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Some PPP Loans Were Used To Buy
Rolexes, Rolls Royces, Report Finds

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Posted By: Imright, 9/10/2020 11:18:49 AM

As expected, a government loan program that quickly issued money during a crisis ended up getting defrauded.The Paycheck Protection Program, which was supposed to help small businesses stay afloat during the coronavirus pandemic was allegedly used by some to purchase expensive luxury items such as Rolex watches and new homes, Politico reported. So far, the apparent fraud is just a small portion of the loans given out, but it still shows how easily government-run programs can be abused.“The Justice Department has brought more than 40 cases

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Reply 1 - Posted by: Proud Texan 9/10/2020 11:41:06 AM (No. 536573)
How much did Solyndra get?
6 people like this.

Reply 2 - Posted by: PlayItAgain 9/10/2020 11:43:48 AM (No. 536577)
I know of one business that got $700K and a new motor home appeared in the parking lot.
4 people like this.

Reply 3 - Posted by: stablemoney 9/10/2020 11:52:28 AM (No. 536590)
I thought the government wanted the people to spend the money to keep the economy going. Now the government complains that the disaster the government caused by shutting down the economy, then having to fund the disaster they caused, then the money was spent not according to their approval, which the government never specified how the money was to be spent. The government creates a disaster, then that disaster requires more disasterous policies, when the right thing for the government to have done was to do nothing in the first place.
3 people like this.

Reply 4 - Posted by: Nimby 9/10/2020 12:10:00 PM (No. 536614)
Why should anyone be surprised?
7 people like this.

Reply 5 - Posted by: coyote 9/10/2020 12:13:47 PM (No. 536620)
Two words: jail time (lots of it).
4 people like this.

Reply 6 - Posted by: SkeezerMcGee 9/10/2020 12:39:37 PM (No. 536651)
PPP was to be spent for four categories: payroll, utilities, rent, and mortgage interest. PPP money spent outside the four categories is subject to scrutiny, even possible fraud. Planned Parenthood received at least $80 million by asserting it is a "small business." The federal government promised on TV that it would demand a full refund. The story quickly disappeared. I've read not a word since. My guess is that the federal government wimped out and Planned Parenthood will not refund a dime, as Planned Parenthood expected. It's possible that the unauthorized expenditures of PPP money is in billions of dollars and efforts to get refunds will be meager. It's seems probable that the deep state federal employees who administer the PPP program could care less. They think: "What's the big deal. It's only billions." The federal government is required to protect federal tax revenues as a fiduciary of the tax payers. That seems to have all but disappeared for decades - and fraudsters know this. Fraud and waste of federal tax revenues is astonishingly high, but "it's only money."
6 people like this.

Reply 7 - Posted by: sanspeur 9/10/2020 12:47:14 PM (No. 536656)
now that i have my shopping list , can we have more stimulation please , fancy nancy ? I need a Patek to go with the Rolly .
2 people like this.

Reply 8 - Posted by: Rather Read 9/10/2020 1:10:37 PM (No. 536684)
Stupid me. I spent my stimulus on new tires.
2 people like this.

Reply 9 - Posted by: Bur Oak 9/10/2020 1:12:58 PM (No. 536687)
Our bureaucrats and Congress are incompetent.
1 person likes this.

Reply 10 - Posted by: Ribicon 9/10/2020 1:38:06 PM (No. 536703)
"But that stimulates the economy." Who could object? Print more money; paper grows on trees.
0 people like this.

Reply 11 - Posted by: GoodDeal 9/10/2020 1:47:39 PM (No. 536712)
I used my extra $600 a week in UI to but a new CZ-USA semi-auto 12 GA shotgun and a new designer front door to my house as well as a set of four 19"x8" American Racing wheels and Michelin tires for my new Toyota RAV4. I definitely used it to stimulate the economy.
2 people like this.

Reply 12 - Posted by: cor-vet 9/10/2020 2:37:31 PM (No. 536771)
As a retiree, and therefore not a recipient of an extra $600 a week to not work, just to bankroll it through my taxes, I was against it in the 1st place. But then, I've thought from the get-go that this was a scamdemic and nothing should have been shut down.
4 people like this.

Reply 13 - Posted by: red1066 9/10/2020 2:57:14 PM (No. 536791)
A Rolls Royce is a big heavy car. It certainly offers a lot more protection in a crash than some small electric vehicle. So I guess it is to a certain extent personal protection.
1 person likes this.

Reply 14 - Posted by: lakerman1 9/10/2020 3:26:30 PM (No. 536833)
#6, dollars are fungible - any single dollar is no different than any other single dollar. let's say the owner of a small business had intended to purchase a new car, and in the meantime, he receives a government loan, and doesn't lay off any employees. He receives the government loan, maintains the status quo with employees, and buys the car. Dollars are fuingible. tell me how he violated the terms of the loan.
0 people like this.

Reply 15 - Posted by: WhamDBambam 9/10/2020 4:23:55 PM (No. 536885)
While I don’t mind doing my part (we didn’t get any $, just pay taxes), this gets a bit old.
1 person likes this.

Reply 16 - Posted by: watashiyo 9/10/2020 8:44:47 PM (No. 537065)
Bought WMD and security camera. Would like to pick up a flame thrower(if available in the black market) as soon as the next relief fund comes.
0 people like this.

Reply 17 - Posted by: 3XALADY 9/11/2020 8:53:47 AM (No. 537361)
I determined early on that Mr. Magoo was the one handing out the money. I am aware of people with small businesses who were unable to get any funds.
0 people like this.

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