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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U.S. banks grapple with system glitches, paperwork snags as small-business program ends fourth dayThe U.S. government's $350 billion small-business rescue program was plagued by paperwork and technical issues as it lurched to the end of a fourth day on Monday, with some banks experiencing major glitches with the processing system, according to industry groups, bankers and an email seen by Reuters. thebearablebull Don't make a bank run they said thebearablebull XRP Thousands of successful applications. A handful of glitches. Which does the fake news media highlight?
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How to Apply for a Small Business Loan Through the Coronavirus Stimulus PackageThe $2 trillion stimulus package allocates $350 million for the Paycheck Protection Program.
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Small business owners stuck in loan limbo as new government programs stumble'Most Americans think this is all rolling out and checks are flowing based on what the White House is saying,' one small business owner said, adding: 'But we're hanging on by a thread.' Dr Fauci would have your business stay closed for months until there were no new cases. Ridiculous. End the shutdowns! Social distance the elderly and unhealthy.
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The Small-Business Loan Program Crashed in the First Week It Was UpThe rollout of the $349 billion program is already causing headaches for the Trump administration. But we’ll never know more, because Trump thinks these re nasty questions.
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Outages and delays mar new small business loan programThe system the Small Business Administration is using to establish coronavirus relief loans was not functioning for most of Monday, banking executives said. Yet Trump lies saying everything is Incredibly going on well. Kat_Missouri Bullshit. Maybe not use Internet Explorer? Have your brain dead reporters ask some real questions & get some real answers.
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