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It seems to me that this is a whole lot more than just a massive ‘Whoopsie!’ going on here.
Usually, when the Congress passes a big government-funded money hand out the program before the money is doled out, Federal Regulations and policies are written and put in force that define the parameters of the program and who is eligible to participate. Because of the coronavirus “emergency” situation, there was no time for those safeguards to be formulated and put in place before the money was loaned out.
The certification was very clear. If companies had the liquidy, they were not supposed to take any part of the PPP loans, according to Treasury Secretary Steve Mnuchin.
These loans need to be applied for, and then the paperwork had to have been reviewed. The people in charge of giving out these loans knew precisely who was getting the money. They had to have.
Mnuchin responds to the Los Angeles Lakers taking money from the program in this video:
Essentially with the loans, it was first come first serve. After a reasonable “amnesty” period, all the Government has to do to get improper loan money back is to widely publicize the identities of the businesses that wrongly applied for and got money which they were not entitled to. Such publicity is bound to severely hurt those recalcitrant businesses as a lot fewer people will want to do business with them. The smart move for those businesses is to return the money and get off the hook.
So I would suggest that prosecution for fraud on both the giver and the receiver be looked at as a possibility. I know of at least one Mom and Pop business who is still trying to get through the application process for this help. This stinks.
The Treasury Department might be forgiven some negligence in the vetting process for these loans when both the Left and the press (but I repeat myself) were pushing them to disburse the funds IMMEDIATELY after Democrat tactics caused delays in approving the funds.
It was reminiscent of the rush job the Dems forced on the Obamacare bill with frantic deadlines caused first by their political delays.
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