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Unable to audit where 670B taxpayer dollars went from last stimulus

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posted on Dec, 21 2020 @ 04:05 PM
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Full article title:

Non-paywall site
As Congress struggles to approve $900 billion in stimulus funding, a new report shows management of last loan program was so bad an audit can't be done on where $670 billion in taxpayer money went




The $670 billion PPP loan program cannot be audited due to poor management, an oversight agency disclosed in a report Friday evening.
The Office of the Inspector General for the Small Business Administration also noted glaring mistakes, such as $6 billion in loans not disbursed.
The SBA pushed back on five of the seven issues noted by auditors, and noted the PPP and other 2020 loan programs were historic in scope.
"The SBA fully supports the requirements for auditability of its financial statements," the agency said in a rebuttal to the report.
The PPP program has been accused of fraud, waste, and mismanagement — and of not providing sufficient records to the public.
The report comes as Congress struggles to pass another massive stimulus package for the nation.


Just where is the money going?

By now we've all heard the reports of people not getting a stimulus check, small businesses not getting a stimulus check, all while large corporations, who were way less likely to fail, were taking in money. Many of the businesses had ties to politicians.

And now they're having difficulty deciding what to do with $900B dollars saying that all the common citizen can expect to receive is $600 dollars? There's a whole lot of money left over after that, and I'm fairly certain it won't be going to small business owners.

I don't even need $600, but that our leaders think after they put us through lockdowns, implemented policies that lead many small business owners to close their business and even sell them off, and caused a large percentage of people to have to take off from work, or make it defficult to work, causing them to fall behind on bills for several months.

And $600 dollars is the pittance our leaders think is good enough for us, while they collect their fat paychecks for doing the bare minimum and acting like bickering children.

That should make anyone mad. I'd like to hear your opinions, and if any of you think you can justify it let your voice be heard.



posted on Dec, 21 2020 @ 04:16 PM
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They are probably cashing out before crashing it.

Seems they want a technocratic prison model of government.
When they can crash small businesses, they can focus business traffic into fewer companies who can then implement the "hall passes to life" endless path to chemical injections and social credit scoring to police any dissenting voices.

All done by spook started companies like Amazon, Facebook, Twitter, Microsoft etc, etc...
All hiding under "private corporations" banner, so as to appear not forced by illegal laws the constitution protects us from.




posted on Dec, 21 2020 @ 04:17 PM
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a reply to: AutomateThis1

Blame nepotism and cronyism, and pure greed from elected officials for this. Kushners, Trumps, Pelosi's, McConnell. Tons of reps who jacked up their fast food chains and used car dealerships.

Your government is fleecing you all and leaving you most of you to fall behind.



posted on Dec, 21 2020 @ 04:21 PM
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Im an auditor in MA. And we will be performing an audit of the CARES act money soon. Reviewing where the MA portion went, and if it was used appropriately



posted on Dec, 21 2020 @ 04:24 PM
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These idiots owe the people an entire years wages. I'm amazed people have tolerated this so far. It won't and can't go on indefinitely without someone breaking and going after the guilty looking for vengeance. The entire year has been one vast power grab while simultaneously throwing the individuals to the wolves. How much more in your face can it get?



posted on Dec, 21 2020 @ 04:24 PM
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a reply to: AutomateThis1

Before the ink was dry there must have been people thinking about ways to re-direct funds into their own pockets. I have a very stong feel that such opportunities are not wasted in the corruption invested US government. And it is very sad that I have to think this way... hope that i am very wrong.




posted on Dec, 21 2020 @ 04:27 PM
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a reply to: Mandroid7

That is what it seems like. Around Middle Tennessee a lot of small businesses closed, but there were quickly signs and such advertising that some larger business was moving in. There was a lot of infrastructure work being done. Roads being redone. Highway work being done. Updates to the electrical grid, etc. All the while new residential areas continued being erected, and people are still moving to Nashville, Murfreesboro and surrounding areas in droves. I see so many New York and California tags now.

But what was left of the non-franchise mom and pop type stores are just about gone now.



posted on Dec, 21 2020 @ 04:27 PM
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a reply to: Asktheanimals

Gov shutdown and no suspension of property taxes tells me all I need to know.

$600 won't cover my utilities and property taxes, even if I qualified for it.

It's going to get nasty af soon.



posted on Dec, 21 2020 @ 04:27 PM
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originally posted by: loueber
Im an auditor in MA. And we will be performing an audit of the CARES act money soon. Reviewing where the MA portion went, and if it was used appropriately


Good luck with that.



posted on Dec, 21 2020 @ 04:29 PM
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a reply to: AutomateThis1

www.wsls.com...


Joel Osteen’s Houston megachurch defends getting $4.4 million in federal PPP loans


Probably things like this.
They are tax exempt but still get PPP loans...



posted on Dec, 21 2020 @ 04:29 PM
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originally posted by: Asktheanimals
These idiots owe the people an entire years wages. I'm amazed people have tolerated this so far. It won't and can't go on indefinitely without someone breaking and going after the guilty looking for vengeance. The entire year has been one vast power grab while simultaneously throwing the individuals to the wolves. How much more in your face can it get?


