- The U.S. government’s $660 billion program to rescue small businesses hit by the coronavirus pandemic thwarts the intention of Congress by making it hard for some borrowers to convert loans to grants and failing to prioritize the right businesses, a government watchdog said on Friday.
"Because the did not provide guidance to lenders about prioritizing borrowers in underserved and rural markets, these borrowers, including rural, minority and women-owned businesses, may not have received the loans as intended," the inspector general said in a 40-page reportAdding to the problem, the report said, the SBA did not collect any demographic data when issuing the loans, so it is unlikely it will ever know how many loans went to underserved borrowers.
Under the U.S. Treasury and SBA’s stringent loan forgiveness terms, businesses that use less than 75% of their loan on payroll may not get the loan forgiven. Congress did not specify any such threshold. Senate Democratic leader Chuck Schumer said the report shows President Donald Trump’s administration “must immediately fix the Paycheck Protection Program to help the truly small businesses that have so far not received the help they need.”
Slush fund.
Sometimes I think every business but small businesses got some money. Another Trump scam to add $$$$ to big business at our expense.
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SBA Veered From Guidelines on Small-Business Loans, Report SaysThe Small Business Administration didn’t follow several congressional mandates in implementing its huge loan program designed to keep businesses afloat during the coronavirus pandemic, the agency’s inspector general said. What a travesty for the small Mom n Pops who’ve lost everything because of the SBA corruption. Yes, let’s call it what it is. MANY INDIVIDUALS, COMMERCIAL ORGANIZATIONS FORGET SAVINGS AND DEPENDS MORE ON CREDITS. THE LOCKDOWN CAN BE FACED COMFORTABLY WITH SAVINGS. ANCIENT INDIAN HABITS OF SAVINGS TO PREPARE FOR UNFORESEEN EVENTS IS MUCH HELPFUL. 'SAVINGS, INVESTMENTS' FOR COMFORTABLE, SECURED FUTURE.
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Lloyd Blankfein says big companies should be 'very reluctant' to tap small business relief programBlankfein may be speaking from experience: Goldman took $10 billion from the Treasury's Troubled Asset Relief Program in October 2008. Agreed Now interview a family who lost a family member. 'Please don't be as corrupt as the government will allow' LateStageCapitalism
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No More PPP Loans to Big Business, State Attorneys DemandThe state attorneys believe as much as $154 billion of the first round of loans went to large businesses.
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Demand for Small Business Loans CoolsNearly two weeks after the federal government relaunched its small business aid program with an additional $310 billion, more than 40% of the money remains available. Keyword: loan. Many don't want to be in debt. They will just close. Pretty sure they're dragging their feet while trying to find another way to feed their big-business pigs, after bullshit was called on where the money had actually been going. But as of yesterday, the SBA website was only accepting EIDL from agricultural businesses. They need to reopen it for all businesses.
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