It’s Not Good to Mock the Payroll Protection Program

in the hands of business owners and shareholders. A postal-service employee received an $82,900 loan for a business called “U.S. Postal Services.” A man in Georgia spent $57,000 in PPP loans on a rare Pokémon card. And Tom Brady’s company took out anof almost $1 million, feeding into the perception that the ultrawealthy were getting fat off of pandemic aid.

The reality was much more complicated, though. The PPP did, as its critics argue, create remarkable opportunities for fraud that the U.S. government will be prosecuting for years to come. But it saved many, many small businesses, especially those in Democrat-run states and cities, where pandemic precautions were taken most seriously.

But the PPP was not efficient enough, and too many wealthy actors benefited at the expense of working-class staff. The lesson for the next catastrophe is to build in more oversight or to directly subsidize the payrolls of smaller businesses for a limited amount of time —. The urgency with which Congress acted, however, was entirely correct and a rare example of the U.S. political system reacting swiftly to an existential crisis.

Without the PPP, enhanced unemployment benefits, stimulus checks, and other bailout measures, the U.S. would have been in absolute free fall — with the pandemic eviscerating a great amount of employment and income. Instead, the economy stabilized. Today’s worries about inflation, while understandable, pale in comparison to the alternative: an employment picture on par with the 1930s. We should remember that it took a full decade, if not longer, to climb out of the last depression.

Source: Education Headlines (educationheadlines.net)

cmarinucci Yes, and let’s not forget that PPP loans (saved the country) are the same thing as student loans. See White House. clowns

It's not mocking the programs, it's mocking the hypocrisy.

No. Only the people who think help is for me and not for thee.

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