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I call bull on the "first five minutes" bull . The backup that you had to submit with the application was extensive. My application was almost an inch thick.
Small-business loan program ran out of money within minutes, some banks say
“It was Hunger Games,” said one senior banking executive.
Much of the $350 billion in the Small Business Administration's emergency coronavirus relief fund was
effectively spoken for within the first minutes of launch
"We didn't even get through the first five minutes of applications,"
The bank received over 60,000 applicants for the Paycheck Protection Program within those first five minutes,
When funds ran dry after less than two weeks, only 27,000 loans had ultimately been approved
https://www.nbcnews.com/business/business-news/small-business-loan-program-ran-out-money-within-minutes-some-n1187051
and Moscow Mitch is blocking any more $100Bs
I call bull on the "first five minutes" bull . The backup that you had to submit with the application was extensive. My application was almost an inch thick.
Then they rewrote the rules 4 days later and they all had to be redone.
I also call bullshot on Boukakis claim that "Moscow mitch" blocked additional funding. The senate passed it and Pelosi blocked it.
Matt Stoller traces the chequered career of private equity from the mid-1970s to today.
Is PE about to have a Minsky moment, or is this the juncture where PE and the Fed become inexteicably intertwined?
Stoller is skeptical the bailout of PE will work:
https://mattstoller.substack.com/p/i...ing-its-minskyAs Rana Farhoor observes, we have both a corporate debt crisis where companies just can’t pay back what they owe, and a real estate crisis because real estate values are simply too high, having doubled since 2008. PE owns corporate equity, corporate debt, and real estate.
The coronavirus is going to make these dynamics even worse. The massive job losses are going to mean that people simply can’t afford rent, and young people won’t be able to borrow to buy homes. The pandemic could change business in more fundamental ways, with more people telecommuting and less travel, leading to a reduced need for commercial real estate and convention space. And the destruction of a large number of small businesses, and the monopolization of commerce in the hands of Amazon and Walmart and a few others, if that is allowed to happen, will mean further erosion of rental income streams.
Basically, there is massive deflation, and that’s not going to change just because lockdowns begin easing. Tens of millions of people no longer have income, and even those who do are afraid to go back to their old lifestyles. The Fed can’t ultimately can’t print a functional economy. And at the end of the day, no matter how many games you play with debt loads and capital structures, firms have to have customers, and people can only be customers if they have income.
Hopefully the new bill won't allow like banks giving priority to firms that owed it money or allowing Ruth's Chris to get $20 million when the hard limit was supposed to be $10 million per company.
lol, I have a bridge to sell you in Saturn
Just think it's funny when the GOP calls it a clean bill after what a turd the first bill was.
Disney Stops Paychecks for Over 100,000 Employees
https://247wallst.com/media/2020/04/20/disney-stops-paychecks-for-over-100000-employees/?utm_source=feedburner&utm_medium=feed&utm_campaig n=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29
Shake Shack returns $10 million emergency loan to the US government
https://www.cnn.com/2020/04/20/business/shake-shack-ppp-loan-sba/index.html
Unlike with the Great Recession,
the sky’s the limit on Washington spending to save the economy from coronavirus.
Here’s why.
As the Great Recession reached its depths in early 2009, lawmakers battled over spending about $800 billion to boost the cratering economy.
Just three Republicans in Congress voted for the stimulus package pushed by President Obama and his fellow Democrats,
with opponents warning of the rising national debtand its potentially disastrous impact on future generations
With the coronavirus outbreak, however, money appears to be no object.
a factor, with Republicans holding the White House and President Trump’s reelection dependent on the state of the economy.
what happened — and what didn’t happen — after the then-unprecedented efforts by Congress and the Fed to pull the economy out of the Great Recession.
It’s acknowledged now that Washington didn’t do enough back then to propel the nation out of the recession, leading to a slow recovery.
( Evil BAD FAITH Moscow'a Mitch wanted maximum pain for as long as possible. He wanted Obama's defeat on a bad state of the economy )
hyperinflation never developed and interest rates never soared.
despite “a lot of angst and some screaming" about inflationary pressures from the Great Recession bailouts and stimulus,
the biggest inflation concern since then has been that it is too low.
Treasury Secretary Steven Mnuchin emphasized that lawmakers shouldn’t be concerned about the deficit.
https://www.bostonglobe.com/2020/04/...rus-heres-why/
Where are Simpson and Bowles and Pete Petersen now?
