Small-Business Bailout Needs More Than Banks

Trying to extend hundreds-of-billions of dollars of small-business credit through American banks is like putting a round peg into a square hole.

These days, the most vulnerable small businesses are as likely to ask an online financial-technology firm—Square, for example, or On Deck Capital or Kabbage—for credit as they are any local bank. That is one reason why it is such a struggle to dispense Congress’s $350 billion in guaranteed Paycheck Protection Program loans to small businesses. And it is why the Federal Reserve may...

Spencerjakab Shocking!

KarenGMills Spencerjakab We shouldn't even be in this position.

Spencerjakab This will probably go the same way as “anyone who wants a test can get one” or Puerto Rico getting paper towels instead of money to help with hurricane recovery. Money gets allocated but most of it rarely goes to fully fund what it is meant for. We need the IG back......at least

Spencerjakab It should been part of the first package, instead giving out more corporate welfare to the much larger complies that don’t need it.

Spencerjakab Amen!! It’s needed ASAP!!

Spencerjakab This deserves a read. Market has popped on such stimulus news, failing to price in the difficulties of getting cash to both businesses and individuals.

Spencerjakab This is partly the result of bank consolidations. Most of the consolidations eliminated internal resources like loan personnel and underwriters to save costs. The consequence now is the banks can't process loans fast enough to meet such huge demand.

Spencerjakab Some . It’s like the housing crisis . When republicans delayed every payment of help . That’s what their doing here . No one said it had to be anytime soon . So don’t hold your breath . It will be years & years . Then it ei be to late . Then they get that money .

Spencerjakab One of them...is to keep POTUS hands out the money...to pay other Crooks like Jared, Ivanka, his Lawyers, GOP, Loans...the list goes on, he's making Profits for himself, not for us... remember when MagaSupporters try to get Healthcare Loans Testing Food SSA

Spencerjakab Our bank isn’t offering the small business loans for covering rent during this time and is directing us to the SBA. It’s been over 8 days and we haven’t heard anything. Other banks require you to have your business acct with them prior to COVID.

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