PPP loans cost nearly double what Biden's student debt forgiveness would have. Here's how the programs compare.
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After the Supreme Court reversed President Biden's student-loan forgiveness plan, critics of the decision are pointing to other recent examples of the government forgiving debt —many with far larger amounts of money than at stake than in the student loan plan. In particular, the Paycheck Protection Program has so far forgiven $757 billion in loans to private businesses, according to government databases — nearly double what the Biden administration's student-loan forgiveness would have cost. Mr. Biden made that comparison in a press conference on Friday afternoon, pointing out that many members of Congress received PPP loans that were forgiven. "I was trying to provide students with $10,000 to $20,000 in relief," Biden said. "The average amount forgiven in the PPP program was $70,000." He added, "The hypocrisy is stunning." How much in PPP loans was forgiven? The government, through the S