Many realtors took out PPP loans from the federal government and had them forgiven while the real estate industry boomed during the pandemic. NBC News’ Guad Venegas has the exclusive report.
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#TopStoryWithTomLlamas #HousingMarket #Realtors
We are living in an upside down reality.
A lot of small businesses were unable to get the ppp loans because the banks were being stingy and only giving loans to businesses they knew were doing good.
FACTS!!!!!!!!!!!!!!!!!
Not exactly. For PPP loans, the banks didn’t have to care about credit since it was gonna be forgiven anyways. The reason small business didn’t get these loans is because large corporations and certain industries were much better at applying for them
@Jumboshrimps Nope, because they were honest in their applications. The government estimated $200b of PPP loan going out to the fraudsters.
WTF…the PPP Loans didn’t go to small businesses that were struggling during the pandemic.
They should pay back the money they borrowed if the made a profit or if they used it to purchase a property.
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10s of millions in home sales and a 100k in ppp you are talking about? this is the dumbest argument I’ve ever heard. Edit: Almost every single qualifying business got these payouts. My employer quadrupled my bonus that year.
Maybe the government shouldn’t have been throwing around money recklessly.
The government agencies granting these benefits are filled with people who don’t care about the public. THEY have a job as long as they have these coorupt programs to work on, they have job security and overtime. There are also a lot of people working in the government who are not qualified for their jobs because they are hired through nepotism. They don’t need to know what they are doing, because It’s one big family!
Yep that’s right mommy or daddy getting jobs for uncle joe and family and cousins in-laws and children and so on
Here we are: “capitalism for the poor, socialism for the rich”; it’s a Realty reality, and the further up the chain one goes, sums get astronomical! Sixty billion to Boeing plus s’more later; hundreds of billions to Moderna soon to be bankrupt and closed, on on on and on!! Corporate welfare; unbridled greed!!
Covid-19 doubled the wealth of the top one percent of the country!
200% in 2 years…
US Working Smucks…
So much fraud, so many people
Took advantage.so sad this contributed to inflation, the govement is so stupid
Make them pay it all back. They drive $100,000 Cadillacs and Porsches as people couldn’t pay their rent.
If you want something to get really screwed up ? Just ask the Government to get involved . Due to Government involvement . Rents and Housing costs are to the point that Millions of more people may soon find themselves added to the list of the Homeless .
a corrupt inept govt, yes, but other social democratic govts’ do very well in other nations and they ensure there is housing within economics of average salaries bc they know keeping workforce housed is good for their economies. Our neighbor is french and had a baby, she couldn’t make ends meet so she returned to france, she was given subsidized nice apt, safe, and also part time work with child care so she could earn
This is how the great depression happened
Why not require repayment so there will be funds for the businesses that were denied or who will need help in the future.
America at its best. Take what you can never give it back. ☠
WHY would the government forgive these loans, and not forgive student loans ??
Exactly. Because one will contribute through taxes and the other doesn’t I would guess.
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That’s frustrating.
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A million dollars on paperwork is not the same as a million dollars in your savings account and your pockets that you can get at when you get ready
@Frances Wilkins good through but I will stick with the bank so I can get at some of the money if I need to
@Enrique Newton okay now it’s time to cash out and see how much you will get
Gov needs to get the money back
Monkey society oops i meant “Western society”. Everybody for themselves it’s called individualism.
Crooks enabled by Biden.
This is not accurate. Agents who had buyers are still struggling. Agents who had listings hit a goldmine. Trust me, some did well, more did not and quit
Another bail out… Wall Street got bailout..
Car manufacturers got a bail out.
Banks got a bailout..
Students got loans canceled
Realtors got a bailout…
With taxpayers money…
Normal citizen: Hi,I would like to rent this apt.
Apartment manager: Nope,you don’t make 3 times the amount of rent..your short $7.00 dollars to meet our requirements.
Normal citizen: I’m tired of living in my vehicle …..Got screwed over again because they keep Another application fee..
Wtf????
Erin Stackley of (National Association of REALTORS) and some of those businesses and individuals she is defending must not have any real concept of right and wrong.
This…this is what people should be going crazy about. Nevermind the stimulus checks that went to the average Americans. This was the true garbage that took place that helped the rich get richer.
Everybody was getting ppp loans even the homeless people.
