Trevor Noah wasted no time on laying into government waste on Tuesday’s The Daily Social Distancing Show. Noah used his monologue to ridicule the federal Paycheck Protection Program. Meant to…
Trevor Noah wasted no time on laying into government waste on Tuesday’sNoah used his monologue to ridicule the federal Paycheck Protection Program. Meant to help small businesses through the pandemic, the program’s $342 billion mysteriously disappeared “faster than Rudy Giuliani in direct sunlight,” according to Noah.
That’s a strange development since, when Congress later funded another $310 billion for the same purpose, few small businesses could access the program’s website and even fewer got funding. So where did the original $342 billion go? And how did it get handed out, if the website didn’t work?, $870 million of it went to big, publicly traded companies, including Ruth’s Chris Steak House, Shake Shack and the Los Angeles Lakers, a sports franchise worth $4 billion.
This happened because the Treasury Department left the disbursal of funds to banks, and they did what banks do says Noah: “They screw over the little guy.” Case in point: A recent CBS report that estimates nearly 90% of minority and female-owned businesses will be shut out of the PPP.Here’s a look at the issues hampering the PPP loan program:
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