You make it sound like he got away it. He was arrested for multiple federal felonies as would anyone else that tried to do such a thing.
PPP loan used to buy a Lamborghini...what an asshat!
- Thread starter Trading Tiger
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You make it sound like he got away it. He was arrested for multiple federal felonies as would anyone else that tried to do such a thing.
I thought it was pretty obvious he got caught, how else would I know about it? The "don't drop the soap" line definitely should have given it away.
Agree It should have, but as usual several on here assumed otherwise and didn’t bother. “He should be in jail” etc lol
LOLOLOLOLOL
At what point are we actually going to get a realization that the GOP just put out the worst oversight government spending ever? Will the conservatives understand whats happened? Will they blame Obama? Just can't wait for the outcome.
Id rather everyone just deals with the actual virus and we get out of this situation, still its funny.
Oh I wish it would partner. Then you could get the hot tub you promised me. I’m still waiting for the UBJ you promised to give me. Love ya Babe!
Not surprised. I think I remember hearing of people in prison and dead people receiving unemployment and stimulus checks. Food stamp fraud goes on every day. None of this surprises me.
The guy will still have to apply for forgiveness of the loan sometime between now and the end of the year. If above is true, he will probably have to repay all or most back. I would think any kind of fraud will be determined during the forgiveness application. Plus, at that amount, he will be audited for sure.
Everytime someone mentions this guy I think of Jesse from Breaking Bad. I could see this guy going into the Lamborghini dealership in a hoodie with a wad of cash.
Fair point. But how many people who got the PPP, but saw no real decline in business, will pay the PPP money back?
The first round of PPP money was done too fast but the second round was more supervised
The banks were responsible for verifying the applicants credentials to receive a loan so whatever bank approved the submission of the loan placed itself at a huge risk.
They are planning on auditing any loan over 2 million and if they actually do this then this guy should be in big trouble. The bank will also have to eat it if he has blown the money.
(Of course this is assuming this guy does not have big politcal connections to protect him )
The banks were responsible for verifying the applicants credentials to receive a loan so whatever bank approved the submission of the loan placed itself at a huge risk.
They are planning on auditing any loan over 2 million and if they actually do this then this guy should be in big trouble. The bank will also have to eat it if he has blown the money.
(Of course this is assuming this guy does not have big politcal connections to protect him )
start at the 22min mark for his opening remarks
rest is probably a waste of time
and remember
mnuchin specifically stated-
"WE ARE GOING TO GET THE MONEY OUT AS FAST AS POSSIBLE. WE WILL PROSECUTE THE FRAUD ON THE BACK END."
rest is probably a waste of time
and remember
mnuchin specifically stated-
"WE ARE GOING TO GET THE MONEY OUT AS FAST AS POSSIBLE. WE WILL PROSECUTE THE FRAUD ON THE BACK END."
To his point, how many small businesses got loans that wouldn't be worth chasing after? I received a loan as a sole proprietor that is very far below even the $150k threshold he mentions (lop a zero off and it's still under that). The plan is for all of it to go towards payroll, which means it'll be forgiven. If I decide that I wanted to use the money for the down payment on a new car, I could do that and still claim it went to payroll but would have a hard time proving it. Still, what's the cost to go after me to prove that I bought the car? You're possibly throwing good money (what it would cost you to go after me) after bad (the money I've already spent on the car). Now, I'm not going to do what I just described, but there are obviously unscrupulous people out there who might. I think it's the risk you have to take.
Fraud exists at every level of everything, hopefully it can be caught, but often the cost of finding it outweighs any benefit.
The issue with the process is that in order to qualify for the loan, you have to certify that your business income has been or will be impacted in the future by covid. Of course, no one knows for certain if their business income will be affected in months to come, but I honestly do believe mine will. I'm sure I'm not alone.
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i think around $150 will be the cut off.
why chase 99% honest hard working small business owners who may have fledged a little.
the only real concern from the white house was
"MAKE SURE TO TAKE CARE OF YOUR EMPLOYEES----ESPECIALLY THE LOWEST EARNING ONES"
i think most will be forgiven to small businesses that are mom and pops
every extra dollar a mom and pop store has means a potential new job
Well there are stipulations around what you use it for and if you have to pay it back, so that will be a key factor for everyone.
LOLOLOLOLOL
At what point are we actually going to get a realization that the GOP just put out the worst oversight government spending ever? Will the conservatives understand whats happened? Will they blame Obama? Just can't wait for the outcome.
Id rather everyone just deals with the actual virus and we get out of this situation, still its funny.
i thought the impeachment trial, the russian collusion hoax, the mueller report,
the ukranian bribes
i thought those liberal oversight spending
i guess many gop guys did vote for mueller
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