Any appetite for this? I mean we need to generate some income to fund tax cuts…I say start here.

I know many seriously needed this help given what was done to them during COVID, but I also know many in my community that were encouraged to apply by bankers cleaning up on fees.

If this is stupid, let me have it.

The part that's not stupid is funding tax cuts. The obvious choice is budget cuts but that never actually happens. Depending on tariff structure, that could put a dent on it but otherwise we are just driving ourselves deeper in the hole with tax cuts.

You're asking to change the terms of a note after it has been executed without consent of the borrower? Banks everywhere are taking notes from you.

I'm not intimately familiar with the terms of these particular instruments.

I just know "loan" generally means it has to be paid back, but "forgivable" means maybe not under
certain circumstances.

So personally I don't have a problem with clawing back on the ones that weren't needed in the first place...sorry if I've stepped on any toes.

It was part of an act passed by Congress and signed into law by the president. Are you suggesting that a redo on every law passed is reasonable? If that is your suggestion then I have a list as long as my leg of laws passed that I think need a redo before we get to that one.

"Fund" tax cuts you say?

Spend less i say.

localag88 said:

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I'm not intimately familiar with the terms of these particular instruments.

I just know "loan" generally means it has to be paid back, but "forgivable" means maybe not under
certain circumstances.

So personally I don't have a problem with clawing back on the ones that weren't needed in the first place...sorry if I've stepped on any toes.

---

It depends on which ones you are referring to. There are the SBA PPP loans, and then there are EIDL loans, and I believe there are some additional ones. The PPP were intended to be forgiven so long as certain conditions were met, however, I am not as familiar with the EIDL. I think the "loan" confusion is likely due to the fact that private banks were fronting the US Govt, and were promised to be repaid either by borrower or the govt (so a loan). Whereas to the US Govt it operates more like a grant.

ETA- and yes banks were incentivized by the Govt to make these loans. So, in turn, they encouraged everyone to take them because theoretically they were grants to their customers so long as the funds were used appropriately.

localag88 said:

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I'm not intimately familiar with the terms of these particular instruments.

I just know "loan" generally means it has to be paid back, but "forgivable" means maybe not under
certain circumstances.

So personally I don't have a problem with clawing back on the ones that weren't needed in the first place...sorry if I've stepped on any toes.

---

The vast majority of these loans were forgiven within 6-12 months of being loaned out. No claw back for that

AColunga07 said:

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The part that's not stupid is funding tax cuts. The obvious choice is budget cuts but that never actually happens. Depending on tariff structure, that could put a dent on it but otherwise we are just driving ourselves deeper in the hole with tax cuts.

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Nonsense. It's not a zero sum game. Let people keep more of their money and they will spend it or invest it. More investment income = more taxes. More spending = more taxes. More businesses creating more jobs = more taxes. Corporations onshoring money = more taxes.

You increase tax revenue by reducing tax RATES and while increasing the tax BASE. More people paying taxes and more money in circulation at lower tax rates will increase taxes.

Want to do even more? Remove half of the disability rolls. We have one here who is perfectly able bodied but steals from the taxpayers because he can. Cut him off. Not only do you save the government money, but those people are forced to go out and actually earn something for once, which increases TAXES.

As the old saying goes, "The buck stops here". No more giveaways. With Biden forgiving over $175 Billion dollars in student loan debt and the billions spent on illegals, it is time for the bleeding to stop.

Rather than give out tax payer handouts, let the working class keep a little more of their money.

All of ours were already forgiven

OP, no. Find another way. Government closed most of these business and forced our economy to screeching vault, so I have no issue with the forgivable PPP loans.

The loans were forgivable only in the sense you didn't have to pay back initially but without those loans thousands of businesses and hundreds of thousands/millions of people would have been without a job. The companies that took the loans survived and now and in the future will be paying for the debt caused by the unnecessary shut down of our economy

What if China did that on the money we owe them?

Fits the demographic.