PPP Anecdote
"I heard some people are re-incorporating their business under a different name to avoid repaying PPP loans" - Anonymous Source
As I recall the last time we had big loans programs like TALF and TARP they were eventually paid off with interest. Though the size would seem trivial now, in 2007/8 there was a fair amount of debate in congress and rules set up to at least make a good faith effort for repayment of tax payer funds. This time around with PPP and other SBA loans there was almost no debate and the vague payment/forgiveness language makes it almost certain a good portion >50% will never be repaid. Maybe that is the intent. Add in outright fraud of 2% (my estimate) on 1 trillion is another $20 billion. A lot of cash searching for a home, even if it a terrible misappropriation.