Not only were none of the PPP witch hunt stories put in context, but the set of data used by the intrepid investigative reporters at every major daily in America was just demonstrably wrong, with an as-yet-not-calculated amount of errors.
bloomberg.com/news/articles/…
bloomberg.com/news/articles/…
To my knowledge, nobody who wrote a single one of those witch hunt stories has noted they were working with faulty data. The lack of context in the presentation has been matched by the lack of admission of error.
Big Media means never having to say you're sorry I guess
An accountant with a 1-person business who got $3,700 from the PPP got put down for a $5 million loan.
75,000 1-person operations were claimed in the data to get loans over $1 million, when they were capped at $20,000. This is just corrupted data.
bloomberg.com/news/articles/…
75,000 1-person operations were claimed in the data to get loans over $1 million, when they were capped at $20,000. This is just corrupted data.
bloomberg.com/news/articles/…
Either that, or the banks found out a way to carry through a bunch of additional lending under the guise of PPP in a newfangled type of shell corporation.
Either way, THAT'S the story, that and every big media org in the country using fake data in their stories
Either way, THAT'S the story, that and every big media org in the country using fake data in their stories
The best part of this is the sole proprietors fielding calls from the media about their big loans. Nice job everyone. Excellent culture of witch-huntery created here.
This corrupted data will also make it supremely difficult to figure out whether businesses retained employees when they seek loan forgiveness.
That SBA failure will stretch through the years. We'll be talking about PPP long after everyone's bored with it.
That SBA failure will stretch through the years. We'll be talking about PPP long after everyone's bored with it.
