The U.S. government has halted some efforts to collect an estimated $62 billion in past-due pandemic loans made to small businesses, concluding that aggressive attempts to recover the money — a portion of which may have been lost to fraud — could cost more than simply writing off the debt.
The Small Business Administration adopted the policy last April, prompting the agency’s watchdogs to warn last month that it “risks” violating federal law.
Maybe if you're just looking at the surface dollars and cents, but what about the moral and civic costs to our nation? To turn a blind eye to grifters profiting off a national emergency normalizes the behavior. Gotta fight the fights worth fighting.
They will chase you to the Gates of Hell to collect a student loan.
Oh NOW you have photos of people in respirators?
Funny how they go after student loans forever.
And yet students should be saddled with student loans for eternity. 😒
Why not sell them to a collection agency? That would cost them nothing and they would get something back. This seems odd.
It is without a doubt a significant portion were used for fraud. Banks were given no direction and to not dispute info provided for PPP loans. They feared legal issues and simply just processed the application. Now they are essentially saying, sure that’s fine. Not a big deal.
This sukz! Go after the crooks!
Pay me, and I guarantee I'd be cheaper than what I recover. Jfc, who runs these numbers?
How many of those loan recipients are very anti-socialist in their political views?