President Biden's announcement that it would cancel up to $20,000 in federal student loan debt prompted pushback from opponents — who then had their own Paycheck Protection Program loans thrown back at them., unveiled Wednesday, would also extend the pause on student loan repayment and restructure income-based forgiveness, comes with a roughly $500 billion price tag.
Even the White House's official Twitter account got into the game, creating a thread of politicians who have come out against student loan forgiveness, noting how much in PPP loans each received. Congress also approved additional pools of help for small business owners, including roughly $28.6 billion in grants for restaurants, $16 billion for venues and $2 billion for transportation-related companies, among others. The SBA also approved roughly 3.9 million Covid Economic Injury Disaster Loans, which were low-interest loans to small-business owners hit hard by the pandemic. The agency approved roughly $378.4 billion in Covid EIDL lending.
It's worth noting the SBA did not originally intend to release loan-level data on PPP loans for individual small-business owners. But the agency was ultimately forced to release the information after