C19 was created to enable for grift. Major law and consultancy firms bagged millions in PPP loans that morphed into grants, while mom and pop stores were shuttered.
Check out this Federal Pandemic Program Forgave $809 Million in PPP Loans to White-Shoe Law Firms: Watchdog (theepochtimes.com) covered by this Federal Pandemic Program Forgave $809 Million In PPP Loans To White-Shoe Law Firms: Watchdog | ZeroHedge, referencing the fantastic “go to” site News - Landing | Open The Books
A few snippets.
“Auditors “found an astonishing $1.4 billion in forgiven PPP loans that flowed to the largest and most successful law and accounting firms across America,” the report stated.“Today, it is an open question whether many of the firms needed a taxpayer subsidy to ‘save’ any jobs during the Covid-pandemic. Many racked up record revenues while their equity partners made millions of dollars.
“For example, in the years 2020 and 2021, we found equity partners individually received $7 million in profits while their law firms received $10 million in forgiven PPP ‘loans.
’ The Guam office of Ernst & Young, a Big Three accounting firm with 365,000 employees, took a $750,000 forgiven loan.”
Remember, “..PPP was established in 2020 to provide “small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.” “The program was administered by the federal Small Business Administration, which made $787 billion in federal loans to companies and firms spanning all industries. The vast majority of the “loans” were subsequently turned into grants, which didn’t require repayment.”
“Among the biggest winners was Boies Schiller Flexner LLP, the New York City-based law firm of Democratic superlawyer David Boies, which received a forgiven $10.14 million PPP loan.”
“His firm’s PPP debt was forgiven in October 2021 under the Biden administration, even though during the period covered by the loan “the firm’s equity partners earned $4.5 million each in profit compensation—receiving $2.219 million (2021) and $2.283 million (2020). The firm billed clients $480 million during this two-year period,” Open the Books found.
The second-biggest law firm beneficiary of PPP loans was the Birmingham, Alabama-based Maynard Cooper & Gale, which received $10.13 million under the pandemic relief program. Even so, the firm’s workforce increased from 247 in 2019 before the pandemic, to 260 in 2020 during the pandemic, and 283 in 2021.”
“Among the big accounting firms getting tax dollars, Prager Metis CPAs in New York City received $10.2 million, which was forgiven in June. Revenues for 2021 reached $139 million, an increase from 2020’s total of $123.9 million.
Withum’s of Princeton, New Jersey, was next, getting a PPP loan worth $10.1 million that was forgiven in June 2021. Withum’s revenues were $425.3 million in 2021, up significantly from its 2020 total of $257 million, according to Open the Books.”
Even the governments own Pravda comic has spotted something is seriously amiss.
15% of PPP Loans Could Be Fraudulent, Study Shows - The New York Times (nytimes.com)
“Some $76 billion of the program’s $800 billion in loans may have been taken improperly, a new paper concludes.”
My “spidey” instincts tell me this is part and parcel of the criminal cartel that lies, cheats and steals called the Democratic Party which is a sister company of the “blood diamond injection” big pharma cartel. Crash an economy, make out like bandits, steal an election. Easy when there is insufficient quality amongst law enforcement and prosecution bodies to stop you, right?
Damn right
Thank you for exposing this PH.
Grift? Isn't that one of the nice pc corrrectisms?
Subverted from Graft. Which in financial terms means bribery & corruption.
From Susan e's reply, thanks Susan! "Boies Schiller Flexner, received $10 million in forgiven pandemic loans from the federal government — while also donating nearly $1 million to Democratic candidates."
Be very very interesting to see how many of the other "forgiven" recipients "Donated" to the Demo rats.
Follow the money? Indeed!