Quote:
Originally Posted by SunnySide
How could this be? What the banker discovered was that with less than 500 employees, financial firms and other high-end businesses are technically qualified for low-interest federally guaranteed loans under the broad parameters of the government's Payroll Protection Program (PPP).
And many were sending applications to his bank for the cash, as much as $10 million in the form of a forgivable loan, even if these weren't the types of small businesses Washington was looking to aid.
Even worse, the hedge funds and brokerage businesses were in effect taking money that should be earmarked for businesses that can barely survive in a time of social distancing and quarantines.
These companies have been forced to lay off workers just to make rent, while many banks were prioritizing loans on a first-come, first-served basis and giving priority to their best customers. That means hedge funds and financial firms with deep pockets and significant banking relationships could be getting the money ahead of the local coffee shop.
https://www.foxbusiness.com/money/st...nds-brokerages
Ive read several articles today, all say the same thing.
PPP money is going to hedge funds and companies still making money and not needing to lay people off vs Main Street actual small businesses. I also read there was some language that tried to exclude certain hedge funds by saying their investors count towards the 500 employee cap.
This needs to be fixed.
Republican or Democrat, this is a problem and needs to be fixed before they give Wall Street money over Main Street.
Thank you Mrs. Pelosi and Mr. Schumer for trying to make sure the help actually gets to needy. |
Lol....I wish I could post queries from data tables to clearly to clearly show this is untrue. I guess we are going imagine client facing teams working in unison across the country submit apps to the wizard of oz who pressing approved/rejected button based on a series of preset biased features. within the structure of commercial business size are under a regulatory control cannot manipulated, the options that some jump the line or some large big business are grabbing the money just can’t be done. When you see big brands just remember franchises.
Also before approvals are being completed, required aml/kyc info must be reviewed and up to date to ensure it is correct to ensure reporting and data management...oversight. Partnership with the fed govt has been strong and it was several 7 day work weeks to execute it.
While this is headline grabbing it doesn’t speak to the truth to the hardwork being done to meet client needs in desperate times.
Like I’ve stated, this really isn’t about ppp, trying to tack on agenda items that have nothing to do with the program. Wanting more regulatory actions where it’s not needed is Substantially hurting more small business owners than helping.
Sunyside, your intentions are good, but you're simply wrong if you think folks are being left out because of biases in the most heavily regulated industry in the country.