Kudlow Calls Trump’s Failed PPP a “Stroke of Genius”

Watchdog Report Shows Just How Badly the Program Failed to Help Businesses in Need of Relief

WASHINGTON, D.C. – In an interview on CNBC this morning, National Economic Council Director and top White House Economic Advisor Larry Kudlow called Trump’s Paycheck Protection Program a “stroke of genius” for small businesses. In practice, the program overwhelmingly favored wealthy and well-connected companies, largely failing to get aid into the hands of those who needed it most: actual small businesses and their employees — especially those in communities of color.

After Trump’s poorly designed and poorly implemented Paycheck Protection Program failed to keep thousands of small businesses afloat and employees on payroll, Larry Kudlow is attempting to talk up its success,” said Kyle Herrig, president of Accountable.US. “Sure, the PPP may seem like a ‘stroke of genius’ to wealthy corporate executives and administration officials whose wives cashed in on aid. But for actual small business owners and workers, it’s clear how badly this program missed the mark.

A recent 200+ page report by government watchdog Accountable.US shows just how badly the Paycheck Protection Program failed to help American workers and struggling small businesses since its inception six months ago. Here’s what a “stroke of genius” according to Kudlow looks like:

Last week, Accountable.US sent a letter to congressional leaders asking for additional clarity on the PPP and calling on Congress to prioritize new aid to keep small businesses going. Read the letter here.