...I do not think it means what you think it means.

 

[kgwillison]

I agree with those that say that the pluses of the program outweighed the risks of fraud. The nation's economy was headed for a free fall without an end in sight. Yes, there are bad actors everywhere. The government turned PPP over to private banks - the government itself was smart enough to realize it didn't have the capacity to manage the program - and it was private enterprise's responsibility to underwrite the loans.

Credit the law enforcement agency that uncovered the fraud.

 

[elwood49]

The funny thing is that one of the ways Hines got caught is that in Miami you can be stopped and fined for refusing to wear a face mask. A TV crew happened to be following two Miami policemen who were enforcing this and Hines was caught and made a mild stink about having to wear a mask. The TV crew did an interview with Hines where he complained about masks and infringement of his rights. Someone saw the interview and knew about Hines recent purchases and turned him in leading to full reveal of his fraud. He also used the money on dating websites and several stays at luxury hotels and restaurants (with bills in the 6-8 thousand category ). Just a general dumbass who will get what he deserves with the fraud charges awaiting him.

 

[CU Alumnus]

I’d argue that being vilified is better then passing a bill that will make most Americans worst off. I disagree with AOC on about everything but admire she didn’t sign on to the cares act. People are asking for communism because both sides call our economy “capitalism.”

Conservatives need to remembered they are conservative. Trump ran in 2016 calling the federal reserve out and complaining about the fake inflated stock market. Since trump has been in office the GOP is less fiscally conservative than Obama was lol. While trump brags about the stock market and demands more fed intervention.

The problem is that capitalism relies on the free market. Once the decision was made to tell businesses they - under penalty of law - HAD to shut down, we were no longer a free market society and no longer under capitalism. The free market does a lot of things very well, but responding to sudden, government-mandated shifts of this size, is not one of them. That is why we needed something like this bill. It was imperfect as hell, but I think something had to be done.

I don't know why AOC didn't sign the bill - and her concerns may have been valid - but I can guaran-damn-tee you it wasn't under any guise of fiscal responsibility or conservatism.

 

[IcelandTiger]

This! Capitalism is beautiful! Love that this job creator found a way to use his superior skill and intelligence to maximize his earnings and then trickle that money down!

Just too much winning!!

0/10

 

[HootieMack98]

As a small business owner with locations in Spartanburg and Columbia...PPP was the best thing the govt has ever done!

Finally felt like they recognized what small businesses do for America and wanted to help us during uncertain and difficult times. We had customers that wouldn't let us in their properties, a long term employee quit because was afraid we were all going to die, prices for our consumables doubled/tripled, and had contracts cancelled.

Of course there is going to be fraud...in anything this size...but the benefit to all the businesses that were able to keep their employees and keep moving outweighs that.

Our banker looked over our application and with the certified payroll reports we provided everything we asked for was documented. We also put all the PPP money in a new separate account so it is easy to show the money was only being used for what it was intended...for us that was almost all payroll.

 

[Chefkdh]

The funny thing is that one of the ways Hines got caught is that in Miami you can be stopped and fined for refusing to wear a face mask. A TV crew happened to be following two Miami policemen who were enforcing this and Hines was caught and made a mild stink about having to wear a mask. The TV crew did an interview with Hines where he complained about masks and infringement of his rights. Someone saw the interview and knew about Hines recent purchases and turned him in leading to full reveal of his fraud. He also used the money on dating websites and several stays at luxury hotels and restaurants (with bills in the 6-8 thousand category ). Just a general dumbass who will get what he deserves with the fraud charges awaiting him.

Guess he forgot to leave YOLO in 2019