Posted on 04/02/2020 8:20:03 PM PDT by Freedom'sWorthIt
RESEARCH TRIANGLE PARK – It’s 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 government’s $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 what’s expected to be a flood of applications.
(Excerpt) Read more at wraltechwire.com ...
NC BANKS WORRIED The head of the North Carolina Bankers Association are worried, too – not so much about demand but conditions.
Peter Gwaltney issued a warning about the program’s requirements. He called conditions of the program “unworkable,” according to American Banker.
“It’s asking a lot of banks to take on unmanageable and immeasurable risk,” Gwaltney said. “The delivery channel is shrinking by the day. We don’t know what to expect tomorrow.”
We can expect huge Blame Trump scenes tomorrow at the Banks.
I see the words MAY and COULD and MIGHT in so many thread titles these days.
And even too many goofballs here choose to ignore the word and panic.
It’s a Set Up!!!
They know most people scare easily and will ignore the COULD and MAY and act like it’s a certainty.
Like so many putzes (including some here) did with the death estimates early on.
The virus COULD kill 60 million worldwide.
Lots of things COULD happen.
Let’s stop falling for it over and over.
Should have forced BofA, Chase, Wells Fargo and the rest of the banks bailed out in 2008 to handle ALL of the SBA “loans”...leave the regionals & community banks alone (non-federal reserve member banks)...0.5%-1% is not much for the amount of paperwork/man-hours involved in initiating the loans.
https://www.zerohedge.com/economics/hours-its-start-treasurys-small-business-bailout-verge-collapse
We are all welfare queens now.
$350 billion available for loans, out of $2 trillion. What am I missing her? /s
Great time to be a loan shark.
The banks get 5% from Fed to basically write a check. Virtually the only underwriting is to get two page application signed and obtain copies of form 941. All loans will be spent and forgiven in two months.
Oh yes, the banks are not required to participate and can choose who they loan to,
I heard 0.5%, now being pushed to 1% after banks complained.
Yeah its not so easy to apply since i think most banks aren’t walk in anymore. Plus probably a lot of biz owners won’t have quick access to 940’s & 941’s and a year’s worth payroll summary. Luckily i have adp as my payroll company and looked it up online, downloaded and then emailed to my banker yesterday. So getting an appt with banker will be difficult and then once they get the appt, they will probably not have all the paperwork they need do they will need to come back. But if you know how to do it, its fairly easy.
The banks get 5% fee at closing.
We are all being mentally abused.
You’re right, we need to stop letting it happen.
I just realized after binge eating at 12:30am that i am one of the ones affected
I KNOW it’s garbage and lies but it must be hitting me at a subconscious level.
and it needs to stop NOW.
Been binge eating for a week and a half.
this whole situation is getting the better of many of u.
maybe it’s time to step away from all the news for a few days
Ahhhhh, I see. The lender’s fee is adjusted from 1% to 5% based on the amount of the loan...the “agents” also get a cut of the printed money. ;-) (Thanks for the link).
Don’t forget their “models” and “experts” with “limited research” show “possible” and “probable”...
Seems I must be missing ‘something’.
A few weeks ago the word was being put out by MSM that EVERYONE had better get on unemployment as the states were going to wave the wait and process immediately.
Part of the gazillion stimulus was going to states to help with the UEI.
Today, ALL the MSM doom&Gloomers are AMAZED at the # of people applying for UE.
States are pleading for MONETARY help.
Thought I heard something about how the govt was going to need confirmation of bank accounts etc for those not on auto deposit.
Don’t imagine that has given the scammers plenty of ammo to hit the ‘airwaves’ with all sorts of ‘official looking’ forms to a/get your bank account and/or make sure you confirm who you are by giving US your SS# and Bank routing #s....
Now during the STOU PDJT ‘mentions’ the beervirus, early on he wants to stop flights from China etal and the Congress went after him with both fists calling him a liar and racist.
NOW Schiff for brains and idiot pelosi are supposedly going to start impeachment proceedings because PDJT ‘covered up’ the beervirus until it was too late.
The way things are going and if we start having interruptions in the power grid/internet etc, things will get ugly real fast....
LOL coronavirus bingo!! :)
They’re almost always wrong!! About anything!
global cooling back in the day. then global warming
then we won’t be able to feed billions of people
and on and on and on
and people still listen to them!!
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