The Wealthy Cashing In On PPP Loans

The Payment Protection Program (PPP) was designed to help small businesses stay alive, pay their staff and to keep a roof over their heads. Instead, major wealthy companies cashed in on the PPP applications, hoarding a huge amount of the allocated funds for their self benefit i.e. similar to a new type of revenue stream model. The Treasury has asked them to 'good faith' return the funds so the money can be reallocated to the ones that need it. In short, the Treasury has said 'return the money by 7th May or receive a horrifying backlash from us.' Bravo.

Business Insider, MarketWatch and a number of other media outlets have started to list which greedy companies stole from the poor to keep themselves rich. Some of those corporations have not responded to journalist requests and others, by publicly being named and shamed, returned the funds. The list continues such as Harvard University, Cornell, Columbia and every Ivy League who have claimed they'd be banking their CARES Act Higher Education Emergency Relief Fund, a separate fund from the PPP, because the millions or billions in their corporate account just isn't enough. Their entitled approach confirms they expect this cash and will keep it. Shame on them. From a public outcry, some of these 'missing a moral chip' universities have succumbed and returned their relief fund. Sadly, if they'd not been exposed in the media, they most likely would not have returned a dime since their focus lies solely on publicity and image, not ethics.

The Treasury department has cited, in their updated check list this final sentence:

Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.

What's transpiring here is that the government is turning into a Robin Hood scenario and exposing the corrupt for who they truly are: monetary greed by taking away from the poor. As a long time advocate for the homeless, the needy and the poverty stricken, SF CARES persistently supports those who are never receiving good luck in life. 

We're extremely pleased to see that the who's who of companies and educational institutes that stole from the poor to better themselves are starting to return funds. They're being named and shamed, while scrambling to produce press releases & social posts, confirming they will return the money so it can be distributed to the ones that need it. Nevertheless, all have exposed themselves that their moral compass never existed.

Well done to the Treasury team and journalists for exposing the corrupt. It's document multiple times in the Bible that the meek will inherit the Earth and the greedy will suffer greatly. Let those games begin...