5 chapters across the catalog
The Small Business Administration reportedly issued over $300 million in loans to individuals under the age of 11, including a nine-month-old infant. Fraudsters are allegedly stealing the Social Security numbers of newborns to secure government loans, leaving children with ruined credit ratings before they reach adulthood. Similar fraudulent activity was found involving individuals listed as being over 120 years old.
A federal watchdog reports that over $200 billion in COVID relief funds—roughly 17% of the total distributed—was lost to fraudulent claims. The Small Business Administration (SBA) is criticized for lacking safeguards during the rapid injection of money into the economy. Simultaneously, the Justice Department charges 78 defendants in a $2.5 billion Medicare fraud scheme involving unnecessary medical equipment and repackaged HIV medications.
SBA Loan Exhaustion, Emergency Money For People Act
The Small Business Administration's emergency loan fund has been exhausted, leading to a political standoff over additional funding. Democrats Ro Khanna and Tim Ryan have proposed the "Emergency Money for People Act," which would provide $2,000 monthly stimulus checks to qualifying Americans. The hosts discuss the feasibility of these proposals and the ongoing issues with the distribution of initial stimulus funds.
Small Business Loans and Corporate Oversight in Stimulus Bill
A detailed breakdown of the Small Business Administration (SBA) loan program explains how businesses can receive forgivable grants for three months of payroll. The hosts contrast this with the $500 billion corporate loan fund, noting specific provisions that prevent members of the Trump administration or Congress from benefiting. They criticize Nancy Pelosi's media appearances regarding oversight of these funds.
Presidential Proclamations for Small Business and Police Week
President Obama issued several proclamations, including National Women's Health Week, which is characterized as a promotion for the Affordable Care Act. National Small Business Week is also noted, though the effectiveness of the Small Business Administration (SBA) is questioned. Finally, the President honored law enforcement for Peace Officers Memorial Day and Police Week.
