Today, President Biden will announce steps to boost lending to small businesses through the Paycheck Protection Program after Trump botched the program’s rollout and allowed funds to flow to large corporations and well-connected businesses with ties to him and his campaign instead of the small businesses most in need.
President Biden is correcting disparities in how PPP loans were allocated under Trump to ensure small businesses get the relief they need.
Associated Press: “President Joe Biden is targeting federal pandemic assistance to the nation’s smallest businesses and taking steps to further equity in what is known as the Paycheck Protection Program.”
Associated Press: “The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.”
Trump allowed large corporations to take more than a billion dollars in PPP funds meant for small businesses.
Washington Post: “Public companies received $1 billion in stimulus funds meant for small businesses”
Reuters: “All told, these relatively flush 41 companies were able to secure $104 million in government aid, at a time when legions of smaller companies with little in their coffers were being turned down.”
Trump favored providing PPP loans to well-connected businesses with ties to him and his campaign.
NBC News: “Firms with Trump links or worth $100 million got small business loans”
CBS News: “Company tied to Trump campaign manager gets PPP loan”
CBS News: “Phunware, a data firm for Trump campaign, got millions in coronavirus small business help”
The Guardian: “Fossil fuel firms linked to Trump get millions in coronavirus small business aid”
NPR: “Company With Ties To Trump Receives Millions From Small Business Loan Program”
GQ: “One Trump Donor’s Hotel Companies Got $96.1 Million Meant for Small Businesses”
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