I’ve been wondering if something will act as a catalyst for social unrest, starting on a small scale, and wonder if the PPP could be a tipping point. There have already been reports of LLCs formed just to get free money for the wealthy and well-connected:
I hope the above article is either wrong or misleading, but I do worry a tipping point could be hit that gets people out in the streets in numbers far larger than what was seen in Michigan.
I sense a growing distress at how bleak the situation is in places like here in Austin where relatively few deaths have been reported but countless people with livelihoods ruined.
Hopefully I’m wrong, but even having started prepping earlier than most for this lockdown, I’m still surprised every day how much worse things are getting than I imagined.
I'm not sure how one could form an LLC and get the loan. One of the requirements is that your business had to exist before they started writing the law. I think February 25th was the cutoff but I'm not sure.
I imagine that they’re really talking about shell LLCs that people have to do personal things for various reasons, that have no payroll, and perhaps no assets, apply for a PPP, because they’re legally a company.
If you don't have payroll then you don't qualify for this program. Even if you get the loan, it's not forgiven unless it's used for qualified expenses and at least 75% has to go to payroll costs.
People are sharpening their pitchfork tines...