The program — which calls for loans to be forgiven if employers maintain their payrolls — has proven to be extremely popular but has been mired in controversies, from crashing SBA systems that slowed loan approvals to a backlash over major companies like Shake Shack and the Los Angeles Lakers basketball team being approved for the limited aid. Both organizations have since said they were returning the money, as have others.
This week, large banks complained that they believed the SBA was keeping them in the dark about their hundreds of thousands of pending applications and that the agency may be putting them in the back of the line for funds.
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Bullshit. IT's all going to Wall Street, just like most of the other stimulus money. And they in turn will use it for their projects in China.
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Federal Reserve Expands Business-Lending ProgramThe Main Street Lending Program, unveiled earlier this month, will now allow larger businesses to participate, and it will relax minimum-loan amounts to help more small businesses. See nine key moments from Fed Chairman Jerome Powell's press conference Wednesday and why they matter Define small and midsize. Because that's who the first loans were supposed to go to, instead half of them went to wealthy corprorations. BS. The money will end up in the hands of those who will turn around and hand it over to the Chinese government for a kickback. Just like MOST of the other stimulus money that was supposed to help small AMERICAN businesses!
Source: WSJ - 🏆 98. / 63 Read more »
Banks say that electronic loan portal for small business relief program is to blame for delaysThe Small Business Administration's E-Tran system has been plagued with issues in both rounds of funding. More Trump incompetence! this guy works for JP Morgan you know because he keeps inflating the markets Funny how big businesses had now trouble getting their loans & grants!
Source: CNBC - 🏆 12. / 72 Read more »