Big Banks Favor Certain Customers in $350 Billion Small-Business Loan Program

Some small-business owners worry that the pot of money will run out before they are able to dip into it

President Trump signed an historic $2 trillion bill into law in late March aimed at relieving workers and businesses hurt by the novel coronavirus pandemic. WSJ breaks down what is in the package. Photo: G. Ronald Lopez/ZUMA Wire

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An issue largely ignored right now: SBA isn't releasing the '3-day' $10k emergency EIDL advances as dictated by CARES & is not communicating with applicants re when/if this $ will ever arrive. So many SmallBiz are in real peril & can't hold out another week/month.

Any company doing businesses, has a bank account, even if it’s just a checking account. If they don’t, they aren’t running a legitimate business. Banks are right to focus on existing customers.

Shame

Businesses should file their applications with their existing banks. If those banks are smaller, that is an advantage not a bad thing.

Lacking accounts hasn’t stopped Wells Fargo in the past. They create accounts when it’s beneficial to them, perhaps nows the time to return the favor?

This a method to hurt the small minority owned business I have a Contracting firm. I know do a story on me A New World Contracting Co.

I am shocked to hear billionaire big banks are going to screw over little people after receiving hundreds of billions of dollars in taxpayer money. Shocked, I tell you. We just need to pull ourselves up by our bootstraps, or whatever. Why don't these banks ever bail us out?

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Big Restaurant, Hotel Chains Won Exemption to Get Small Business LoansWhile the new $350 billion Paycheck Protection Program is aimed at businesses with 500 or fewer employees, big restaurant and hotel chains can participate regardless of how many people they employ. So small business will be crowded out They’ll get the majority of the $350 billion while small businesses get scraps. The Democrats are to bust trying to make sure the Trump Organization does not get any money, but they fail to realize Trumps family business is one of the largest, greatest and most beautiful organizations in all of the world. They enjoy many great, smart and beautiful people.
Source: WSJ - 🏆 98. / 63 Read more »

Small-business owners express confusion, fear over federal bailout fundSmall-business owners and nonprofit executives told MarketWatch their banks aren’t yet accepting applications, while expressing confusion and concern about the terms of the loan and whether it makes sense for their businesses to accept the money at all. I was so scared and confused that I went online yesterday and I completed my application in 5 min Any literate businessman can do this very easily. 2 small businesses (10 employees) that I am very familiar with both got it done online through BoA the day it dropped in 30 minutes or less. I completed mine yesterday in less than 30 minutes. The idiot who wrote this story could never run a business given this low aptitude. Do better
Source: MarketWatch - 🏆 3. / 97 Read more »