Trump officials removed '2.7 million' PPP fraud flags from 'the largest corporations' during his lame duck period
By: West Virginia Gov. Jim Justice (Alternet. org)
S E E D E D C O N T E N T
The Paycheck Protection Program (PPP), which was part of the CARES Act of 2020, was launched under former President Donald Trump in response to the COVID-19 pandemic and continued into the Joe Biden era. Some PPP loans were investigated by federal officials and flagged for potential fraud. But according to a Project on Government Oversight (POGO) report released on Thursday, October 6, the Trump Administration eliminated an abundance of flags during its final weeks in office.
Truthout's Sharon Zhang reports that according to POGO's report, Small Business Administration (SBA) officials "eliminated 2.7 million flags between December 2020 and January 2021, as the Administration was in its lame duck period."
In an article published on October 6, Zhang notes, "Special preference was given to the largest loans, which often also went to the largest corporations. On January 16, 2021, four days before President Joe Biden's inauguration, Trump's SBA wiped 99 percent of special review flags — which were given out to every loan above $2 million for separate investigatory purposes."
READ MORE:How looters who abused the Paycheck Protection Program pulled off the 'biggest fraud in a generation': report
Zhang notes that according to POGO, the Trump Administration "appeared to have favored the very largest loan recipients."
"Trump continually gave huge financial favors to large corporations during his time in office — and though most large corporations were exempt from receiving PPP loans, some large corporations managed to skirt the rules and receive loans anyway," Zhang observes. "Out of the $800 billion given out in the program, flagged loans accounted for at least $189 billion. Because the vast majority of PPP loans — 95 percent — have been forgiven, it's likely that many of these loans that had previously been flagged have been forgiven entirely."
Zhang points out that a National Bureau of Economic Research study released in January 2022 "estimated that only between about a quarter and a third of PPP loans went to saving workers' jobs."
"The rest — about 66 to 77 percent — went to business owners and people like shareholders," Zhang reports. "Many loans went directly to the rich. Several billionaires or companies owned by billionaires received loans, like Republican fundraiser Joe Farrell or Kanye West's apparel company, valued at $3 billion. One loan, POGO found, went to a hotel owned by West Virginia Gov. Jim Justice, a Republican who is the richest man in the state and a former billionaire."
READ MORE:White House shreds Marjorie Taylor Greene over PPP loan hypocrisy
Zhang adds, "The loan was worth $8.9 million and appeared to have been flagged eight times by the SBA. Another loan with nine flags, worth over $5 million, appears to belong to a Kentucky hospitality corporation whose annual revenue of $850 million would likely make it too large to receive a PPP loan."
READ MORE: Congressional candidate disparaged COVID-19 aid despite taking thousands of dollars for her businesses
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Most corrupt president in US history.
Not surprising.
When it comes to corruption, Trump is a rookie compared to the Biden’s.
And they use the FBI and DOJ to cover for them.
Yep, a real “pro” move.
And after 7 years of "investigating" to look for ANYTHING there are no charges. I wonder why that is?
The obvious conclusion (given your reasoning method) is that Trump has done nothing wrong.
And the only thing Al Capone ever did wrong was tax evasion.
I never said he did anything wrong or right. I'm pointing out that the Democrats have been "investigating" Trump for anything. So far, there have been ZERO charges filed. I wonder why that is? Incompetence of the Democrats (safe guess)? Incompetence of the "investigators" (another safe guess)?
And it's cute you think you know me that well. Naturally, again, you're wrong but it's cute you try.
Yup, you never acknowledge that Trump has done wrong. A profoundly ridiculous position to maintain.
Has nothing to do with knowing you; it has everything to do with your comments in this forum. You have never, in every challenge I have made directly to you, even hinted that Trump has done wrong. And in your most recent comment you illustrate your reasoning method yet again: unless charged (and implicitly convicted), Trump has done nothing wrong.
Why would I acknowledge something that hasn't been proven? Your hurt feelings and temper tantrum aren't enough. Honestly it makes you all look like that 4 year old in Wal-Mart when mommy won't buy them candy.
Then change my mind. Show me the reports that a crime has been committed.
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And as usual you're wrong again. My opposition to the left isn't supporting Trump. I'm asking for something you haven't been able to do. Change my mind.
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Because human beings routinely acknowledge the obvious based on clear evidence and reason without having a formal proof. We cannot function if we wait for true 'proofs' to be delivered before we accept factors as likely true.
This is just childish. None of my comments have anything to do with feelings ... this is a witless platitude that you constantly spew on this site. It is simply mindless trolling in lieu of an intelligent rebuttal.
I have done this repeatedly and for a lower bar ... just asking you to acknowledge that Trump has done wrong (not even claiming a crime). You will not even do that. Your reasoning is ridiculous and I doubt you have fooled anyone on this site.
