The admin did not want to get aggressive….
But has been forced to go harder after the estimated $30 billion in past due loans….
This is probably NOT what Biden’s people want to subject the economy to as it climbs back and they look for lower consumer prices….Republicans will be happy….
Loan repayments are bound to be passe on to consumers ….
At the height of the coronavirus pandemic, Congress created two generous stimulus programs to help cash-starved firms stay afloat: the Covid-19 Economic Injury Disaster Loan, known as EIDL, and the Paycheck Protection Program, or PPP. Over their life span, the lending initiatives provided more than $1 trillion in assistance to companies large and small, helping to blunt the worst economic crisis since the Great Depression….
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The dispute underscores the unique and expensive challenges that plague SBA more than three years after Congress tasked the agency to manage an aid portfolio that was larger than its annual budget. Its generosity and haste early in the pandemic may have saved millions of small businesses, but it also came at a steep cost to federal taxpayers, with losses from fraud alone that may now exceed $200 billion….