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.
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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.
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