Trevor Noah Explains How Banks Used The Paycheck Protection Program To “Screw Over The Little Guy”
Trevor Noah wasted no time on laying into authorities waste on Tuesday’s The Each day Social Distancing Present.
Noah used his monologue to ridicule the federal Paycheck Safety Program. Meant to assist small companies by way of the pandemic, this system’s $342 billion mysteriously disappeared “sooner than Rudy Giuliani in direct daylight,” in accordance with Noah.
That’s an odd growth since, when Congress later funded one other $310 billion for a similar goal, few small companies may entry this system’s web site and even fewer obtained funding.
So the place did the unique $342 billion go? And the way did it get handed out, if the web site didn’t work?
In keeping with The Each day Social Distancing Present, $870 million of it went to massive, publicly traded firms, together with Ruth’s Chris Steak Home, Shake Shack and the Los Angeles Lakers, a sports activities franchise price $four billion.
This occurred as a result of the Treasury Division left the disbursal of funds to banks, they usually did what banks do says Noah: “They screw over the little man.”
Working example: A latest CBS report that estimates almost 90% of minority and female-owned companies can be shut out of the PPP.
“How come each time the federal government builds an internet site, it instantly crashes?”Right here’s a have a look at the problems hampering the PPP mortgage program: pic.twitter.com/1F6D9oBqAv— The Each day Present (@TheDailyShow) April 29, 2020
On the brighter facet, struggle hero and potential Biden running-mate Senator Tammy Duckworth (D-IL) joined Noah later within the present.