Tom Brady bought a yacht with tax dollars through the paycheck protection plan (PPP) which was supposed to be a loan but the debt was forgiven and he kept the boat.
The Paycheck Protection Program was a $350 billion transfer of wealth to a small group of disproportionately affluent people with existing relationships to members of congress and large banking institutions. The promise was that loans would not be forgiven unless you used it for payroll, but that rule was never enforced. Thousands of fraudsters just completely made up the names of companies and collected tens of thousands in lump sum payments.
No one came after the fraudsters because no one cared to do, and voters didn't ask anyone in congress to go after those who took advantage of free money. But SNAP? Oh, you'll hear it from the uppity about how poor people could probably still find food without it.
Tom Brady bought a yacht... with your tax dollars.
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@wildgrass saidThere are all kinds of little loopholes written into financial regulations and laws. i.e. I had a lawyer complete the paperwork for a house I bought using a 1031 "tax deferred" exchange, which I used as a rental. 12 years later, the tenants' rent payments paid down nearly half my mortgage and the "tax deferred" part never materialized. I didn't pay a penny in taxes! Good news for me.
Tom Brady bought a yacht with tax dollars through the paycheck protection plan (PPP) which was supposed to be a loan but the debt was forgiven and he kept the boat.
The Paycheck Protection Program was a $350 billion transfer of wealth to a small group of disproportionately affluent people with existing relationships to members of congress and large banking institutions. ...[text shortened]... ple could probably still find food without it.
Tom Brady bought a yacht... with your tax dollars.
If the working class wrote the tax laws or financial regulations, I'm sure they would look very different. 😏
@wildgrass saida little research would help you to stop spreading lies
Tom Brady bought a yacht with tax dollars through the paycheck protection plan (PPP) which was supposed to be a loan but the debt was forgiven and he kept the boat.
The Paycheck Protection Program was a $350 billion transfer of wealth to a small group of disproportionately affluent people with existing relationships to members of congress and large banking institutions. ...[text shortened]... ple could probably still find food without it.
Tom Brady bought a yacht... with your tax dollars.
https://www.sportskeeda.com/nfl/fact-check-did-tom-brady-take-ppp-loan-revisiting-retired-qb-s-business-dealings
@Mott-The-Hoople saidNo he didn't pay it back. The government didn't even ask for it back. 92% were forgiven, the only ones that were paid back were too obviously fraud, like oh you caught me, here's the money back please don't put me in prison.
a little research would help you to stop spreading lies
https://www.sportskeeda.com/nfl/fact-check-did-tom-brady-take-ppp-loan-revisiting-retired-qb-s-business-dealings
I don't fault Brady. He would be an idiot for not applying. The government policy was to buy Tom Brady a yacht, money which could have fed dozens of poor kids for a whole year, or money that could have not been spent at all. This money was not distributed based on need. You are letting your government off the hook.
Tom Brady was one example among thousands. Why do you and your ilk choose to ignore or downplay government handouts for rich people and magnify detrimental effects of handouts for poor people? Maybe both things are bad, but you really stick your foot in your mouth defending government handouts to the ultra wealthy.
The SBA has closely scrutinized just a tiny portion of PPP loans for fraud and forgiveness eligibility. The agency said it used computer models to review all 11.4 million loans, but that auditors have manually reviewed only about 215,000, or roughly 2% of the total, according to Patrick Kelley, associate administrator for the SBA's Office of Capital Access.
Of these hands-on reviews, about 21,000 were denied forgiveness, or approximately 0.2% of all loans, he said. Meanwhile, the University of Texas researchers who studied PPP fraud estimate that the enforcement rate of chasing scam artists is "well under 0.1% in all cases."
So when Autor hears companies praise the Paycheck Protection Program, he's skeptical.
"It's not that the program did no good," he said, "but how could they not love it? I mean, what could be better: $800 billion. Here it is. Don't pay it back."
https://www.npr.org/2023/01/09/1145040599/ppp-loan-forgiveness
@wildgrass said"Tom Brady was one example among thousands."
No he didn't pay it back. The government didn't even ask for it back. 92% were forgiven, the only ones that were paid back were too obviously fraud, like oh you caught me, here's the money back please don't put me in prison.
I don't fault Brady. He would be an idiot for not applying. The government policy was to buy Tom Brady a yacht, money which could have fed dozens of ...[text shortened]... it is. Don't pay it back."[/quote]
https://www.npr.org/2023/01/09/1145040599/ppp-loan-forgiveness
why does your ilk only talk about one person?