People aren't going to do anything about it. As a collective humans are weak. They seek comfort and safety, and if that comfort and safety comes from the very institution that takes advantage of them so be it.



posted on Dec, 21 2020 @ 04:31 PM
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Unable to audit where 670B taxpayer dollars went from last stimulus
This is not an accurate statement. The article is referring to PPP loans. It is known exactly where those funds went. They went to the companies which applied for the loans through their banks.

What the audit shows, much to no one's surprise, is the SBA did not properly vet the loans. The probably also applies to the applications for forgiveness of the loans. The whole program was a rush job, full of loopholes.


edit on 12/21/2020 by Phage because: (no reason given)



posted on Dec, 21 2020 @ 04:32 PM
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a reply to: AutomateThis1

Yeah, I'm right here in nooga. I know what you mean.
3 democratic senators just leaned on the governor for more lockdowns.
Tennessee is the biggest virus epicenter in the country they tell me, as I've been all over public here, including hospitals and there isn't one sick person on the fn street.
Small biz is getting decimated. Walmart, Lowes, Home depot and all the other chink stores are booming.
They have full parking lots at all hours.




posted on Dec, 21 2020 @ 04:33 PM
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originally posted by: Phage

Unable to audit where 670B taxpayer dollars went from last stimulus
This is not an accurate statement. The article is referring to PPP loans. It is known exactly where those funds went. They went to the companies which applied for the loans through their banks.

What the audit shows, much to no one's surprise, is the SBA did not properly vet the loans. The probably also applies to the applications for forgiveness of the loans.



So, what about this part:

"The $670 billion Paycheck Protection Program was so poorly documented by the US Small Business Administration that an audit cannot be conducted, the accounting firm KPMG said in a report Friday, and noted glaring mistakes including $6 billion in loans that were approved for US businesses — but never delivered. The KPMG audit was part of a report from the Office of the Inspector General for the US Small Business Administration."

Or this very next part:

The report also noted nearly $200 billion in loans were approved despite being flagged as potentially illegal, and nearly 900,000 accounting errors were not addressed.



posted on Dec, 21 2020 @ 04:34 PM
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It was in the rounding. No wait, check the DNC, no the Crazyy Nancy retirement fund. That’s 14,770,971 pounds in $100 dollar bills.
edit on 21-12-2020 by Nickn3 because: (no reason given)



posted on Dec, 21 2020 @ 04:35 PM
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a reply to: AutomateThis1

That's exactly what I'm talking about.

The money went to those who got the loans. The SBA cannot show how the recipients of the loans were vetted. Nor is it likely that they will be able to properly validate the applications for forgiveness.

Much to the surprise of no one.

edit on 12/21/2020 by Phage because: (no reason given)



posted on Dec, 21 2020 @ 04:37 PM
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a reply to: JAGStorm

I couldn’t figure out how he could get that either but I am admittedly not smart in areas such as this. But it did burn my biscuits to read that he got that kind of money and the man wouldn’t even open his church doors to victims of a hurricane. He didn’t want them messing up his carpet and facilities. A foul individual indeed.

I just assumed if one was tax exempt then that meant you were exempt from help from the government. I’ll have to educate myself it seems.



posted on Dec, 21 2020 @ 04:38 PM
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originally posted by: Mandroid7
a reply to: AutomateThis1

Yeah, I'm right here in nooga. I know what you mean.
3 democratic senators just leaned on the governor for more lockdowns.
Tennessee is the biggest virus epicenter in the country they tell me, as I've been all over public here, including hospitals and there isn't one sick person on the fn street.
Small biz is getting decimated. Walmart, Lowes, Home depot and all the other chink stores are booming.
They have full parking lots at all hours.



You're telling me! I have family that works in the hospitals here, and to this very day they say it's all BS.

We're seeing the same crap man. The little sheep are all bleating that it's super scary and the hospitals are packed and people are dying and yet if you were to step outside and walk around there's no dead people lining the street, my family who works in the hospitals say that any issues they have with not being able to accommodate people isn't due to an influx of covid infections.

And those sheep crying about how dangerous it is out there? You'll see them at the bars Friday/Saturday night with no mask on all up in each other's faces getting their smoke and drink on.



posted on Dec, 21 2020 @ 04:46 PM
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They should not give states and especially the cities that cannot account for the money received any of the state stimulus money. A lot of money disappears when things like this happens, money needs to be accounted for. I would bet at least ten billion of that money got whistled away by people who were not supposed to get it and I think politicians and high ranking officials had something to do with much of that.



posted on Dec, 21 2020 @ 04:48 PM
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a reply to: rickymouse

That is a separate issue. One that has nothing to do with the SBA loans.



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