Too Many Businesses Received PPP Loans They Didn’t Need | Letters to the Editor
Too Many Businesses Received PPP Loans They Didn’t Need
After looking at the website, www.covidbailouttracker.com, it is evident that our country has an inflation rate of 7%. I have been amazed at the number of local businesses that have applied for PPP loans, which have been forgiven and received as non-taxable income.
Many businesses needed these loans like restaurants, hotels and churches etc. However, many of those businesses that applied for the loans were unaffected by the COVID-19 shutdown.
Although applying for a loan is legal, is it ethical for business owners to apply when COVID-19 has had no effect on their profits? Was it appropriate to increase the debt of the United States, which obliges our children and grandchildren to repay in the future?
At least the people who got the stimulus checks didn’t ask for those amounts. It is the worst pandemic response in US history with 961,000 deaths and $4.5 trillion spent, causing the highest inflation since 1982.
Tom Hanks said it best in his movie Forrest Gump, “Stupid is as stupid do.” Was it stupid to flood the economy with this extra money when nothing was being produced and the demand for goods and services was increasing due to the free money given to businesses and individuals?
Now the Democrats want to pump more money into the economy with the ‘Build Back Better’ bill, which will lead to even more inflation and poverty. I think those Democrats should take off their masks, so voters can see the faces of those who are causing this inflation.