Does Joe Biden Have a Stimulus Fraud Problem on His Hands?
By now, it is a recurring news story. Each time the government offers businesses Paycheck Protection Program (PPP) loans, an unscrupulous boss will fraudulently claim benefits, then spend the money on personal goods. What can Biden do about it?
By now, it is a recurring news story. Each time the government offers businesses Paycheck Protection Program (PPP) loans, an unscrupulous boss will fraudulently claim benefits, then spend the money on personal goods.
PPP loans are loans intended as emergency relief for small business owners. Effectively, they are set up to ensure that these small businesses can continue to pay their workers, even during economic downturns. In theory, a business owner will borrow money for PPP loans from the government, use the loan to cover payroll expenses and continue operating during times of crisis, and then pay the money back at low interest rates once the crisis has been averted. It is believed that the benefits of these loans – which keep American workers employed, and should nominally be paid back in the future – outweigh the costs to U.S. taxpayers.