WASHINGTON—Despite the Trump administration’s promise to deliver aid quickly, small-business owners who have applied for federally guaranteed loans to keep them afloat during the coronavirus pandemic are still largely waiting for the money, according to business advocates and banking industry officials.
The $350 billion Paycheck Protection Program opened a week ago with loans to companies with 500 or fewer employees and expands Friday to include independent contractors and self-employed individuals.
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raycene1 Great job stevenmnuchin1 you guys are doing an incredible job!
I would assume most small businesses are not prepared to navigate the inevitable bureaucracy like major corporations. I wouldn't presume something is nefarious.
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Federal Reserve Will Lift Asset Cap On Wells Fargo For Small Business Stimulus LoansThe Federal Reserve will allow Wells Fargo to temporarily exceed the asset cap that it had imposed on the bank in 2018 to allow it to participate in the emergency small business stimulus loan program by theothersarahh theothersarahh Wells Fargo is trash tho they’ll probably end up doing 1000x more harm than good theothersarahh same Wells Fargo that was up Shit Creek a few years back? greattttt. 👉😕 theothersarahh Wells Fargo is NOT a small business why are they allowing them to suck at the tax payers hard earned money AGAIN?
Source: Forbes - 🏆 394. / 53 Read more »
Federal Reserve Will Lift Asset Cap On Wells Fargo For Small Business Stimulus LoansThe Fed imposed the cap in 2018 after Wells Fargo's fake account scandal. Thanks to all the lobbying so they are back where they were earlier! Its the right time, we need to change the system. Or just ban them from participating. These loans will result in massive revenue being generated for the banks. They will see sharp upticks in quarterly profits and related dividends and bonuses. Why not bar a cheating bank from benefitting?
Source: Forbes - 🏆 394. / 53 Read more »
Fed eases Wells Fargo restrictions to speed small business loansThe Federal Reserve eased the punitive growth restrictions it placed on Wells Fargo after a raft of consumer abuse scandals, allowing the giant bank to offer government-backed loans to small and medium-sized businesses This bank should have been closed and never reopened. Finally, the Federal Reserve has finally done some to help Wells Fargo's many American customers take part in the new Congressional commitment for government-backed loans to small and medium-sized businesses. I'm sure they will assist all customers with their individual benefits. Aren't Wells Fargo and Deutsche Bank linked?
Source: politico - 🏆 381. / 59 Read more »
Senate Democrats block $250 billion in small business relief, accuse McConnell of a 'political stunt'The decision to prevent the relief from passing came despite another 6.6 million people filing for unemployment benefits last week, bringing the total number of Americans who've said they've found themselves jobless in the past three weeks. good for them, gotta watch moscowmitch carefully, he is such a turd Republicans just blocked a critical bill to aid small businesses, all because it also included help for communities on the front-lines, hospitals, and nutrition benefits for those going hungry. Shameful. Confronting this crisis requires helping ALL who need it.
Source: Newsweek - 🏆 468. / 52 Read more »