After the 9/11, Congress approved a program to give loans and to small business impacted by the attacks. Some businesses “at New York’s Ground Zero were turned down for the loans.” The AP reports who was approved:
The AP review looked at two Sept. 11 loan recovery programs administered by the Small Business Administration…In Colorado, companies approved for loans included liquor stores, a rug company in Aspen, Big O tires, Quiznos sandwich shops, a nail salon in Englewood, a cleaning service in Fort Collins and a drive-through hamburger stand in Colorado Springs that received approval for $995,000.
More of the same in Georgia:
In Valdosta, veterinarian Creamer said his $1.5 million loan was warranted.” You would not think a veterinary practice in south Georgia would be that impacted. I certainly did not expect to be, not nearly to the degree we were.”
Not surprisingly, the AP concluded that there “was little oversight over who was getting the money.” Not a good sign for small buisnesses in Lousiana, Alabama and Mississippi in need of assistance.
(P.S. Who was the “associate administrator” at the SBA while these loans were distributed? Patrick Rhode — who is now Michael Brown’s top deputy at FEMA.)