White House Slams Republicans Who Criticized Student Debt Relief But Received PPP Loans

The White House called out several Republican lawmakers who criticized President Joe Biden's decision to forgive up to $20,000 in student loan debt for many borrowers, pointing out that some of the critics' businesses had more than $1 million in federal loans forgiven.

The White House account quoted criticisms of Biden's plan from a number of Republicans.

The White House said Buchanan had the most of the group with $2.3 million in forgiven loans.

The six lawmakers all received loans from the program by owning or being affiliated with businesses that were eligible.

Between 4 and 7 pm, the White House's thread was the most popular on the platform. The data was compiled by NewsWhip.

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The purpose of the loans was to be forgiven if borrowers spent most of the funding on payroll costs and kept employee compensation levels high.

Republican lawmakers criticized Biden for his move to cancel student loan debt for borrowers making less than $125,000 a year, with $20,000 in debt relief for those under the income threshold. McConnell said the plan was a slap in the face to families who sacrificed to save for college. The White House brushed off the concerns of the GOP and moderate democrats that the plan would fuel inflation. Biden said at the news conference that no one complained that the loans caused inflation.

Tangent

The Paycheck Protection Program was created under the CARES Act to keep workers on small businesses' payrolls during the early days of the Covid-19 pandemic. There have been reports of fraud and abuse, as well as instances of larger and more well-heeled employers taking out loans. According to the Federal Reserve Bank of St. Louis, benefits flowed disproportionately to wealthier households rather than to the rank and file workers.

Progressives praise Biden's student debt cancellation.

Here's who benefits most and least from Biden's student loan forgiveness plan.

According toForbes, the Megachurch paid back a $4.4 million loan.