https://reason.com/2021/06/28/government-pandemic-loans-plagued-by-potential-260-billion-in-fraud/
In a new Cato Institute Legal Policy Bulletin, I describe the Small Business Administration’s (SBA) shambolic implementation of two marquee pandemic policies. The first is the $813 billion Paycheck Protection Program (PPP), involving federal loan guarantees, set at a low interest rate (1 percent), which could be forgiven if the borrower spent a certain percentage (about two-thirds) on payroll. The second is the $367 billion Economic Injury Disaster Loan (EIDL) program, which entails loans on favorable terms that are disbursed directly by the government.
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