Posted on 04/02/2020 8:20:03 PM PDT by Freedom'sWorthIt
RESEARCH TRIANGLE PARK Its as if small business owners, including some startups in the Triangle, are lined up for the start of the Indy 500 as the flag drops Friday for $350 billion in loans through the federal governments $2 trillion coronavirus economic relief package.
The loans are seen as a lifeline for companies that are short of capital and losing business as the virus shuts down much of the US economy. Small business makes up some 44 percent of the US gross domestic product and employ millions of people.
But banks are warning they may not be ready for a fast start in dealing with whats expected to be a flood of applications.
(Excerpt) Read more at wraltechwire.com ...
I just cut my 84 yrs old MIL off from watching the news.
She was freaking out today.
I had to explain that she is being exploited by the media.
She is always home bound anyway with her family taking care of her... she is WITH US!
There is no better place she can be, and she is lucky.
I’m seeing how hysterical grown people are behaving.
WTH would they be doing if they had to face what President Trump has to face every day.
Where the hell are the John Waynes and Clint Eastwoods and Al Pachinos...guys with guts.
Bankers are notorious wimps, for Heaven’s sake, man up and try to act like adults.
This kind of wimpification really steams me.
Yeah, I tried for that 350B. I got nothing but chaos! Calling my congressman!
We filled out the form yesterday and had to submit it through the drive up window. Cant go in the banks and can’t call them. There is a new thing called the internet. Why they didn’t have the process online us beyond me. Instead we had poorly designed PDF forms and no way to submit to a person. I don’t even know if our bank is involved in this boondoggle. It may be time to close the business and practice society distancing. The government has made it so difficult and costly to be in business it is not worth the headache. The left hates small business and are happy about 50% going out.
So you want even slower processing times? Not to mention your premise of the bailouts is completely wrong.
Your post is 100% correct! I deal with small businesses as executive director of a trade group. I spent almost two hours on a webinar today with one of the top finance law firms in the country and representatives from DC.
There are many more questions (and confusion) than there are answers. A bank may take your application but don’t expect any quick turn-around and be prepared for many questions. Think of the process like an IRS financial audit! The banks do not know the answers, yet.
Hope it works out for you.
Good question and I surely don’t know the answer.
Yeah, all the funds were diverted to The Kennedy Center.
Am all for smaller community/regional/state-chartered banks & CU’s jumping in to help the beleaguered small businesses who desperately need the help IF they aren’t forced to take a loss on the loan origination paperwork processing/website development. Now that the treasury responded to them with a doubling of the “interest rate” (essentially is “govt. paid” with loan forgiveness at the end) to 1% from 0.5% smaller banks/CU’s can jump in w/o taking a hit. A great thing.
As for 2008, I should not have brought it up, don’t want to take this thread off-topic now. Save for another thread/day.
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