President Biden, Your Student Loan Handout Plan Is Contrary To The Paycheck Protection Program
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When public health officials and politicians shut down the economy in March 2020, then-candidate Joe Biden was back in his basement.
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He was able to fundraise and campaign for the president from the comfort of his Delaware beach house. Most Americans weren't so lucky.
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Millions of Americans were headed for unemployment lines, and millions of small businesses headed for bankruptcy as the government forced companies to close their doors.
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It was an unacceptable outcome, which is why I worked with Democrats and Republicans to create the Paycheck Protection Program.
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My plan was as straightforward as it was novel: creating a federal grant for small businesses to keep their employees on the payroll.
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This payroll grant, intentionally structured as a forgivable loan, had a key condition: that 80 percent of the money went to payroll.
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While some lobbyists (and even Democratic lawmakers) in Washington begged for a blank check for small businesses, I declined.
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This temporary program was intended to put employees on the payroll, which we were told would be a two-week lockdown to "slow the spread".