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A few days ago, I posted here that Performante coupe inventory seemed low. In that post, I speculated that maybe some people were using fraudulently obtained PPP loans to buy high-priced Lamborghinis.

I've been looking at Performante coupes daily, and there seemed to be a abnormal shortage in the $250k to $300k price range.

Well...... there may be some truth to my speculation. Per TIME, a Florida man purchased a $318,000 Lamborghini with fraudulently attained PPP money:


Just thought y'all may be interested in this....
 

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He got caught because he committed fraud obtaining the loan. If he had applied for only one loan and bought the lambo it wouldn’t have been an issue, other than the fact that he would probably have to pay the loan back.

I do feel that the government stimulus/ loans have helped a ton of business owners. Those who were not negatively affected and obtained a EIDL or PPP loan now have some cheap play money. I don’t see how the market is going to pick up very quickly. I feel that this pandemic enabled big companies to do a purge on governments dime and will have huge effects in the future.

1)commercial real estate and retail is definitely going to be hurt.

2) automation and tech is going to push banks, stores, etc to require less people. Less people =less jobs in those fields.

etc
 

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. If he had applied for only one loan and bought the lambo it wouldn’t have been an issue, other than the fact that he would probably have to pay the loan back.
The loans were for specific reasons to aid your business. Buying a Lambo did not fall under that category no matter how many loans you applied for. The rules on the loan were very specific (payroll, rent, etc.)
 

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I don’t know how he got the loan in the first place. I do know that the bank helped me out tremendously and they get a commission Based on the loan amount. But they do verify everything and are very strict. Also the process of getting the loan forgiven is a little challenging.
 
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