Do better, Steve. Photo: Sarah Silbiger/UPI/Bloomberg via Getty Images The small-business bailout — otherwise known as the “Paycheck Protection Program” — was arguably the most ambitious provision of the $2 trillion stimulus bill that Congress passed last week.
Unfortunately, the small-business bailout season is off to a shaky start — and for entirely predictable reasons. Here, the four big ones: But banks fear this new line of business is riskier than it appears. Specifically, the administration is requiring banks to verify borrowers’ eligibility and certify the size of the loan they are eligible for . Which raises the question: What if a bank gets tricked?
Treasury secretary Steve Mnuchin has said that the administration is committed to replenishing the program’s fund once it’s exhausted. But for now, businesses are competing for scarce bailouts on a first-come, first-served basis. Which is surely exacerbating the preexisting mismatch between demand for loans and suppliers of them, as firms rush to get into the front of the line.
It's a disaster within a disaster. Federal government can't get it act together. It was changing the application process for small businesses yesterday and today, while applications were being submitted. Potential borrowers and lenders are confused. A mess.
Well most business are closed so you don't any costs except rent maybe depends. So instead of worry about the business income I worry more about each individual being able to survive financial thru this fuck fest. An in theory if you give the people money hopefully they spend it
Sad part is not all of those businesses were the ones who believed when Trump called COVID19 a Dem hoax
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The Coronavirus Small Business Loan Program: What You Need To KnowCongress has made $349 billion available in loans to small businesses, much of which may be forgivable. Here's what to know about how this might work for your small business. Hedge funds are small businesses. Someone, please follow the money. Thanks Trump 😁 Small businesses have to get loans Big businesses get bailed out Hmmmmm
Source: NPR - 🏆 96. / 63 Read more »
Small Business Loan Program Makes Bumpy StartThe government's $350 billion small business loan program got off to a rocky start Friday, with some of the nation’s biggest lenders saying they weren’t yet able to process loan applications Maybe I should find out just how little they told you. too much complications
Source: WSJ - 🏆 98. / 63 Read more »
Federal relief loan chaos on Twitter: banks turn small businesses away - Business Insider'We don't get lifeboats': Entrepreneurs are raging on Twitter after banks turn away desperate business owners who were promised government relief today lifeboats are on order....GM is maybe going to start making lifeboats. There is no life raft when we are all drowning simultaneously. S O S !!!!!
Source: BusinessInsider - 🏆 729. / 51 Read more »
On first day, small business loan application process plagued with problemsOn first day, small business loan application process is plagued with problems, as small business owners waiting for loans say they can't hold out much longer. Let Americans go back to work! We can practice social distancing while we work. The virus kills, but so do millions of lost jobs. The solution is becoming worse than the problem. We need smart policy, not thoughtless suspension of our God given rights. Relax! Keep logging in. Thousands are doing the same. No system can handle all of that at once. stevenmnuchin1 looks like BOA is looking for profit not to help small businesses? Is this another way for the TrumpCrimeSyndicate to make money?
Source: ABC - 🏆 471. / 51 Read more »
Treasury makes coronavirus loan terms less favorable for small businessesThe Treasury Department raised interest rates on its Paycheck Protection Program loans for small businesses and reduced their payback period. Way to go Munchy! it was never ment for small business its wallstreet bailout Anyone really surprised?
Source: CNBC - 🏆 12. / 72 Read more »
Exclusive: Top U.S. banks may shun small-business rescue plan on liability worries - sourcesTop U.S. banks have threatened to give the federal government's small-business rescue program a miss on concerns about taking on too much financial and legal risk, five people with direct knowledge of industry discussions told Reuters. peteschroeder DHenryReports ⭕للمتواجـديـن 🔥 لزيادة متابعينك قم بالآتـي👇🏻 ➊ فولومـي folo9090 ™️ ➋ رتويـت 🔃 ➌ فولو للـي عمل رتويـت ☑️ ➍ فولو بـاك 🔙 ➎ تابـع من يتـابعنـي ✨ ➏ اللـي مايلتزم مايستفيـد ❌ peteschroeder DHenryReports how many fucking times have we bailed out the banks? time for them to be taken over by the government peteschroeder DHenryReports . has been allowed to remain in China, while the .nytimes .washingtonpost & WSJ were kicked out. Believe nothing from Reuters
Source: Reuters - 🏆 2. / 97 Read more »