If you think this botched small business loan roll-out won't result in significant financial fraud, we have a diploma from Trump University to sell you:
"The Trump administration launched an $350 billion small business lending effort Friday amid concerns the program’s infrastructure, finalized just hours before going live, wasn’t ready for the flood of millions of people expected to seek help. [snip]
Administration officials have sharply streamlined procedures, hoping for a same-day approval process that is unheard of in the history of small-business lending. [snip]
Some banking officials have warned that the abbreviated review process ― which allows borrowers to attest to their own eligibility without the government’s approval ― will make the program a magnet for fraud. Although the SBA will be able to audit lenders and borrowers later, it will fall primarily to private bankers to make decisions about who should receive taxpayer-backed loans." (our emphasis)Last minute guidelines for the loans, check. Overwhelmed infrastructure for loan processing, check. Borrowers self-attest to eligibility, check. Magnet for fraud, check. It's a Donald "Moron Vector" Trump Production all right.
