The U.S. government’s Paycheck Protection Program has been met with a certain amount of criticism as of late.
The U.S. government’s Paycheck Protection Program has been met with a certain amount of criticism as of late.
The program reflects in part the government’s push to quickly lend more than $650 billion to businesses of all sorts based on an honor system that took companies’ claims at face value and offered the promise of loan forgiveness.
That approach undoubtedly sped up aid to small businesses in need of a lifeline. But it also benefited an alleged Ponzi scheme and borrowers with troubled pasts, including companies accused of defrauding student borrowers and selling fake coronavirus treatments.
The program reflects in part the government’s push to quickly lend more than $650 billion to businesses of all sorts based on an honor system that took companies’ claims at face value and offered the promise of loan forgiveness.
That approach undoubtedly sped up aid to small businesses in need of a lifeline. But it also benefited an alleged Ponzi scheme and borrowers with troubled pasts, including companies accused of defrauding student borrowers and selling fake coronavirus treatments.
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