“I own a food-manufacturing business with more than 200 employees that was recently awarded a $3.4 million loan through the Small Business Administration. From what I’ve observed, the Paycheck Protection Program is completely flawed and will function as a handout to companies that don’t need it. Billions of misspent dollars will never be paid back.
As a maker of food products sold in grocery stores, my business hasn’t yet been negatively affected by the Covid-19 crisis, unlike many other industries. We are an “essential service provider,” so we’ve been able to keep our workforce intact. We’re worried about a potential shutdown if any of our employees test positive for the virus, so we’re doing everything in our power to mitigate that possibility.
In the PPP application, only one line pertains to the effects of Covid-19. In signing the application, I agreed to the statement: “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” We’re incurring additional expenses to protect against a potential shutdown, but for the moment my business is in a strong financial position. Yet in light of recent shutdowns of meat-processing facilities, we know our Little Rock, Ark., plant could be next. This counts as “economic uncertainty.”
http://www.reddit.com/r/Economics/comments/g5qm3b/ppp_loan_terms_amount_to_legalized_fraud/
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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