This is such a scam i can’t believe peope are getting away with this and people like us on w4 income get screwed all the time. Such bs
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That is utter Bull. No one in the real estate should’ve gotten a ppp loan. These folks have made that money 3 times over with the market. They should have to pay every cents back. Greed. Just pure greed.
https://youtu.be/n1uyVDBOeuM?list=LL
They need to research this kind of issues and get the money back !!!!
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But forgiving student loans, per Kevin O’leary, is “UnAmerican”.
Money hungry snake 🐍’s
4:18 this is a complete joke. she’ll pay back her loans (wow that’s a new idea) but already had almost half of it forgiven?
I guess do law makers know what they are doing, or they do know what they are doing and dipping their pockets into their friends
The PPP loans were designed to get the economy rolling again; the program succeeded in doing so, don’t be mad that you didn’t get yours.
No complained about ppp for 2 and a half years.
Until the white house made it a talking point
So scum bag realtors are given billions while making record profits and artificially inflating the housing market and fleecing Americans out of home ownership, their tax dollars and the American dream?
Why aren’t they being rounded up and made to face the wall?
LOL! The government doing its magic in an ever-so-efficient way. Extremely liberal, extremely generous with our money. Now we all pay for it’s mistake, our mistake for trusting and empowering it in matters where it’s so bad at.
If they can go after people considered TAX. CHEATERS …. What’s to stop them from MAKING THESE BUSINESSES RETURN THESE FUNDS other than the lack of will to do so … 😒
And A Stackley woman with her ENTITLEMENT ATTITUDE IS DISGUSTING the nerve to justify this behavior when SO MANY OTHERS where SUFFERING with nothing while they were still closing MILLIONS OF DOLLARS IN SALES
Oh.. so they could forgive PPP loans. But can’t decide o forgiving student loan.
That tells me all I need to know
THANK YOU!!!!!
Sounds like a wealth transfer
the more I see news like this is the more it convinces you as a hard working tax payer to game the system also… why not ? if people worth millions are doing it why not? this is nothing short of disgusting.
I feel this is fraud Is department of justice coming for them they did well 👏.
She’s right…if they followed the rules the government setup, they’re not the problem. The government is!
Screw the government. I’m not paying back my PPP loan. That’s my monies now! The government can just print more money whenever they want. The government wastes billions of monies on BS anyway.
I knew I should’ve applied smh this is another clear example of how being the good person doesn’t pay off. Only suckers follow the rules I see 🧐 NOTED!
😂 and the richer get richer!!!
Government is out of touch with its people. I’m afraid this is normal.
Just goes to show you the Biden Administration is for the rich. Look at the inflation. Only the rich can afford this inflation.
Wtf was the government thinking print so much money. These rich people who got richer from the printing of money are responsible for this inflation. And the poor is suffering 😠
This may also be from where some of these “cash buyers” are coming – out bidding regular mortgage buyers….
Oh look!! We found out where all of those sba funds went…so small and micro businesses couldn’t get funded….
Grrrrrr…..
Disgusting.
I knew it.
Realtors greedy? Who knew 🙄
It all comes down to personal integrity and we see every day who doesn’t have any.
But I can’t get my student loansg forgiven. . .
Planning to repay like Amber Heard was planning to donate?
How to find out ur business owners took a loan but didn’t help their employees? Is this in public record? If it is May know the link?
Our government won’t fix the housing crisis, instead they use our money to make the problem worse costing us even more money. Of course nothing will get done about it.
Investigating people who “did nothing wrong” is this an Onion piece, Babylon bee ? Grow up and investigate the policy authorities who created these opportunities. I smell a piece in creating envy .
The rich got wealthy
I had to claw tooth and nail for $500 to be forgiven, when everyone else was stealing billions. I saw friends shutting down business after business because they were all told there’s no more money to go around.
American 🇺🇸 is great! Let’s just give everyone free money
Meanwhile, they’re a million ppl out there (working class) who can’t afford rent and is now homeless can’t find the money needed to rebuild their lives and the federal government is giving money away to ppl who
1)DID NOT NEED IT and to this day DON’T Need it
2) will not payback, despite that they can afford to
It’s sickening that ppl think only of themselves when they can help others, greed is a serious thing.
I agree
Like I said, the pandemic made business owners more richer because the US government is such stupid idiots.
PPP loans are the reason why our economy is in such bad shape and why there is a labor shortage.
And they wonder why inflation is so high
Watch… all of the individual type people will be punished, but not the ones that stole the most money. They’ll just you all the average Joe’s as examples.
The banks only wanted to loan money to those who needed it least… as usual.
