WASHINGTON—The Small Business Administration didn’t follow several congressional mandates in implementing its huge loan program designed to keep businesses afloat during the coronavirus pandemic—including failing to issue guidance that prioritized underserved communities, the agency’s inspector general said in a report Friday.
The report focuses on the Paycheck Protection Program, part of a $2 trillion aid package that became law in March.
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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.
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.
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Small business owners in hardest-hit states were less likely to get relief loans, study showsSmall businesses in states hardest hit by the coronavirus -- including New York, New Jersey, Michigan and Pennsylvania -- were less likely to get federal coronavirus relief loans than less-affected states in other parts of the US, according to research from economists at the Federal Reserve Bank of New York. What's really amazing is the 'small businesses' that got the relief loans WERE LARGE COMPANIES NOT THE MOM AND POPS that are really struggling to stay afloat we need to know who the institutions in charge of disbursement are so we can hold them ACCOUNTABLE
Source: CNN - 🏆 4. / 95 Read more »
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
Source: CNBC - 🏆 12. / 72 Read more »
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.
Source: WSJ - 🏆 98. / 63 Read more »
Restrictive Craft Beer Laws May Put Small Breweries Out Of BusinessIn Minnesota, breweries can sell growlers from their taprooms -- but old laws and political posturing keeps them from selling the equivalent volume in cans. I thought I couldn’t hate government more than I already do; I was wrong, again. Ridiculous “I-I grab the government...and...I-I choke it, and I-I...kick the shit out of it! All day long - my foot up the government’s ass! Yes, BANG BANG BANG up it’s ass! ...That's my plea-sure!”
Source: Forbes - 🏆 394. / 53 Read more »