@Mott-The-Hoople saidAre you familiar with what an example is?
"Tom Brady was one example among thousands."
why does your ilk only talk about one person?
@wildgrass saidThese government overreach programs always go to corruption.
Tom Brady bought a yacht with tax dollars through the paycheck protection plan (PPP) which was supposed to be a loan but the debt was forgiven and he kept the boat.
The Paycheck Protection Program was a $350 billion transfer of wealth to a small group of disproportionately affluent people with existing relationships to members of congress and large banking institutions. ...[text shortened]... ple could probably still find food without it.
Tom Brady bought a yacht... with your tax dollars.
Freddie Mac/ Fannie Mae, college loans...
It's ALL BULLSHOOT. And we can't stop them.
@wildgrass saidYes, and I am aware how your ilk try’s to portray things as only one side does it.
Are you familiar with what an example is?
A better example would have been Floyd Mayweather ( over 1 mil)
Or the LA Lakers (4.6 mil)
Oh, that wouldn’t fit the narrative would it. Gotta make it look like rich white folks
Your link NPR lost its funding because of left wing bias.
@Mott-The-Hoople saidNot at all, those are also good examples of govt handouts to rich people. Why are you bringing race into the discussion?
Yes, and I am aware how your ilk try’s to portray things as only one side does it.
A better example would have been Floyd Mayweather ( over 1 mil)
Or the LA Lakers (4.6 mil)
Oh, that wouldn’t fit the narrative would it. Gotta make it look like rich white folks
Your link NPR lost its funding because of left wing bias.
What narrative are you referring to?
I am challenging the narrative of your ilk that SNAP beneficiaries are major sources of government waste. PPP waste is 10x worse. Govt didn't even try to monitor the money.
@Mott-The-Hoople saidYou mean you would like it better if you had the full report on all 3000 or whatever the number would be? Would you like that in a PDF or Word?
"Tom Brady was one example among thousands."
why does your ilk only talk about one person?
@wildgrass saidThe PPP was an excellent idea meant to help small businesses survive through the COVID crisis. Unfortunately, when most of the loans were distributed it was being administered by the corrupt Treasury Department under Steve Mnuchin.
Tom Brady bought a yacht with tax dollars through the paycheck protection plan (PPP) which was supposed to be a loan but the debt was forgiven and he kept the boat.
The Paycheck Protection Program was a $350 billion transfer of wealth to a small group of disproportionately affluent people with existing relationships to members of congress and large banking institutions. ...[text shortened]... ple could probably still find food without it.
Tom Brady bought a yacht... with your tax dollars.
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@no1marauder saidAnd you can be sure he got a cut....He goes, send my check to my account in Liberia.....
The PPP was an excellent idea meant to help small businesses survive through the COVID crisis. Unfortunately, when most of the loans were distributed it was being administered by the corrupt Treasury Department under Steve Mnuchin.
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@no1marauder saidSure ideas are a dime a dozen. It's always more important to execute ideas properly and there could have been assurances written into the law that avoided such abuses from happening. If you have one person in charge of distrubuting $800 billion to whomever they want, without baking in regulations on the enforcement part of the equation, of course its corrupted.
The PPP was an excellent idea meant to help small businesses survive through the COVID crisis. Unfortunately, when most of the loans were distributed it was being administered by the corrupt Treasury Department under Steve Mnuchin.
Republicans love bailing out billionaires.
@Mott-The-Hoople saidNPR lost it's funding because politicians felt that stories like this were uncomfortable truths that poked holes in their preferred alternate realities.
Yes, and I am aware how your ilk try’s to portray things as only one side does it.
A better example would have been Floyd Mayweather ( over 1 mil)
Or the LA Lakers (4.6 mil)
Oh, that wouldn’t fit the narrative would it. Gotta make it look like rich white folks
Your link NPR lost its funding because of left wing bias.
@wildgrass saidMonday Morning Quarterbacking is fun and easy. However, the PPP was part of the Democratic Congress' response to an economy tettering on the brink of collapse due to the effects of the worst public health crisis in the history of the nation. But all measures had to be negotiated with a corrupt and incompetent administration that, nonetheless, held ultimate veto power over any proposed program. Leaving execution of the PPP to Treasury was a necessary compromise at the time which does not excuse the abuses mentioned.
Sure ideas are a dime a dozen. It's always more important to execute ideas properly and there could have been assurances written into the law that avoided such abuses from happening. If you have one person in charge of distrubuting $800 billion to whomever they want, without baking in regulations on the enforcement part of the equation, of course its corrupted.
Republicans love bailing out billionaires.