Experts say there are strong reasons to believe less-well-to-do business owners have suffered disproportionately and gotten less help from the government during the crisis.
that his office found $250 million in loans and grants related to coronavirus aid from the Economic Injury Disaster Loan program that appear to have been given to ineligible recipients, as well as $45.6 million more in apparently duplicate payments.
In many cases, the people who needed money just to keep their businesses afloat, their workers paid or roofs over their heads may have been those with the least ability to access it.The Federal Reserve began injecting steroids into the stock market on March 15.
Some of the central bank's maneuvers, like lowering the federal funds rate, were unilateral, but many required Congress to step in and give the Fed a license to work with the administration on a set of hybrid programs that use instruments of high finance as levers to lend to banks and other companies.
"Congress told the Fed to bail out corporate debt, and in doing so the Fed is accelerating the growing gap in wealth inequality as the lucky few who own the vast majority of the stock market continue get even richer, while the rest of the country struggles to make it through a painful recession," Klein said.
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