The small businesses that received aid under the federal government’s $350 billion rescue program weren’t always the ones with the greatest needs or the best chances to survive the coronavirus pandemic. Whether a firm made the cut often came down to how and where it banked.
Some recipients were publicly traded companies that already had significant loans with big banks. Others were customers of community banks that had long made loans through the Small Business Administration, which is guaranteeing loans made through the government...
Help in this stage is gracefull
Big banks prioritized their lending customers over regular small business customers. They left us all dangling for a week or longer and then responded to our apps after the PPP funding ran out. This means you Citibank. Still don't know if I'll get $$ on the second round.
This IS HORRIFYING TO THOSE IN THE MOST NEED.. HOW WILL WE EVER BE ABLE TO PULL THRU,W/OUT SERIOUS CONSIDERATIONS MADE. IN ADDITION TO THE CREDITORS ETC, SMALL BIZ OWNERS WILL Need TIME TO GET BUSINESS GENERATING CASH FLOW DOES NOT HAPPEN IMMEDIATELY.
This wasn’t built into the PPP. You could have written this article before it went live
When it comes to corporates and businesses who are worth millions and billions of worth, these sick govt wouldn't even bat an eye to bail them out but when it comes to bailout the people, they'd required messy criteria to be eligible for it. Fuck the corporate govt.
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Source: NBCNews - 🏆 10. / 86 Read more »