. But a combination of high demand, conflicting information, and changing guidance are causing significant uncertainty for lenders and borrowers.said he spoke to two banks today and neither was ready to process a loan. "Also not true you can go to any bank. Tried to go to another bank and was told unless you have a biz account with them, they are not processing a loan," he said on Twitter. "Being a #bankofamerica business customer is like being one of the poor on the Titanic.
Another screenshot showed Bank of America's qualifications that small businesses must have preexisting lending relationships and a credit card with the bank as of February 15, 2020.
There is no life raft when we are all drowning simultaneously. S O S !!!!!
lifeboats are on order....GM is maybe going to start making lifeboats.
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Bank of America's small business loan portal is up, making it the first major bank to begin relief program“What we’re doing here is keeping people employed, keeping doors open,” House Minority Leader Kevin McCarthy says about the $350 billion small business relief program. It is a Hoax right Joe? This is the worst season of The Apprentice ever...well maybe not the season with Meatloaf...that was really bad. Kevin McCarthy needs to resign.
Source: CNBC - 🏆 12. / 72 Read more »
Stimulus aid for 'small business' will go to some big chainsThe $349 billion stimulus program intended to help small businesses survive the coronavirus shutdowns will be open to franchisees and other large employers, raising concerns that mom-and-pop businesses could get squeezed out. SME’s are lifeline of our 🌍. Save them Save Jobs This is a lie, it’s focused toward businesses with 500 or less employees. Where the freak do you see mom and pop stores being left out I’m not sure who needs to hear this... but he doesn’t give a fuck about you or I.
Source: AP - 🏆 728. / 51 Read more »
U.S. small business bailout starts Friday. Is the government ready?Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence. 🤣🤣🤣 Yeah, they start Friday... But no one will have money until later in the month. So that's fking moot. First off, how do they define smallbusiness
Source: Reuters - 🏆 2. / 97 Read more »
Mnuchin says small business rescue loans launch Friday, despite lender confusionU.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses, after conceding to bank demands to fix aspects of the program that they said could cause participating lenders legal and financial risks. That’s not going to happen says the 4 banks! Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.
Source: Reuters - 🏆 2. / 97 Read more »
Banks warn of ‘utter chaos’ in new small business lending programDEVELOPING: As millions of small businesses anxiously await their slices of a $350B relief program, major banks are still awaiting guidance from the Treasury Dept. — and some still haven't even decided whether they will participate. All this could have been avoided if the federal government just sends monthly payments until America is open for business. Why do we have to make things so damn complicated? $2000 per adult $500 per dependent child. It is THAT simple. Mnuchin said banks required higher interest rates to participate. Trump is not a leader. Trump is a moron. I love well thought out plans
Source: NBCNews - 🏆 10. / 86 Read more »