Just saw a post that found 75% of the PPP funds never made it to employees.
(PPP was the US's COVID response to prevent employers from mass laying off employees)
My experience collaborates with this finding. Because this is all public data (second source), I can see that my company got $850,000 (loan forgiven, they don't have to pay it back). According to the second source, the average salary at my company is $65,000 / yr. I would hit the character limit trying to fit all of that hahaha's needed to address this. Excluding the uppers, I would estimate that the people that this program was “meant” to protect are probably closer to $40,000 /yr. They also forced us into “unemployment” (reduced hours) for a week, I assume this was a requirement to qualify for the program? We never actually needed to reduce hours and we've been on over time since this. There was always an income and our paychecks never needed protecting, we earned them. (I know this wasn't everyone's experience, but it was mine)
As many have mentioned, if this program was actually meant for employees, the funds would have gone directly to the employees. Instead many companies just pocketed the money. What is your experience?