May 08, 2020
Joe Biden Spreads ‘Cronyism’ Lie About Coronavirus Relief
The Biden campaign is sending marching orders to their surrogates to start slandering the Trump Administration’s Paycheck Protection Program and other coronavirus relief efforts as “cronyism.” This isn’t just a demonstrably false lie – it’s an insult to the millions of small businesses who have been able to keep their workers on the payroll thanks to the Trump Administration’s action.
A new NFIB survey confirms the program is extraordinarily popular with millions of small businesses. Indeed, there is no shortage of stories of small businesses rehiring employees thanks to the Paycheck Protection Program. Roughly 84% of PPP loans so far have been for $150,000 or less, the loan size you would expect for a small business of 7 to 10 employees, and the second round of PPP funding is protecting 28.5 million jobs across all 50 states. Despite Biden’s lies about “Wall Street,” 97% of loans in the first round went to non-financial firms.
Biden’s lies aren’t even original. The loser scam-artists at the Lincoln Project already tried making this pathetic line of attack, and Politifact debunked it as false:
The clearest problem with the claim is the notion in the ad that "Main Street" is not being aided. About three-quarters of the loans in the Paycheck Protection Program were made in the smallest loan size category, one that would support a business of roughly seven to 10 people. We rate the statement False.
It’s understandable that Biden wants to shift the blame for “cronyism,” considering that Biden abused his own stimulus program. He distributed billions in loans to green energy companies like Solyndra, costing taxpayers but benefiting Wall Street short-sellers that capitalized on these companies going into default. Meanwhile, Biden’s family cashed in on Biden’s status, first as a senator and then as vice president, while he allowed countries like China to fleece U.S. workers. Biden Inc. is a legacy that Joe Biden will be forced to own.
The Trump Administration is not repeating Biden’s mistakes: under President Trump’s watch, billions of dollars in forgivable loans are flowing to small businesses to protect millions of jobs while Americans across the country are receiving direct financial aid during this global pandemic.
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