Galt's Gulch

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  • Posted by LarryHeart 3 years, 9 months ago
    The SBA does not give loans to small business unless they are certain you will pay the loan back. Small businesses even hotels were mostly denied any useful loan because of poor credit and inability to pay back due to being closed. How;s that For Catch-22?

    You need a loan because the government shut you down (NY) so you have no revenue. . Since you have no revenue you can't get a loan.

    Even if you did get a loan from the SBA they gave a maximum of 12K because all the Political Donors were paid off first,

    Did anyone even get the full 12K? not any business that I know..

    The PPP was much more helpful. But still not enough.

    The right way was to see this as the government paying an insurance.claim. Compensate for the amount of missed business not just leave us hanging like the insurance companies did with their Virus exceptions.. .
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    • Posted by Shrugging 3 years, 8 months ago
      This is not accurate. The limit for EIDL was set at $150k. It was based on your previous year's gross profits. I qualified for and received the full amount (minus a fee).

      The application process did not ask for current year revenues or profits. It was all based on 2019 numbers.
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      • Posted by LarryHeart 3 years, 8 months ago
        That is an Assumption. We had plenty of gross profits but a net loss. Plus..Credit score is based on current circumstance not last year. Gross profits MAY be one criteria but it is not the only one. .

        It depends on if they believe you can pay the loan back. That is what is not fair to businesses devastated by government mandate and through no fault of their own. . .
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        • Posted by freedomforall 3 years, 8 months ago
          Bottom line is this was a bailout for the banks- the banks profit from the loans and the banks made zero investment to create the amount being loaned. The banks don't have to pay back anything, but those who receive the loans have to pay the interest and loan fees to the banks and likely repay the principle to the banks.
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    • Posted by freedomforall 3 years, 9 months ago
      Much of the PPP went to public traded companies that should have been excluded from consideration.
      But that is what happens when you hand the banking cartel a $trillion with no restrictions or penalties for not following "guidance".
      PPP was simply a banking/ Wall St bailout in disguise with a few crumbs thrown out to the serfs for cover.

      The SBA is another banking cartel operation designed to make bankers rich and to enslave most small businesses who are approved for loans.
      The entire financing "industry" is rigged to suppress competition for big business, funnel inventions from small business to big business, and crush the productivity of all but a few small businesses who grow enough to be corrupted.

      Nearly everything done in government has the goal that is the opposite of what they name the bills, e.g., Patriot Act.
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