Thread by @Woman_of_Truth, Last night the SBA made changes in response to complaints from (((bankers))) [...]

Feverish Woman

Woman_of_Truth

Last night the SBA made changes in response to complaints from (((bankers))) who want their cut. Interest rate was doubled from .05% to 1%. And SBA agreed to pay all processing fees & accept all liability. Expect fraud. & loans can be sold on 2ndary mrkt. https://bankingjournal.aba.com/2020/04/treasury-sba-to-increase-rate-on-paycheck-protection-program-loans/

Treasury, SBA to Increase Rate on Paycheck Protection Program Loans | ABA Banking Journal

Treasury Secretary Steven Mnuchin today said the fixed interest rate on loans made under the SBA Paycheck Protection Program will be raised from 0.5% to 1%.

https://bankingjournal.aba.com/2020/04/treasury-sba-to-increase-rate-on-paycheck-protection-program-loans/

Please get angry. Burn the banks down.

"What we are hearing from alot of our bank clients is that they are being inundated with applications, but they are going to be taking care of their current, good customers first."

Cronyism. Wonder what ethnicity their current, good customers are? https://fortune.com/2020/04/03/sba-paycheck-protection-program-small-business-loan-ppp-when-can-i-apply-banks-credit-check-fees-how-much-laid-off-faq/

What small businesses applying to the SBA's Paycheck Protection Program need to know

"I think it’s going to be a mess for weeks," says one CEO at a small business loan advisory firm.

https://fortune.com/2020/04/03/sba-paycheck-protection-program-small-business-loan-ppp-when-can-i-apply-banks-credit-check-fees-how-much-laid-off-faq/

Are you ready to burn the banks down yet?

Banks are going to make a killing off this program.

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