U.S. small business bailout starts Friday. Is the government ready?

FILE PHOTO: A parking lot is seen almost empty as local stores are seen shuttered due to the outbreak of the coronavirus disease in Matawan, New Jersey, U.S., April 1, 2020 REUTERS/Eduardo Munoz/File Photo

It also throws the nearly 67-year-old SBA into a higher profile role than ever before, one that some lenders worry it could struggle to fill.The rescue package amounts to a giant expansion of activity for the 3,300 people who work at SBA. The $349 billion in loans Treasury Secretary Steven Mnuchin is hoping to move quickly through that program is 12 times the $28.1 billion in loans the SBA approved in all of fiscal 2019.

It will be handling this record volume at a time when most government employees are encouraged to work from home, something just half of the SBA’s employees were eligible to do in 2017, the most recent year for which figures are available. Some of the country’s big banks, worried the program poses too much legal and financial risk, have threatened not to participate.

If my business was hemorrhaging and the government gave me a bandaid, I would let the business die but keep the bandaid.

Why loan them money it should be a grant. After all, the government ordered them closed. You expect a restaurant who lost a month or twos revenue to pay back a loan. Sound like loan snarking or extortion. Not surprising however.

Wanna wager one stimulus plan for a ventilator?

Lenders are concerned about over leveraging liability.

Lenders like Chase are not confused. They are using that as an excuse to not act or support their business customers by deferring payments or lowering interest rates. That’s my experience so far with garbage Chase . Look for your business banking elsewhere.

My local bank is getting all applicants ready to go. I know multiple small business owners who are ecstatic. Very very busy...and NO confusion!!

TRANSLATION: Munchkin says “Ma homies on Vesey St. bout to get dat bread soon! Yaal lil niggz tho...idk WHAT yaal gon do. Matta fakt fcuk yaal lil ass hoez” ... “Call the gubament 🤣🤣” -Munchkin

The funds will all be dispersed before they figure out what the hell they're supposed to be doing.

My bank is saying they aren’t ready. Don’t have enough info. SBA needs to be ready

The short answer is ... No.

First off, how do they define smallbusiness

🤣🤣🤣

Yeah, they start Friday... But no one will have money until later in the month. So that's fking moot.

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Small business owners can apply for loans from $349 billion Payroll Protection Program starting FridaySmall business owners will be able to apply for loans to weather the economic downturn set off by Covid-19 on a first-come, first-serve basis beginning Friday as part of the newly passed stimulus package I'm too nervous that releasing loans to small businesses now is too early without necessarily assessing the face direction of overall response to COVID-19 combat measures could be counterproductive risky in jumpstarting the economy, otherwise, a 2nd stimulus Marginal small businesses should not be taking on more debt going in to a period of uncertainty .... especially if they have to personally guarantee this debt!
Källa: CNN - 🏆 4. / 95 Läs mer »

Small business owners can apply for loans from $349 billion Payroll Protection Program starting FridaySmall business owners will be able to apply for loans to weather the economic downturn set off by Covid-19 on a first-come, first-serve basis beginning Friday as part of the newly passed stimulus package I'm too nervous that releasing loans to small businesses now is too early without necessarily assessing the face direction of overall response to COVID-19 combat measures could be counterproductive risky in jumpstarting the economy, otherwise, a 2nd stimulus Marginal small businesses should not be taking on more debt going in to a period of uncertainty .... especially if they have to personally guarantee this debt!
Källa: CNN - 🏆 4. / 95 Läs mer »