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.”