that Bank of America has seen applications from 177,000 small businesses that account for $32.6 billion—almost 10% of the entire amount allocated by Congress. .
Wells Fargo says it will focus its lending on nonprofits and small businesses with fewer than 50 employees , citing Fed restrictions on its balance sheet capacity; the bank says it has already enough applications to that exceed“We are committed to helping our customers during these unprecedented and challenging times, but are restricted in our ability to serve as many customers as we would like under the PPP,”Over the weekend, Senator Marco Rubio tweeted that based on current demand, money in...
Last week, Bank of America received 10,000 applications for loans within the first hour its portal was open, CEO Brian Moynihan told CNBC. The bank has been criticized for restricting applications to customers who already borrow from the bank, which excludes those customers who have checking accounts but not loans.
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nice to hear that somebody now small businesses exist
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Trump says he will immediately ask for more small business money if relief fund runs outPresident Donald Trump on Saturday said that he will 'immediately' seek more funding from Congress if the employee retention programs included in the $2 trillion coronavirus relief bill run out of money. And that's a good thing. Isn't it. Say: 'Thank you President Trump.' He is trying to maintain his f.cked governance but he won't be able to do that despite bad situation
Source: CNBC - 🏆 12. / 72 Read more »
U.S. Seeks to Ease Small Business Loan Process, but Startups Fear Being Shut OutThe Treasury Department issued new guidance aimed at expanding access to the emergency small-business lending program, but some in Silicon Valley say it falls short of ensuring startups will be able to get aid. What about us? Trumps Banana Republic - Welcome to the new Venezuela! TrumpResignNow TrumpGenocide TrumpDeathToll
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 »
Google and Facebook will offer small businesses ad credits and grants - Business InsiderGoogle and Facebook will offer small businesses who advertise with them, and some news publishers, some relief in the form of ad credits and grants. I feel like it’s also a way to help prevent ad pricing from falling (by increasing demand) while simultaneously getting a charity tax write off 😂
Source: BusinessInsider - 🏆 729. / 51 Read more »
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 »
Big Banks Favor Certain Customers in $350 Billion Small-Business Loan ProgramThe big banks’ decision to focus on existing customers could hurt smaller and minority-owned businesses that are less likely to have accounts with them, as well as businesses in rural areas where they have fewer branches 'GET WELL SOON' Boris BorisJohnson was admitted to the hospital due to coronavirus 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? 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.
Source: WSJ - 🏆 98. / 63 Read more »