Members Of Congress Ask For Inclusion Of Payday Lenders In SBA Paycheck Protection Program
This press release was originally posted through Allied Progress. Allied Progress is now Accountable.US.
Predatory Protection Program?
Washington, DC (April 24th, 2020) – Today, twenty-eight members of the House of Representatives sent a letter asking that predatory payday lenders be made eligible for the Small Business Administration’s Paycheck Protection Program. These members – many of whom benefit from hefty campaign contributions from the payday industry – want predatory lenders to be treated like any other business when it comes to getting these SBA grants.
“If these members of Congress think payday lenders deserve a taxpayer bailout, perhaps they should go all the way and make sure the loan comes with a 400% interest rate, too,” said Jeremy Funk, spokesman for Allied Progress. Funk continued, “When the entire country is hurting, who gets helped first is a matter of priorities. Americans don’t need predatory lenders praying on them or their tax dollars during this crisis.”
SEE PREVIOUSLY: What Pandemic? Trump CFPB Director Readies Rules Enriching Trump’s Payday Donors.