also the people who stole ppp loans thinks its unfair you or someone you know might benefit from having their education costs wiped away.
this post was submitted on 15 Jul 2023
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Antiwork/Work Reform
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I agree with this in principle, in the sense that it's frustrating that people who complain endlessly about the stimulus checks seem to think the PPP loans were a necessity, and that's rank hypocrisy. But the phrasing of this statement is bullshit. The PPP loans totaled a little under $800 billion, while the stimulus checks totaled a little over $800 billion. So it was a lot more than "a few $600 checks".
I'm not going to fact check this number and I will just edit the title with it.
Just in case anyone comes along to question this.
https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html
For the extra lazy, 1.8 trillion was spent on individuals and households through various things such as the stimulus checks, increased food stamps, unemployment, retirement, and child care grants.
1.7 trillion was spent on businesses. "A recent analysis by the economist Michael Dalton found that every $1 in wages that would have been lost without the Paycheck Protection Program cost $4.13 in relief money. Because the program wasn’t narrowly targeted — virtually every small business in the country was eligible — it benefited some companies that didn’t need the money, and loose fraud controls allowed scammers to skim off billions."
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