REPRESENTING. ISSA CRITICISM OF STUDENT LOAN DEBT FORGIVENESS, BUT HIS COMPANY HAD $151,131 FEDERAL LOAN FORGIVEN
By Miriam Raftery
October 7, 2022 (San Diego) – Congressman Darrell Issa has strongly criticized President Joe Biden for writing off a small percentage (10-20%) of student loan debt. But Greene Properties in Vista, for which Issa is listed as the chief executive officer (CEO), pocketed $151,313 in federal loan forgiveness on a Paycheck Protection Plan (PPP) loan during the COVID-19 pandemic. The company’s website had since gone black, offline for at least several weeks.
According to PPP loan forgiveness data tracked by ProPublica, Green Properties had $151,313 (the original loan of $150,000 plus interest) forfeited on April 8, 2021 after the plaintiff promised to use funds originally loaned in May. 2020 for payroll.
Issa’s financial disclosure report to the House of Representatives, filed July 7, 2021 (three months after the PPP loan was canceled) still lists him as a director of Greene Properties.
In 2020, the year Greene Properties secured its COVID PPP loan, Business Insider ranked Rep. Issa the third-richest man in Congress, with an estimated minimum net worth of over $115 million.
The company was founded in 1997 by Issa’s wife, Katherine, as a joint trust. The couple divorced last year. The California Secretary of State at https://bizfileonline.sos.ca.gov/search/business lists Greene Properties as entity number C2057614, first incorporated in 1997 by Katherine Issa (Document 25789793-1) , and shows an information statement filed in 2011 listing Darrell Issa as CEO and Katherine as secretary (Document 25789800-1) and a later information statement from 2021 stating that “there has been no change in information contained in the prior complete information statement filed with the California Secretary of State.” (Document 25789801-1). There are no other amendments or declarations filed with the CA Secretary of State.
Greene Properties’ website has been down for at least several weeks, and it’s unclear whether the company is still operational or whether funds from the canceled PPP loan were actually used to pay employees.
Still, Issa railed against the cancellation of much smaller amounts for Americans struggling with student debt. Biden canceled 10% of federal loans for those earning $125,000 a year or less and 20% for low-income Pell Grant recipients, with nothing for wealthier loan recipients.
On Twitter, Issa accused Biden of using student loan debt forgiveness to lure voters.
In an interview on KUSIIssa further lambasted the cancellation of student loan debts, noting that people who did not attend college will now help repay the loans of those who did, KUSI posted on Facebook.
Issa announced his support for the expansion of PPP loans to businesses in March 2021, just weeks before the company he ran won a six-figure PPP loan forgiveness. But he voted against another COVID relief.
His opponent, Stephen Houlahan, told ECM, “I find it hypocritical that Rep. Darrell Issa, one of the wealthiest members of Congress, accepted a PPP payment of $150,000.00 and then voted against it. to provide a fraction of that amount, $1,400.00 to his constituents during the second round of COVID-19 relief!
ECM reached out to Rep. Issa with questions about Greene Properties and the canceled PPP loan for the company, but by the press deadline he did not respond.