The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
President Biden on Tuesday visited a hardware story in Washington, DC, which recently received a coronavirus aid loan for small businesses, attracting a reaction from the former communications director to Donald Trump’s presidential campaign for 2020.
The White House posted an image of Biden walking through the neighborhood store that had obtained a paycheck protection program (PPP) loan in the past two weeks.
“This is strange, because during his campaign, Biden endlessly destroyed the PPP, saying he was not helping small businesses,” said Tim Murtaugh on Twitter on Tuesday. “The place he visited today obtained his PPP loan in APRIL OF THE LAST YEAR, saving 17 jobs.”
THE CDC STUDY KNOWS THAT 78% OF PEOPLE HOSPITALIZED FOR COVIDA WERE HEAVY, OBESE
The Biden management said that the hardware store WS Jenks & Son was able to obtain another PPP loan after the president temporarily restricted the small business loan application process, allowing only companies with fewer than 20 employees to apply for the loan on 24 December. February to March 9. .
Murtaugh suggested that Biden was acting hypocritically and “taking advantage of the things that were already being done at COVID”.
Although Murtaugh claimed that the president was changing his tone about his critical nature of the PPP loans distributed during the previous administration, Biden reinforced his opinion on Tuesday, blaming Trump for not sending enough help to small businesses.
“Four hundred thousand small businesses have closed their doors,” said Biden during his visit to the hardware store. “They got in line, but they didn’t get any help.” “And we found that a big part of that went to big companies – bigger companies that, in fact, shouldn’t be qualified for that,” he added.
Biden said the reason the Trump administration failed to properly target funds to small businesses was attributed to the removal of the inspector general at the start of the pandemic.
Glenn Fine, the Department of Defense’s interim inspector general and assigned to lead the Pandemic Response Responsibility Committee, was removed by Trump in April 2020, less than two weeks after the initial $ 2 trillion COVID relief package was approved.
CLICK HERE TO GET THE FOX NEWS APPLICATION
Deputy director of the White House National Economic Council, Bharat Ramamurti, said that since the changes were made allowing smaller companies to be prioritized, there has been a 25 percent increase in loans distributed to beneficiaries for the first time and a 20% increase for minority companies.