California, like most states, borrowed money from the feds during the pandemic, but unlike most states, has failed to pay it back. Congressman Jay Obernolte says the consequences of not paying that Title 12 loan back are steep. “Every employer in California is going to be charged a penalty this month, thas due by the end of the month, and they’re going to pay higher and higher penalties until that loan is repaid.” He went on to say just last year the state had a 100 billion dollar surplus…”so to ask Californians to repay a debt that’s the state’s debt is just theft”. Congressman Obernolte was guest on KABC’s Mottek on Money. You can hear the entire interview here:
Newsom not repaying federal pandemic loans will cost you $$$.
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