Biz Pac Review:
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.