Here are the steps to fix the issue
1. Visit the directory
C:\Program Files (x86)\Steam\steamapps\common\PAYDAY 2
or wherever you have installed the game.
2. Right click Payday2_win32_release.exe and goto Properties
3. Under the compatibility tab under the settings list, Check all the options and Click Apply
Check -> Run in 256 Colors, Run in 640 X 480 screen resolution , disable visual themes, disable desktop composition, disable display scaling
The game will now run , and you can manually change the resolution settings to match your monitor under the video settings within the game. This issue appears to be caused by faulty resolution settings within the renderer_settings.xml
I did also run the game validation but not sure if it is needed for the game to work. You can also take a look in the renderer_settings.xml if the above fix does not work and change the resolution to 800 x 600 or something your monitor can handle. C:\Users\username\AppData\Local\PAYDAY 2
its likely that you don't need to tick every option , but what the heck it worked me so hopefully it works for you.