Vance says 870,000 fraudsters will be permanently banned from getting federal loans

Vice President JD Vance announced on Monday that 870,000 people will be permanently prevented from applying for federal loans amid allegations that they previously defrauded the government through the COVID-19 pandemic-era Paycheck Protection Program.

“Well, we think it makes sense that if you were caught stealing from the American taxpayer, you shouldn’t be able to benefit from these loans anymore,” Vance told reporters at the FBI field office in Kansas City, Missouri. “So we’re going to suspend about 870,000 people from being able to access these funds in the future and from being able to borrow money from the American taxpayer.