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Joe Biden is Boosting SBA Loans… Plus, Major PPP Lawsuit
Biden just proposed more funds for agencies given the task of combating illicit finance, private-sector lending SBA programs, community development financed affordable housing, as well as efforts to combat climate change and the risk it poses to the financial system.
The White House’s overall $5.8 trillion budget proposal for fiscal year 2023, published Monday, reflects many of the core priorities from the administration’s previous year’s budget proposal. The task of approving the funds ultimately falls to Congress.
According to Treasury Secretary Janet Yellen, our “rapid” economic growth following the pandemic “allows us to look beyond the pandemic-induced crisis and provide a road map to address future challenges: creating a tax system that is fair to working families, expanding access to capital in disadvantaged communities, and safeguarding the financial system.”
This means that the SBA will be better equipped to tackle financial crime. No more fraud cases pertaining to SBA, EIDL, PPP, or other related loans. Or, at the very least, the organization will be better equipped at tackling these fraud cases.
That was a big problem in the midst of the pandemic and it wasn’t just SBA loans: it was unemployment, PUA, stimulus, Child Tax Credit, you name it. At least we’re…