If you're giving out money to hundreds of companies, there are bound to be a few that close despite this handout. Should we spare so much thought on the outliers?
Possible alternate headline: Company was finding it hard to continue manufacturing in he US, got the PPP money, limped along for a bit, then shut down.
Looking at the first few comments on this article. Seems like there are a number of commentators with ethics that I find rather depressing.
Yes, this is legal. That does not make it right. The company clearly had plans to move out of the US and still took money to keep jobs in America. They are despicable actors and it depresses that others here see nothing wrong with this.
Just to be clear, 60% of PPP loan money must be spent on employee wages or the PPP converts to a loan.
“… bankruptcy trustee John Munding said the money was used to pay workers and the government forgave the loan…”
Like that. Yes. It sucks that the government spent 0.4 * 10m to prop up a company that was going bankrupt (among the other case of moving jobs out of US).
But this was fast money meant for employees and to keep business afloat. I have seen several make good use of the money.
Not sure how this could have happened with more complexity.
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[ 6.4 ms ] story [ 26.6 ms ] threadOtherwise, the headline should be, "Business makes business decision in its own interest". Wow. Shocker.
Yes, this is legal. That does not make it right. The company clearly had plans to move out of the US and still took money to keep jobs in America. They are despicable actors and it depresses that others here see nothing wrong with this.
“… bankruptcy trustee John Munding said the money was used to pay workers and the government forgave the loan…”
Like that. Yes. It sucks that the government spent 0.4 * 10m to prop up a company that was going bankrupt (among the other case of moving jobs out of US).
But this was fast money meant for employees and to keep business afloat. I have seen several make good use of the money.
Not sure how this could have happened with more complexity.