The sky is falling
The sky is falling
The sky is falling
White House, GOP face heat after hotel and restaurant chains helped run small business program dry
The federal government gave national hotel and restaurant chains millions of dollars in grants
before the $349 billion program ran out of money Thursday,
leading to a backlash that prompted one company to give the money back and
a Republican senator to say that “millions of dollars are being wasted.”
to add an additional $310 billion to the program,
some are calling for additional oversight and rule changes to prevent bigger chains from accepting any more money.
Ruth’s Chris Steak House, a chain that has 150 locations and is valued at $250 million, reported receiving $20 million in funding from the small business portion of the economic stimulus legislation called the Paycheck Protection Program.
The Potbelly chain of sandwich shops, which has more than 400 locations and a value of $89 million, reported receiving $10 million last week.
Shake Shack, a $1.6 billion burger-and-fries chain based in New York City, received $10 million.
more than 70 publicly traded companies have reported receiving money from the program,
Some of the companies receiving money are clients of JPMorgan Chase, adding fuel to criticism that Wall Street banks had helped their clients obtain large amounts.
The bank put out a statement Sunday saying that it is “proud to have secured more funding for small businesses than anyone else in the industry” and that 80 percent of its PPP loans have been for businesses with less than $5 million in revenue.
The PPP program was intended to benefit workers at businesses and nonprofit employers with fewer than 500 employees that are unable to obtain credit elsewhere,
Hotels, with three-quarters of their rooms empty and nearly 4 million people out of work, have been taking advantage of the program.
Mnuchin said. He told CNN on Sunday that an additional $300 billion “should be sufficient to reach almost everybody.”
https://www.washingtonpost.com/busin...&wpisrc=nl_tyh
JPM "proud" that their clients won't default on the loans from JPM
The company I work for got a PPP loan and it was total bull too, the program left itself open to way too much exploitation.
Hey, CC, here's ANOTHER instance of Moscow's Mitch blocking aid
Trump reportedly plans to extort states into reopening as Mitch McConnell holds up aid
The deal has been delayed after
Democrats also pushed to include $150 billion in funding for states and local governments
quickly running out of money as expenses rise while tax revenue plummets.
But McConnell told Senate Republicans during a conference call with Trump and Mnuchin that the aid “would not be in the package,”
“The thinking among some Trump administration officials is that
many states should be reopening their governments soon and that
additional funding could deter them from doing so,” according to the report.
the White House has been “holding out because, in part,
they believe if Congress keeps cutting checks for state and local governments,
they will be disincentivized to open up their economies.”
Trump backs astroturf-style protests, many of them organized or promoted by deep-pocketed groups backing the president, urging states to reopen
https://www.rawstory.com/2020/04/tru...8460&list_id=1
Extortion, excellent Presidential leadership.
NOBODY loves Trash, and he's making sure NOBODY is EVERYBODY
Restaurants’ bailout problem: Unemployment pays more
Unemployment benefits vary by state, but in 2019, before the coronavirus crisis, the average weekly benefit nationwide was $370.
A $600 sweetener that the stimulus bill added, on a temporary basis, to weekly unemployment checks
raises the average weekly benefit to $970, an amount that approximates average weekly pay nationwide and
is nearly double average weekly pay within the food industry: about $500 nationwide for full-time workers.
Dental assistants, security guards and travel agents similarly stand to earn more money on unemployment than they can by working.
https://www.politico.com/news/2020/0...navirus-197326
600 /week x 52 weeks = 31200
31200/year / 2000 hours/year = $15.6/hour
The Fight For $15 has been won!
Caught with their hands in the cookie jar:
https://amp.usatoday.com/amp/5163654002In the suit filed on Sunday, a cybersecurity firm and event planning company accused Chase Bank of prioritizing small business borrowers who were seeking larger loan amounts rather than processing the government-sponsored loan applications on a first-come, first-served basis as advertised.
The move meant that Chase and other banks would collect larger processing fees – nearly $6 billion in total – by frontloading the queue with businesses seeking higher loans, according to the lawsuit.
Sounds like banks were caught holding debits until a big one arrived to push the account NSF, then smaller amts after the big one, all charged the account $37? each transaction with NSF
similar scam, but that's not what the article is about.
maybe try reading it next time?
White House, congressional leaders reach deal to expand small business aid, boost money for hospitals and testing
https://www.washingtonpost.com/opini...ut-competence/
How will Moscow Mitch delay this one? how many $100Bs for the oligarchy will he slip in?
You better cancel that handout, cowboy
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