PPP Loan Forgiveness Vs. Student Loan Forgiveness. What’s the difference?
PPP or Paycheck Protection Program loans have recently been in the news, it was a program introduced in 2020 during Covid shutdowns to help small businesses stay a float during the lock downs of the pandemic.
The Paycheck Protection Program Under Fire.
Recent reports have shown that these loans have been put under federal investigation due to fraudulent claims. According to NPR, this was all for good intentions until it became a free-for-all. These loans were forgiven and it was a godsend to many a small business that had to survive the closures. Others however, were forgiven such as celebrities, and companies that were unaffected and profited during the pandemic reports lead towards saying the government will not ask for those back.
Student Loan Forgiveness
Student loans. These were put on hold during the pandemic to cushion the blow of income not coming in to households. they are still on hold, but we do not know for how long, and what the terms will be when they are back on track.
President Biden late last year introduced a plan to just for give student loans up to 20,000 dollars to people in a certain income brackets, this was great news to a lot people still struggling to make ends meet in the current economy. Certain states petitioned against this deeming it unlawful.
These same people that tell a struggling American public that forgiveness of a loan is a bad, lazy precedent to set when it could help a lot people. This is confusing to me when all they did was to get a loan to have it forgiven.
PPP Loan Forgiveness Vs. Student Loan Forgiveness
I personally don't see the difference here. Sure, in the fine print there may be, but on a basic human level it seems that the rich just want comfort in the fact that "theirs" is fine, and they have no regard to anyone else's situation.
It's a double standard me may have to re-evaluate in this country.
Do you have a loan that is on the chopping block, let us know on social media as well as your thoughts on this matter.