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How Big Business Scammed Loans Aimed At Small Firms

Reprinted with permission from ProPublica

The Paycheck Protection Program was launched to rescue the little guy, the millions of small businesses without the deep pockets needed to survive the COVID-19 shock.

But among the restaurants, dentists and mom-and-pops was Vibra Healthcare, a chain of hospitals and therapy centers spread across 19 states with over 9,000 employees. The biggest PPP loan was supposed to be $10 million, but Vibra found a way to land as much as $97 million.

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Why Do Millions Face Stimulus Check Delays? They Are Poor

Reprinted with permission from ProPublica.

Last week, a group of angry and desperate Citi Tax Financial customers gathered outside the company's storefront in Augusta, Georgia. Millions of Americans had received a big deposit from the IRS in their bank accounts, but they had not. The IRS website told them their coronavirus stimulus checks were deposited in an account they didn't recognize.

With an officer from the Richmond County Sheriff's Office beside him and another officer shouting for people to be quiet, the tax preparation company's owner told the crowd of about 60, only a few of whom wore masks, that he didn't have their money.

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Why Firms Like Turbotax May Profit From Delays In Stimulus Payments


Congress has approved billions of dollars of checks for Americans hard hit by the biggest round of layoffs in U.S. history. But millions of Americans will have to wait months for that money — and millions more may never get the money at all.

That's because the rescue legislation left it to the IRS, an agency gutted by Congress, to organize the complex logistics of delivering the money to those entitled to it. As the IRS has struggled, for-profit tax preparation companies, notably Intuit, the maker of TurboTax, have stepped in with websites to help people get their checks.

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