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Big banks get $10 billion from small business bailout

I doubt you pay federal income taxes anyway. What's it to you?
 
Moonglow said:
A matter of specific rules in the stimulus bill which prohibits companies not in dire need to not apply.
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Did the banks apply for aid or did they just charge for their service of processing?
 
Moonglow said:
A matter of specific rules in the stimulus bill which prohibits companies not in dire need to not apply.
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Hey, the rich can't piss prosperity down on our faces if they aren't allowed to raid the treasury every couple weeks.
 
Digger said:
Banks Took Billions In Fees To Process Small Business Loans Amid Pandemic Crisis : NPR

Somehow I'm not surprised.
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Hmm...


Banks doing SBA loan business as usual is now shocking because of the sudden increase loan volume. Even more shocking is that the SBA, currently very busy doing other things, did not (immediately?) respond to detailed questions about the program.
 

You exposed their ignorance too soon. I was going to let more of them walk deeper into it.
 
Helix said:
Hey, the rich can't piss prosperity down on our faces if they aren't allowed to raid the treasury every couple weeks.
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People are being paid for their services. :lamo
 
dex4974 said:
People are being paid for their services. :lamo
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Yeah, upper management and rich investors are undeniably people at some level. Sort of like Darth Vader was an old white guy under that suit, except that he eventually reformed.
 
Helix said:
Yeah, upper management and rich investors are undeniably people at some level. Sort of like Darth Vader was an old white guy under that suit, except that he eventually reformed.
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So what are you upset about exactly? Should the banks be providing services for free?
 
dex4974 said:
So what are you upset about exactly? Should the banks be providing services for free?
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Oh, I don't know. Maybe it's the hyper-wealthy pushing their way to the trough for the 7,842,506,724th time? At least I'm in the part of the line that mostly just gets elbowed.
 
"The parent company of Ruth's Chris Steakhouse [a chain restaurant with 100 locations] received a loan of $10 million. JP Morgan Chase & Company, acting as lender, took a fee of $100,000 for the one-time transaction for which it received zero risk and could pass through with fewer requirements than a normal loan."

Everyone ok with the small business bailout going to large chains with big banks taking billions for doing some paperwork, let us know.

I think that the system has been set up to funnel money to the already wealthy while the rest of us hang out to dry. We can't rely on the rich doing the right thing. They have grown accustomed to their unbridled greed and lack of concern for the middle and working classes being spun as a virtue.
 
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Helix said:
Yeah, upper management and rich investors are undeniably people at some level. Sort of like Darth Vader was an old white guy under that suit, except that he eventually reformed.
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I thought Darth Vader was James Earl Jones?
 

Except the PPP loans are not "SBA loan business as usual".

Under the PPP rules, the banks have to review the payroll records, verify the business passes the qualifications (3 yes/no answers), and submit the application via eTran. The SBA approves the loan and the lender has the borrower sign the closing packages. That is not the way typical SBA loans work as the lenders in those cases have to underwrite the loans, get the guarantees, and demonstrate that the business does not qualify for a conventional commercial loans.
 
dex4974 said:
Keep trying...
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you're just like all the other hardcore Trump defenders who didn't vote for him.

it's not like this is anything new. hardly anyone voted for Bush II or supported the Patriot Act. and everyone in Shawshank is innocent.
 
CaughtInThe said:
you're just like all the other hardcore Trump defenders who didn't vote for him.

it's not like this is anything new. hardly anyone voted for Bush II or supported the Patriot Act. and everyone in Shawshank is innocent.
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I voted for Bush 43 (twice), and vocally opposed the Patriot Act. Please don't confuse me with a Trump supporter.
 
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