President Biden’s announcement that it would cancel up to $20,000 in federal student loan debt prompted pushback from opponents — who then had their own Paycheck Protection Program loans thrown back at them. The Biden administration’s student loan forgiveness plan, unveiled Wednesday, would also extend the pause on student loan repayment and restructure income-based forgiveness, comes with a roughly $500 billion price tag. Biden’s plan has drawn criticism from many Republicans who have argued the plan is unfair to taxpayers and those who had students loans that weren’t forgiven, and that’s how PPP found itself back in the spotlight. Many high-profile opponents have found their own acceptance and forgiveness of PPP loans floated as hypocritical when it comes to forgiving debts.
PPP loans back in the spotlight amid student loan forgiveness debate
August 29, 2022