GOP congressmen reap millions in federal loans for personal car dealerships

[Demovictory9]

According to a Sludge report, at least 28 members of Congress (or their spouses) benefited from some $27 million in small business loans. Some of these members include Reps. Dean Phillips, D-Minn., Kevin Hern, R-Okla., Greg Pence, R-Ind., and Carol Miller, R-W.Va.

One of these lawmakers, Rep. Mike Kelly, R-Pa., received federal loans ranging between $150,000 and $350,000 for his various car dealerships, according to The Philadelphia Inquirer. Kelly, who voted "no" on the TRUTH Act – which would have required the SBA to disclose all of the PPP's recipients in addition to their loan amounts – is tied to four businesses that benefited from the program, including Mike Kelly Automotive Group Inc., Mike Kelly Automotive LP, Mike Kelly Hyundai Inc., and Kelly Chevrolet Cadillac.

A spokesperson for his office told the Inquirer that Kelly is "not involved in the day-to-day operations of his auto dealerships and was not part of the discussions between the business and the PPP lender." However, The Post Gazette found last July that he was still named as the president of Mike Kelly Hyundai, Mike Kelly Automotive, and Kelly Chevrolet Cadillac on one of his recent House financial disclosures, with his wife reporting a salary from Kelly Chevrolet Cadillac.

Kelly is the 39th wealthiest member of Congress, according to a 2018 analysis by the nonpartisan Center for Responsive Politics, with a net worth of $12.4 million.

Other lawmakers who benefited from the PPP program include Reps. Roger Williams, R-Tex., and Vern Buchanan, R-Fla.

According to Sludge, Williams, who boasts a net worth of $27.7 million, took in over $1.4 million for his JRW Corporation, valued $50 million back in 2019. The conservative legislator also reaped federal aid for his Roger Williams Chrysler Dodge Jeep dealership in North Texas.

https://www.msn.com/en-us/news/politics/gop-congressmen-reap-millions-in-federal-loans-for-personal-car-dealerships/ar-AAOO5YJ?ocid=msedgntp

[sprinkleeninow]

1. I need a loan.

[msongs]

2. every cent of money given to recipients of federal $ needs to be identified nt

[sprinkleeninow]

3. I mean could any of us absorb, contemplate, wrap our minds around how very much has

deteriorated and become crap.

[IcyPeas]

4. If you want to get in on white collar crime, join the government... from FBI website:

What is white-collar crime, and how is the FBI combating it?
The term “white-collar crime” was reportedly coined in 1939 and has since become synonymous with the full range of frauds committed by business and government professionals. White-collar crime is generally non-violent in nature and includes public corruption, health care fraud, mortgage fraud, securities fraud, and money laundering, to name a few. White-collar scams can destroy a company, devastate families by wiping out their life savings, or cost investors billions of dollars (or even all three). Today’s fraud schemes are more sophisticated than ever, and the FBI is dedicated to using its skills to track down the culprits and stop scams before they start.

See our White-Collar Crime webpage for more information.
https://www.fbi.gov/about/faqs/what-is-white-collar-crime-and-how-is-the-fbi-combating-it

[Demovictory9]

5. watch "american greed". it shows how devastating white collar fraud can be

[luv2fly]

6. And nothing will happen n/t

[mopinko]

7. i met someone last summer that had looked at a bunch of the rescue package grants.

i think he had gotten a small one for his business.
but he really pushed me to apply for the fda grants for farmers. he said the thing was structured to just be wide open, no hassle, money laying on the table. said i could get $10k for anyone who worked for me, no matter how many hours they worked.
and that i could get the same, even tho my farm doesnt rly make money yet.

so, i'm not at all surprised. that money went into a big ole trough for the pigs. and if joe had lost, they would have gotten away w it.

[Buns_of_Fire]

8. The age-old question: Would you buy a used car from this man? nt

[SWBTATTReg]

9. Report them to the IRS...more than likely, they haven't declared this as income as they should,

after all, some of the provisions of this pgm included provisions that proceeds didn't have to be paid back, under certain and very specific conditions met within a 8 week period...

-- snip --
The Paycheck Protection Program (or PPP) is an SBA loan that helps businesses maintain their workforce during the COVID-19 crisis. It is a low-interest loan, with a term of up to 10 years, no personal guarantee or collateral required, and payments are deferred up to 6 to 12 months.

The really important thing about the PPP, is that some portion of the PPP loan may be forgiven and not counted as income (i.e. not taxed), if it’s spent during the first 8 weeks on certain operating expenses with certain conditions (that are different from how you calculated the PPP Loan amount), and you maintain the same average number of employees at the same salary level (there are some specific rules on this, which are discussed below), otherwise the loan amount that may be forgiven is reduced (potentially significantly).

If you’re like me, the above paragraph didn’t sink in yet. So, let me be very blunt here: You have ONLY 8 WEEKS to manage the PPP funds properly, to maximize the forgiven amount. OTHERWISE, YOU WILL NEED TO PAY THE PPP LOAN BACK.

If you’re the recipient of PPP loan funds, it’s absolutely critical you understand that:
•The PPP is a loan. It is not a grant.
•The PPP funds must be paid back. Unless you meet some very specific criteria (to be discussed below).
•Even if some PPP funds are forgiven, it’s possible not all funds are forgiven.
-- snip -- this is all I put here in this DU post -- snip --

[MagickMuffin]

10. I knew good ol boy Roger Williams would be on the list

He is sleazy and I'd never ever buy a car from his dealership.