PPP Loan Update

[Save $ not Hoes]

I wonder how many brehs really going to get caught up though ?

I mean scats and hell cats have been running amuck, but I ain’t going to act like a bunch of people haven’t finessed that earned income credit for thousands claiming kids and never did a day,

I feel like I saved my brehs life he was ready to risk it all for that 10k

 

[Mordith]

His good, if you got a running business already you are fine, unless he claimed multiple loans

You either didn't listen to the sister or were too stupid to understand that if the financials that you reported on the PPP loan don't match your tax returns for your business the Feds are coming for you.

 

[Ɀoᥱɣ]

I personally know people who came up very decent off of PPP loans, i'm talking Hellcats, new home, new Teslas, BMWs, Benzes .etc who I know for a fact didn't make enough revenue for the taxes that they earned. Ofc they going after the dummies who got millions in loans first but don't think they aren't gonna go after the small loans later once they find out that your reported income and tax payments do not line up.

 

[JohnStarksMiddleFinger]

He got caught..

imagine committing fraud to fund your rap career, but the only time you went viral was the news report of you getting caught


That song is ass too

edit: Im assuming breh thought liberace was a rich guy that lived a lavish lifestyle and not a flaming queer

 

[Kiyoshi-Dono]

Free the guy @Don Diego

 

[invalid]

If you took a small loan, they won't chase you too much. They after the folk that took large loans or more than one loan

This.

I think I remember reading that you have an accounting or some type of finance background so you would know. There is an accounting term called materiality. If the loans were under a certain threshold then it's not feasible to expend resources to investigate those loans. Those loans are not material enough. The question then is, what loan amount is material? Could be $50k, maybe $75k. I think majority of black folks who took out loans may have been around $20k. So they may all be safe. However, if $20k is material, then...

 

[Guile]

@Don Diego

 

[10:31]

This.

I think I remember reading that you have an accounting or some type of finance background so you would know. There is an accounting term called materiality. If the loans were under a certain threshold then it's not feasible to expend resources to investigate those loans. Those loans are not material enough. The question then is, what loan amount is material? Could be $50k, maybe $75k. I think majority of black folks who took out loans may have been around $20k. So they may all be safe. However, if $20k is material, then...

Lol the government and black people (black being safe)

 

[RARI_Godwind]

What happened to breh on here who said the sht was easy

 

[SleezyBigSlim]

They going after black people so hard for this because even 10k from that PPP loan is a wealth builder. They not focusing on the people that blew they 10k on bullshyt, they gone come for you nikkas that flipped that 10k and upped ya wealth. At least initially, and just like chick in OP said, this was a trap. They made it too easy to scam that money.

 

[SunnyD]

I hope y’all was reporting like I was. Lock all they asses up.

Yoo

 

[DatNkkaCutty]

Folks don't believe the IRS hired 87,000 new employees, for no reason, do they?

Like I said in a previous thread...if you look up the list of ppl, who received loans, in your respective city, you will realize, it's not an IMPOSSIBLE task, to audit, all those ppl. The reality is, a lot of ppl are gonna need to produce receipts. Obviously others, will slip thru the cracks. Ultimately, who wants to be looking over their shoulder, for the next 10 years. Let's be clear..we already know black folks, in blacker cities (PHI, ATL, etc) will be targeted, first.

 

[Morethan1]

I would like to see a Adam McKay "The big short " type of movie about this.

 

[Mega]

I would like to see a Adam McKay "The big short " type of movie about this.

That is actually a great movie idea..

 

[bubba scotch]

Having a business already won't save you if you lied about the income on the application. To apply for a loan you had to submit a REAL schedule C.


On a sidenote I'm praying all the folks who got scammed get a pass and get a path too pay back the money. I know too many people who got hustled and thought that if they paid someone 5k they would get back 15k.