In response to the COVID pandemic, the Small Business Administration (SBA) implemented the Paycheck Protection Program (PPP) to provide financial aid to small businesses. Recently, the Biden administration has chosen to forgive certain PPP loans acquired through fraudulent means, particularly those that are valued at $100,000 or less. However, a report released by the SBA’s inspector general in September criticized the SBA’s decision not to collect on these loans, citing the potential negative impact on taxpayers who would have to bear the burden of unpaid PPP loans. The report also cautioned that failing to take action could encourage more fraudulent behavior.
The SBA justified their decision by aiming to offer fair treatment to smaller borrowers who do not have the protection of incorporation, while also including larger incorporated borrowers. Nevertheless, the report discovered that the SBA did not make any efforts to recover the fraudulent loans in question, which violates applicable standards.
According to The Daily Wire, a PPP loan worth over $20,000 was obtained by a suspected call girl linked to Hunter Biden. Evidence found on Biden’s abandoned laptop revealed that he instructed the woman to recruit other prostitutes and buy drugs and related items. The laptop also contained messages suggesting that the woman, named Deboyes, was targeted by drug dealers, with one message stating, “Eric keeps terrorizing me, and he now has someone named Keaton threatening me too who just got out of prison or whatever.”
The Daily Wire disclosed a PPP loan that raised concerns, which implicated a supposed call girl connected to Hunter Biden and awarded over $20,000. Messages found on Biden’s abandoned laptop indicated that he had instructed the woman to recruit other prostitutes and obtain drugs and related items. This occurrence illustrates how certain individuals have exploited the PPP loan system for their own benefit.
Measures have been implemented by the Biden administration to excuse loans obtained through fraudulent means, including those with a value of $100,000 or less. However, the SBA’s inspector general issued a report in September that criticized the SBA’s decision not to pursue the recovery of these loans. This failure could possibly intensify the burden on taxpayers by not collecting on the overdue PPP loans. The report also cautioned that not taking action could further incentivize fraudulent behavior.
The preceding article is a summary of an article that originally appeared on Conservative Institute