Paycheck Protection Program
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Search complete. 45 mentions across 17 episodes found for "Paycheck Protection Program".
Sep 11, 2026
speaker_1HOST
Right.
speaker_1HOST
They had to fund the direct stimulus checks, the massively expanded unemployment benefits, and the forgivable Paycheck Protection Program loans designed to keep small businesses from mass layoffs.
speaker_0HOST
But here's the catch.
speaker_0HOST
A government cannot simply spend trillions of dollars that it hasn't collected in tax revenue.
Lisa TaglauerGUEST
Well, the biggest one I think is, is a financial one.
Lisa TaglauerGUEST
And that is, you know, I don't think we would be here today if it weren't for the, the PPP loans that were being issued and we were able to, you know, survive with that assistance, which is amazing.
Lisa TaglauerGUEST
Um, and I think that, you know, The purpose of those PPP loans actually did what they were supposed to do, you know, kept businesses open.
Eric MillerHOST
Yeah, it did.
Lisa TaglauerGUEST
Yeah, which I'm, you know, so grateful and thankful for.
Ed ZitronHOST
The great financial crisis was managed by dropping interest rates to zero and bailing out banks and automakers and basically any systemic companies that would pose a risk to America or various societies rather than the people in the societies.
Ed ZitronHOST
COVID was managed by the loosest lockdown protocols possible, giving businesses hundreds of billions of dollars via the Paycheck Protection Program, and just to be clear, only for salaried employees rather than contractors, giving banks and financial institutions trillions of dollars via the very same systems that were used in the Great Financial Crisis, and basically doing absolutely nothing to fix the actual problems that COVID kind of exposed, the wealth inequality, racial injustice, discrimination.
Ed ZitronHOST
These things mostly were just kind of pushed off to the side.
Ed ZitronHOST
Companies picked up DEI as long as necessary to appease markets that believed there was actual social change without actually ingesting it.
Troy OppieHOST
A New Jersey man who federal prosecutors say submitted false claims for pandemic-era financial relief, including claims made through Idaho financial institutions, has pleaded guilty.
Troy OppieHOST
U.S. Attorney for Idaho Bart Davis announced yesterday that Zeneer Bomani admitted to filing fake Paycheck Protection Program claims and Economic Injury Disaster Loan applications.
Troy OppieHOST
Bomani's fraudulent activities took place in 2020 and 2021, according to a news release, netting him more than a million dollars in pandemic relief funds.
Troy OppieHOST
He faces up to 30 years in prison, a $1 million fine, and restitution costs.
Arie van GemerenHOST
Said differently, they forgave 95 cents of every dollar they had lent out.
Arie van GemerenHOST
It was called the Paycheck Protection Program, or PPP for those of us who love acronyms.
Arie van GemerenHOST
And by dollar value, it is one of the largest debt cancellations in American history.
Arie van GemerenHOST
Crazy historic footnote at this point, but true, and absolutely wild to think about all the inflationary impact that had on our society afterwards.
AngelaHOST
Let's talk about these loans and what they're for and what they're supposed to be for.
CesieHOST
Yeah, I mean, so his is not PPP.
CesieHOST
I think that's the one that we all know from COVID.
AngelaHOST
Mm-hmm.
CesieHOST
So PPP, just to start with that, that's the Paycheck Protection Program, and with that one, it was to ensure that individuals that owned businesses could still meet payroll and meet their expenses during COVID.
CesieHOST
I believe when you applied for one of these, you had to say how many employees you had, how much their compensation was, and then you could get a loan to cover it, and it was a forgivable loan.
AngelaHOST
Yeah.
CesieHOST
So PPP carried a 1% interest rate, so it was a really low interest loan.
Ben LarsonHOST
out federal forms and not knowing the potential consequences of it.
Ben LarsonHOST
There's some other news out there where Headset in particular with a number of other cannabis companies are being forced to pay back their PPP loans or at least taking it into negotiations.
Anna Rae GrabsteinHOST
Yeah.
Anna Rae GrabsteinHOST
Well, so Headset, who has been a friend of the podcast for a long time and as a data provider that you guys all likely are following, has settled a PPP loan fraud claim for $1 million and some change.
Anna Rae GrabsteinHOST
And it's a whistleblower case where there is this whistleblower called Sidesolve LLC that is an AI fraud mining firm.
Anna Rae GrabsteinHOST
And they... basically alleged that Headset was ineligible for a PPP loan that it received in February 2021 and that was later forgiven in August of 2021 because Headset's business serves the cannabis industry, which remains federally illegal.
Anna Rae GrabsteinHOST
And because of the way that whistleblower lawsuits are structured, this LLC, Sidesolve, gets to collect money hundred thousand dollars which is ten percent of of the take that the government gets and generally in a whistleblower case under the false claims act relators is what they're called can collect anywhere from 15 to 30 percent of the proceeds in these type of cases and And the fact that they're only getting 10% of headsets figure suggests that the government was involved in this one as well.
Anna Rae GrabsteinHOST
This is not the first time that Sidesolve has received a bounty from a whistleblower case that they filed related to a PPP loan.
Steve AbramowiczHOST
The SBA scams tell the story even more starkly.
Steve AbramowiczHOST
California was not the only victim when federal investigators identified over $8.6 billion in suspected Paycheck Protection Program, PPP, and Economic Injury Disaster Loan, EIDL, fraud, and suspended more than 111,600 borrowers in the state alone.
Steve AbramowiczHOST
That money originated as a congressional appropriation.
Steve AbramowiczHOST
It was borrowed, printed, and backed by the full faith and credit of the United States.
Ernie TedeschiGUEST
Then in 2024, so we have no more PPP at this point, uh, not a pandemic that-
Mark ZandiHOST
So that's the Paycheck Protection Program? Is that-
Ernie TedeschiGUEST
The, the Paycheck Protection Program, right.
Ernie TedeschiGUEST
And so you-
Mark ZandiHOST
That, that was the...
Ty CrandallGUEST
And you realize how fast it can go.
Ty CrandallGUEST
And we didn't have PPP loans to save us, you know, all that stuff.
Ty CrandallGUEST
It was...
Ty CrandallGUEST
That was there through COVID.
7 more episodes mention Paycheck Protection Program.
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