Real Estates happens to be one of the most profitable ventures out there but younger people must understand that the key word in all of these is “diversification” especially given the times. You shouldn’t put all your eggs in one basket. I have been into real estates, ETFs, crypto and stocks for a very long time but I made my first million (in profit) earlier this year from cryptocurrency alone (through the help of an IA). I also experiment with a couple of other things. Imagine what the situation would have been given in the real estates market if I were solely banking on it.
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Sounds like BS.
Tax those folks who benefitted in one way or another. And it’s better that home prices crash now.
Fed and govt think they know all. What a gas balloon thought
Nice video
Don’t forget the Hollywood elite people too!
https://youtu.be/F6YSzLg_wgE
Bad trouble will come
8 It will be very bad for you people who buy many houses for yourselves. You also buy land to join to the land that you already have. Then there is no more land left for anyone else. You are the only people who remain on the land.
9 I have heard the Lord Almighty promise this: ‘All these great, beautiful houses will certainly become empty. There will be nobody to live in them.
10 Large vineyards will give only a few bottles of wine. If you plant ten bags of seed, you will only get one bag of grain as your harvest.’
Nice of that woman to pay back what she borrowed. Very principled and has integrity and I feel her family will be proud of her as a grateful American who’s become wealthy thanks to the American people who are the federal government. Thank you!
PPP LOANS ARE HANDOUTS FOR BUSINESS OWNERS
Probably only one out of hundreds of thousands of PPP loan owners. Now the authorities have to go through hundreds of thousands of applications to catch the fraudsters.
The gvt forced shutdowns and forced businesses to take ppp loans or go under
Now 2 years later they are shaming people on twitter over this smh
Demon democrats
I know a woman who paid off her house with her PPP loan and bragged about it $78,000 she was always late on her mortgage before now her house is paid in full must be nice.
I guess they’ll be a lot of real estate agents going to jail eventually
You’re absolutely correct
Man the system is trash. The only crime is when you put a mask on and a weapon and walk into a bank.
But if you sit behind a monitor and know how to fill up an application, you can get away with loads of cash.
That is why the Agents have more money to buy rental homes .
But these states are trying to block small student loan relief when businesses and phantom companies received ppp aid they did not earn or need. It helped some but most received money as a free fall that they did not have to pay back and probably did not interject back into their community. Whole program was ridiculous!!
….system designed to benefit a fraction of the population. Restore the previous progressive taxes that Reagan removed for his cronies. And charge the ceo’s doing messed up society damaging things from their jack Welch playbook
PPP loans are handouts for business owners. Bail yourself out I shouldn’t have to pay for you. It was your choice to take all of the risk with starting a business 🙏📢📢
Lawl, the government forces them to close for two years and your response is it’s their fault for taking the risk? Sorry little tyrant that’s not how that works 😂
Pay your own student loans you bitter baby 😂
@DarthLesbian exactly i said it and I meant it! It was their fault for deciding to open up their businesses knowing how much the market fluctuates, and completely unaware that there would of been massive road blocks such as COVID to come into their futures. But That’s life! Tax payers shouldn’t be forced to pay for that! 💯 simple as that! Lol
This is why those students are upset. Additionally, many politicians received these benefits. The whole thing needs to be investigated to identify those who fraudulently received those loans!
Imagine if those Billions were being used to forgive $10,000-$20,000 in student loans for each student…
The right: ahhhhhAhhhhhhhHhhhhh loan forgiveness will cause the tax payer to fit the bill WahhhhAaaaaa
Also the Right: the Tax Payers need Forgive my PPP Loans now🤬🤬🤬
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It was for businesses that needed help! Charge them back for fraud!
They close my business no P PB loans my life savings is now gone My business still isn’t open again cause I have no more money My life is gone to s*** 15 years of blood sweat and tears wiped way overnight Followed by savings and probably soon to be my house I’m sick I’m disabled and there’s no way I can do it again Didn’t give me no help And I’m ready to give up
Today 5/4/23 inflation is through the roof. We all are paying the price now. These crooked politicians cashed in on this. Most likely got first crack at it and will never be investigated. Congress is freaking corrupt. These city mayors are crooks.
During the pandemic, many business owners were more richer and hundred thousands of fraud applications for sure because the US government is faking stupid idiots. I felt sorry for the taxpayers and the business owners who didn’t get help from the government. Only in the US and nowhere else.
So in a nut shell the government ruined the lives of honest hard working individuals. This is criminal.