PPP EIDL Update 10-18-20: Vote On Second Round PPP Loans Monday! Treasury Helps PPP Fat Cats

PPP LOANS ROUND 2 Senate vote Tuesday. EIDL Grants and PPP Forgiveness on round 1 and new funding on round 2 set to save more jobs and businesses. Trump’s Care Act ran its course and expired but still has funds.


JOIN ME ON PATREON: https://bit.ly/3nZMQmM

Find out why Wells Fargo fired over 100 employees over lying about EIDL disaster relief funds, how the Treasury helped the big banks and lenders, and hurt the little guys in the process, and how a vote on more PPP loans is scheduled for next week.

Wells Fargo recently fired more than 100 employees for lying about trying to receive small business disaster relief funds through Economic Injury Disaster Loans (EIDL).

An internal memo explained that the employees: “defrauded the U.S. Small Business Administration (SBA) by making false representations in applying for relief funds for themselves.”

Wells Fargo HR chief David Galloreese stated: “We have terminated the employment of those individuals and will cooperate fully with law enforcement.”

The SBA’s inspector general told all of the big banks back in July about potential fraud through the EIDL, and Wells Fargo is the second bank, JPMorgan Chase was the first, to fire employees for gaming the system.

As we talked about in the unemployment video, it’s a shame that so many fraudulent claims went through while eligible small business owners got caught up in the bureaucracy.

Meanwhile, a shocking report from a House oversight panel released today shows that the Treasury Department privately encouraged big banks and lenders to prioritize existing clients when accepting applications for the PPP.

Unfortunately, this decision disproportionately hurt minority and women-owned businesses the most.

A statement from the House panel explained: “As a result, small businesses that were truly in need of financial support during the economic crisis often faced longer waits and more obstacles to receiving PPP funding than larger, wealthier companies.”

The statement included this staggering statistic: “JPMorgan processed loans above $5 million almost four times faster than loans under $1 million. PNC processed loans above $5 million more than twice as fast as loans under $1 million.”

And that’s just for loans under $1 million! Just imagine how slow they moved for $10,000 PPP loans!

Shame on the Treasury Department, and I can attest to these figures, as I ran into obstacle after obstacle trying to help process PPP loans for under $50,000.

Finally, Senate Majority Leader Mitch McConnell is pushing ahead with his targeted stimulus package that will offer more funding to the Paycheck Protection Program.

With a vote planned in the Senate for this Monday, October 19th, this proposal would offer another round of funding for eligible small businesses.

McConnell explained in a statement: “The PPP is a popular program that has saved tens of millions of American jobs. It is so bipartisan that its first round was replenished and extended several times by unanimous consent in both the Senate and the House.”

He continued: “When the full Senate returns on October 19, our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP. “

This is great news for the millions of small businesses that still require disaster relief funds, and will be able to get a second helping of PPP funds through the SBA.

Source: https://www.businessinsider.com/wells-fargo-fires-100-workers-coronavirus-relief-fund-fraud-report-2020-10




🏠 Real Estate Masters Course

💼🕺Sale Like a PRO

NOTICE OF RISK: Content is for News & Entertainment purposes only. Do not make accounting, legal, business, personal or financial decisions based on content provided. ALWAYS CONSULT A PAID PROFESSIONAL. The content provided is owned and expressed by ORIGIN, LLC, a multimedia company. Andrew Cartwright is an employed personality and is not LEGALLY responsible for the following content. The information provided is the opinion of Origin, LLC. Always do your own research and always make your own decisions. STOCK MARKET, BUSINESS, AND REAL ESTATE HAVE HUGE RISK.

Business Broker Permit NV
Andrew Cartwright is duly authorized to conduct the business of a business broker
Permit number: BUSB.0006857.BKR

Real Estate License NV
Andrew Cartwright is duly authorized to act as a real estate broker
License number: B.1001331.LLC

Tips for Private Investors and Hard Money Lenders

Personal lending likewise recognized as tough money offering satisfies the gap left by standard financial institutions. While exclusive lending institutions have unwinded credit scores demands and delight in greater returns, they lug higher nonpayment dangers. Some have embraced prudent borrowing strategies lately to lessen danger while others remain to exercise the usual, riskier borrowing techniques to their danger. Inexperienced investors as well as loan providers have been enticed to invest in this profitable yet largely uncontrolled below field with assurances of high returns that in several instances are never realized. As an investor or personal loan provider, you must familiarize yourself with fundamental financing concepts as well as, if doubtful, involve a credible lending expert to assist you.

Tips For Analyzing Tax Returns and Personal Financial Statements

Evaluation of income tax return and also monetary statements can be discouraging. Lenders spend lengthy hrs evaluating them in an attempt to coming to a near-accurate cash money flow placement of a consumer. An income tax return has many schedules as well as declarations, all of which have to be combed via. An inexperienced credit history expert can quickly downplay a borrower’s cash circulation and while doing so refute the lending and vice versa. This is an art that needs to not be taken lightly. The following is among a series of my 5 loaning pointers for loan providers and valuable understandings for consumers too.

Tips For Borrowing Causes Part 2

Prior to looking for a funding, a consumer should be clear regarding the factors that may have created the requirement for a financing. Lenders analyze these causes in detail to establish whether they are legitimate, seasonal, short-term or irreversible in nature. No sensible lending institution will certainly provide money based on collateral availability or payment capability alone. A lending institution needs to be satisfied that the loaning causes fulfill the standard principles of loaning as well as most importantly, their very own financing policies. The following is among a series of my 5 financing tips for lenders as well as valuable insights for borrowers also. The others are Borrowing Reasons Part 1, What is Connection Financial?, Receivable Pledged As Collateral, Annual Report Properties Promised As Collateral and also Evaluating Tax Obligation Returns and also Personal Financial Statement.

Merchant Cash Advance – The Best Way to Get Quick Working Capital

Most of us recognize just how hard it is to get approvals for a rapid company financing to trend over the immediate and also lengthy term funding concerns that businesses routinely face. Now you do not need to deal with the distressing uncertainly of whether your lending application would be approved or denied. Vendor cash loan is below. It functions better than quick company loans. You can get authorized for as high as $250,000 in money within no time at all.

Why Factoring Is Important to Your Staffing Business

The most usual reason a staffing company would fund its balance dues is to create more readily available working resources to operate their company. Normally, staffing workers or specialists expect to be paid weekly, yet client billing settlements are usually obtained from 30 – 60+ days from the invoice day. By using factoring, the staffing business will get cash today that can aid them fulfill their temporary capital demands, including pay-roll, pay-roll tax obligations, and various other cash needs.

You May Also Like