July 31, 2020
Remember the Payroll Protection Program? According to the Small Business Administration, the loans available under the program are designed “to provide a direct incentive for small business to keep their workers on the payroll.”
According to this article in the Wall Street Journal, among the “small business” that have benefited are Arete Financial, a lender accused by regulators of having cheated student loan borrowers out of $43 million; a San Francisco company whose CEO was indicted for bribery; televangelist Jim Bakker, who served eight years in prison for fraud and was recently sued for selling quack COVID-19 cures; and a California man who fraudulently obtained $9 million and used hundreds of thousands of that to gamble in Las Vegas.
We live in interesting times.