Federal Reserve report: 75% of $800 billion PPP didn't reach workers
Study shows taxpayers billed $4 for every $1 that reached employees
A new report from two officers of the Federal Reserve has concluded that the vast majority of the billions of dollars spent for the Paycheck Protection Program, instituted to help save jobs when officials shut down America's economy over the COVID-19 pandemic, went astray.The report comes from William R. Emmons, lead economist in the Supervision Division at the Federal Reserve Bank of St. Louis, and Drew Dahl, an economist at the bank.
"Based on the known distributions of incomes among workers in small businesses, as well as on the incomes of bank and small-business owners (both PPP loan recipients and their suppliers), the authors estimated that 72% of PPP funds were captured by households with incomes in the top 20% of the national distribution," the report said.
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3 comments:
Something Joe won't talk about
There was so much fraud corruption and greed associated with this even a lot of condos got this money like lake Clark gardens condo got a lot of money for this and everybody already pays their condo fees and nobody lost their jobs there was no need for a lot of businesses to receive this money anyway it was just complete abuse fraud corruption and all the people that got money that didn't even need it or have employees or head backing anyway like a lot of condos have they didn't need this money it's just complete abuse of federal funds it's a waste and a sin!
I know for a fact building men for life in Michigan got over 3 million because they have a whole bunch of houses and they gave themselves pay raises to $60,000 each for these three people they rent these rooms to these individuals between 5:00 and $600 a month and then they turn in bills to the government and they get double pay bunch of fraud nobody will investigate anything anymore what a waste of taxpayers money . Corrupt corrupt corrupt
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