General News

Joe Biden’s Son-In-Law Benefited From PPP As He Criticized Trump’s Handling Of The Program

By  | 

A medical investment firm staffed by former Vice President Joe Biden’s son-in-law, Dr. Howard Krein, and co-founded by Howard’s brother, Steven Krein, received a Paycheck Protection Program (PPP) loan in April, less than two weeks before Biden publicly criticized the Trump administration’s management of the program.

Howard Krein, who is married to Biden’s daughter, Ashley Biden, and also serves as an informal advisor to the Biden campaign, is the chief medical officer of StartUp Health, which as of September 2018 had built up an investment portfolio valued at over $31 million. The firm received a PPP loan valued between $150,000 and $350,000 on April 12 to retain the jobs of 18 people, according to The Wall Street Journal.

Nine days later, on April 21, Biden accused Trump in a Medium post of leaving small businesses with less than 20 employees behind in his administration’s management of the PPP.

“It is unacceptable to have a small-business program that is leaving minority business owners out in the cold, or that firms with fewer than 20 employees received only about 20% of the money — even though they make up about one third of payroll,” Biden wrote.

 

The Biden campaign and StartUp Health did not return requests for comment.

Biden is no stranger to StartUp Health, according to its founders.

Steven Krein recalled to the Philadelphia Alliance for Capital and Technologies (PACT) in 2015 how StartUp Health had announced its launch at an event at the White House in 2011 after Biden personally helped set up a meeting between the firm’s co-founders, Steven Krein and Unity Stoakes, and former President Barack Obama.

“I happened to be talking to my father-in-law that day and I mentioned Steve and Unity were down there,” Krein said, according to the PACT piece. “He knew about StartUp Health and was a big fan of it. He asked for Steve’s number and said, ‘I have to get them up here to talk with Barack.’ The Secret Service came and got Steve and Unity and brought them to the Oval Office.”

Krein’s brother talked with Obama about reforming the efficiency of the medical industry through the use of electronic health records and medical technology.

“The president loved it and it became a talking point for him,” Steven Krein said, according to PACT.

Major investors for StartUp Health include Mark Cuban, the billionaire owner of the Dallas Mavericks NBA team, and America Online co-founder Steve Case, according to PACT.

Author: Andrew Kerr

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]

Image Source: Wikimedia Commons

Report Complaints We welcome complaints about errors that warrant correction (inaccurate information, grammatical errors, etc). To report a problem click on the blue “Report Content” button below. If that doesn’t work you can also use our Contact Form.

For opinion articles, information and opinions put forth by contributors are exclusive to them and do not represent the views of US Chronicle.





  • Leave a Reply

    Your email address will not be published.

    Spelling error report

    The following text will be sent to our editors: