Joe Biden, the Democratic presidential candidate for the U.S. presidency, criticized President Donald Trump for not helping companies with fewer than 20 employees enough after his son-in-law got help for his 18 workers.
Dr. Howard Krein, husband of Biden’s daughter Ashley, obtained a Paycheck Protection Program (PPP) loan of $150,000 to $350,000 to help support his employees. Nine days later, Joe Biden criticized the Trump administration for failing to serve small businesses adequately, Daily Caller found in a July 31 investigation.
“It is unacceptable to have a small-business program that is leaving minority business owners out in the cold, or that firms with fewer than 20 employees received only about 20 percent of the money—even though they make up about one-third of payroll,” Biden said April 21.
In this sense, Biden’s criticism would be contradictory. His own son-in-law’s company received the aid approved and distributed by Congress to alleviate the harmful economic effects caused by the CCP (Chinese Communist Party) Virus.
Howard Krein, an informal advisor to Biden’s campaign, serves as the medical director of StartUp Health, a company co-founded by his brother Steven Krein, which had an investment of more than $31 million as at September 2018.
Biden had already helped his son-in-law’s company in 2011. He helped its founders obtain a meeting with then-President Barack Obama, following which the company launch was announced at the White House, Steven Krein told the Philadelphia Capital and Technology Alliance (PACT).
The PPP, from which Biden’s son-in-law benefited, provides forgivable loans to smaller businesses, helping them stay active and for employees to keep their jobs.
According to the U.S. Small Business Administration (SBA) and Treasury Department report, about 4.9 million U.S. businesses benefited from these contributions.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of our country’s economic growth,” said U.S. Treasury Secretary Steven T. Mnuchin.