Sandflee

PPP Loan releases

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Posted (edited) · Report post

so they published all the companies that got in excess of 150K in loans under the PPP program

80% are under 150K and companies are not disclosed 

what are your thoughts on certain companies that gladly took the loans regardless of their financial status 

is it fair considering they still need to pay employees and rent? or should there have been a cutoff considering it was a small business loan and they have a net worth in the hundreds of millions?

 

Should companies owned by Floyd Mayweather, Oscar De la hoya, Bob Arum, Tom Brady, Kanye West, Nascar and Indy Teams qualify for tax payer funds?

 

Edited by Sandflee

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what were the terms to qualify?  If the writers failed to include limits and thresholds, blame it on them, not the companies that took the money.  

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Posted (edited) · Report post

4 mins ago, Billybob said:

The net worth of the owners has nothing to do with it.

Rich people lay off employees and close businesses too.

agree to some extent, but on the other hand it was also to help stimulate to keep business from going under, Kanye and Mayweather are billionaires you thing they would go under or suffer without 2-5 million in PPP? hell they cut off Stimulus checks for average joe that exceeds what 75K?

Edited by Sandflee

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Why blame the companies that took the loans?  The gov't created the program, the banks gave out the loans.  Have problems with the program?  Blame those that set it up and signed it into law.

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15 mins ago, redfishkiller said:

or they could have just not closed everything down 

And overwhelmed the hospitals...

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NEW YORK — The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups.

The church’s haul may have reached — or even exceeded — $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found.

Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration. But as the economy plummeted and jobless rates soared, Congress let faith groups and other nonprofits tap into the Paycheck Protection Program, a $659 billion fund created to keep Main Street open and Americans employed.

By aggressively promoting the payroll program and marshaling resources to help affiliates navigate its shifting rules, Catholic dioceses, parishes, schools and other ministries have so far received approval for at least 3,500 forgivable loans, AP found.

The Archdiocese of New York, for example, received 15 loans worth at least $28 million just for its top executive offices. Its iconic St. Patrick’s Cathedral on Fifth Avenue was approved for at least $1 million.

In Orange County, California, where a sparkling glass cathedral estimated to cost over $70 million recently opened, diocesan officials working at the complex received four loans worth at least $3 million.

And elsewhere, a loan of at least $2 million went to the diocese covering Wheeling-Charleston, West Virginia, where a church investigation revealed last year that then-Bishop Michael Bransfield embezzled funds and made sexual advances toward young priests.

Simply being eligible for low-interest loans was a new opportunity. But the church couldn’t have been approved for so many loans — which the government will forgive if they are used for wages, rent and utilities — without a second break.

Religious groups persuaded the Trump administration to free them from a rule that typically disqualifies an applicant with more than 500 workers. Without this preferential treatment, many Catholic dioceses would have been ineligible because — between their head offices, parishes and other affiliates — their employees exceed the 500-person cap.

“The government grants special dispensation, and that creates a kind of structural favoritism,” said Micah Schwartzman, a University of Virginia law professor specializing in constitutional issues and religion who has studied the Paycheck Protection Program. “And that favoritism was worth billions of dollars.”

The amount that the church collected, between $1.4 billion and $3.5 billion, is an undercount. The Diocesan Fiscal Management Conference, an organization of Catholic financial officers, surveyed members and reported that about 9,000 Catholic entities received loans. That is nearly three times the number of Catholic recipients the AP could identify.

The AP couldn’t find more Catholic beneficiaries because the government’s data, released after pressure from Congress and a lawsuit from news outlets including the AP, didn’t name recipients of loans under $150,000 — a category in which many smaller churches would fall. And because the government released only ranges of loan amounts, it wasn’t possible to be more precise.

Even without a full accounting, AP’s analysis places the Catholic Church among the major beneficiaries in the Paycheck Protection Program, which also has helped companies backed by celebrities, billionaires, state governors and members of Congress.

The program was open to all religious groups, and many took advantage. Evangelical advisers to President Donald Trump, including his White House spiritual czar, Paula White-Cain, also received loans.

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They should start paying taxes then if they're going to receive taxpayer money.  

Another interesting thing in my town was a charter school that has spent years arguing that it's a public school, received millions of dollars.  The non-charter public schools in town didn't receive any funds.  

Edited by Heron25

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It’s outrageous, but they do count a lot of money that went to their active service side of the house.  I know where I used to work in Mass, the human service arm of the church ran a ton of non profit programming- shelters, food pantries etc.  they were like any other social service agency. I’d assume that’s a fraction of this money though.  

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