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NPR: Over $200 billion in pandemic business loans appear to be fraudulent, a watchdog says (www.npr.org)

submitted 1 year ago by sendingmath@kbin.social to c/news@kbin.social

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The Office of Inspector General of the Small Business Administration has released a "landscape of fraud" report highlighting why 17% of PPP and other loans appear bogus.

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[–] lawyerjsd@kbin.social 11 points 1 year ago (5 children)

In economic aid packages like this, the goal is to spread money around in hopes people will spend it. Drop the cash from a helicopter, give it to random citizens, it doesn't actually matter so long as the money goes out the door.

[–] Aesthesiaphilia@kbin.social 19 points 1 year ago (1 children)

Except if you give it to rich cunts it usually ends up padding their bank accounts instead of being spent on things like food and clothing. Giving money to rich people is a very inefficient form of stimulus. Not to mention just morally not great. $30 spent on champagne stimulates the economy pretty similarly to $30 spent on basic necessities, but the latter is much more helpful to individuals.

The pandemic unemployment assistance was one of the greatest social programs our stupid country has ever done. The PPP loans were a terrible replacement.

[–] killick@kbin.social 2 points 1 year ago

What? Haven't you heard about trickle-down economics? Are you saying trickle-down doesn't work?!?!

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