Lobbyists, Loopholes, and the Paycheck Protection Program

Want money? No problem. How many millions?
And don’t worry about paying it back.
Enjoy.

What’s that all about?

Paycheck Protection Program (PPP)
The PPP was supposed to help struggling small-business to keep afloat during this economic crisis.
But it turned into “free money,” grab-as-much-as-you-can for publicly traded companies.
(Results of intense lobbying efforts prior to passing the CARES Act.)

Some of these companies are worth hundreds of millions.
These businesses pay seven-figure salary to their top executives.

The only thing ‘small’ about these businesses is their sense of decency.

How much money we are talking about?
The CARES Act allocated $349 billion for PPP.

Funds were completely gone within 2 weeks.

Yes, you read that right: 2 weeks.

True, some of these companies returned the money.
How magnanimous of them, right?
(No. They got caught; and exposed in social-media.
Returning the money was part of their damage-control PR.)

How did this happen?
Well, they didn’t do it alone, for sure.
They’ve had help.

Some say “they took advantage of the loopholes.”
Others say the loopholes were built-in the program.

I do know one thing for sure:

You and I helped as well.
How?
We elect the politicians.
We vote; then we go about our daily life.
And trust that they are doing what they got voted in for.

Meanwhile, big business and other special interests know better how the system works.
They hire lobbyists.
And sent them to Washington.

Then Congress starts giving out ‘party favors’ to the highest bidder.
(Read that: the ones with the best lobbyists.)

And they keep doing it.

Why?

Because we don’t hold them accountable for their actions

What’s been done about this?
No problem, we’ve taken action.
We’ve allocated another $310 billion to the Paycheck Protection Program.

This brings the total up to $659 billion.

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Mariana Fieraru
Mariana Fieraru, an Eastern European transplant, fell in love with her new home shortly after landing in New York. She "discovered" pizza! Years later she still loves pizza. And so do her two feathered-kids, Sunny and Flipper

Mariana worked on both, the east and the west coast.
Big or small, each project she worked on helped define the importance of gaining and sustaining a competitive edge in an increasingly complex business environment.

Business know-how, love of teaching and writing – all combined in 2006 to form OBI.
Its mission: to make learning fun! And easy.

Through its training, consulting, and publications OBI builds bridges of knowledge to take you from where you are to
where you want to go. Using a mix of serious, informal, analytical, and optimistic approach, OBI truly makes learning fun.

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