If you understand the PRA you would see that Trump was wrong to hold classified materials in his home. Flat out. You refuse to even acknowledge something this obvious. You also refuse to acknowledge that it was wrong for Trump to attempt to coerce Raffensperger to find votes for him yet the entire phone conversation is public knowledge and obvious. Worse still, you refuse to acknowledge that it was wrong for Trump to lie to the entire world in his Big Lie claim.
You refuse to acknowledge any wrongdoing by Trump. Your position is pathetically partisan and defies overwhelming evidence.
Was it wrong for Trump to try to overturn the results of the election using the authority of his office and against the Constitution? Was it wrong for Trump to:
This is a collective question of right vs. wrong .
I am confident you will run away from it.
“This is a collective question of right vs. wrong .”
Simple to comprehend. Impossible to deny. Unbelievable to accept.
And yet…
I know, it is fascinating to watch people shoot their own foot (make foolish arguments and claims, engage in pathetic obvious deflection, etc.) rather than acknowledge the demonstrated, evidenced obvious.
Feelings are a good thing since no feelings can be a sign of mental disease.
The ongoing nonsense of the right using feelings as some type of a bad thing seems to indicate that they have no feelings and are subject to mental difficulties.
In an attempt to justify their untenable position; they besmirch the source, they cite the anecdotal, they parrot the party line, and worse…they have no interest in engaging in the difficult dialogue as acting the divisive demagogue is so much easier.
so you'll have no problem doing it again.
You aren't doing a good job changing my mind.
Yes but declaring all opposing views to be based simply on 'feelings' (emotions) rather than critical thinking is a witless dodge.
LOL, as I did in the very comment you just dodged @1.3.9 :
... and in the comment following it @1.3.10 :
Absolutely pathetic. You must think readers are beyond stupid to not see this.
Changing your mind is not an objective; that is clearly never going to happen. My objective is to illustrate the absurdity of your reasoning.
Didn't dodge it. In 1.3.4 I ask you to change my mind. I'm waiting on that. Not your circular bullshit.
I knew I would get anything from you. You fail at that daily.
Pay attention Jeremy. I am not going to attempt to change your mind. That is not my objective. My objective is to illustrate the absurdity of your position. Your endless dodges make this easy to do.
Absolutely, no point using reason when faced with an immutable, irrational position.
I am. And I see you've failed 3 times. Not a single link to what you claim has already been proven. I guess it was harder than you thought.
Some have the misguided belief that constantly dodging challenges accomplishes some positive result for their position.
What it does, in actuality, is make them look foolish and further support the fact that their position is ridiculous.
No offence to you but this has to be one of the dumbest exchanges I have read in a while.
Kind of like debating with a pigeon.
Lol .... and I’m confident you will continue to display your usual off topic TDS ranting. Subsidized by the usual lopsided NT moderation.
Pathetic.
You ran from the question. As expected.
Nah, the day I run from you on anything will never come but keep playing those pathetic little NT word games ... SOSDD considering.
Do you truly think people do not see you run away from my questions:
And you continue to run while claiming 'word games'.
Amazing how some cannot muster the intellectual honesty to even acknowledge wrong-doing by Trump.
Do you not get that this seed is about PPP fraud?
The games you play here on NT are just pathetic.
Context:
Seeder establishes context for thread @1 ⇡
SpartyOn acknowledges context and then immediately deflects to Biden ⇡
Jeremy delivers the predictable platitude: 'Trump has done no wrong because there are no formal charges'. ⇡
I illustrate the obvious flaw in that reasoning. ⇡
From here, Jeremy (and then you) deflect and dance instead of dealing with the challenge that Trump has engaged in wrongdoing.
If you pen a comment opposing the thread premise established by the seeder @1 do not be surprised if you are challenged.
You cannot acknowledge Trump has done wrong so instead you puff up a smokescreen to hide that fact (as if anyone is fooled).
Lol .....
Sounds more like an episode of Sopranos, where the mafia gets a guy a job at some establishment just so he can hold the back door open at 3am.
It’s funny watching people get manipulated by cleverly worded reporting.
True, much of the PPP funds didn’t go “directly” to employees but went “directly” to employers or corporations. Many of whom are being tagged as, the evil rich.
Problem is, much of that PPP money that went “directly” to employers then went “indirectly” to help employees in various ways. We used it to help with not laying off any of our employees during the peak of COVID shutdowns which halted most of our work. Employees got paid to stay at home and isolate.
But that, as Paul Harvey would say is ..... the rest of the story.
It's not cleverly worded. It's just another journalist who doesn't know WTF they're talking about.
I wish I could say the level of ignorance was "astonishing".... but it's not, is it?
Some of these morons want to compare PPP loan forgiveness with student loan forgiveness. WTF? How stupid are people?
Yeah, I try to give reporters the benefit of the doubt when it comes to intellect but you’re probably right.
Tons and tons of pseudo intellectuals out there these days. Always has been I suppose but it seems to be getting worse. Or perhaps it’s just that it’s in our face more now with all the social networking these days.
I don't think it's intellect. I think it's the topics they avoided in school on their way to becoming journalists.
Let's face it, if they knew anything about math or money, they'd be doing something else.