DrLove
Diamond Member
Did any of that 350 billion go to small businesses like the nail salon or small restaurant owner? Not much. In fact, most of those guys including my neighbor - a local gift shop owner - never even heard back from their banks. Fat cats like hedge fund managers, large law firms and large restaurant chains got most of it.
Then they handed the rules over to their accountants and attorneys and found every imaginable loophole, then swept in like vultures to pick the fund clean. One chain restaurant CEO figured out how he could claim each of hundreds of locations as an individual entirety thus qualifying ALL of their stores.
They should be ashamed, and so should congress for not thinking this through. We should have known that these are the type of people who would stop at the food bank on the way home instead of the damned grocery store where they belong.
www.nbcnews.com
Then they handed the rules over to their accountants and attorneys and found every imaginable loophole, then swept in like vultures to pick the fund clean. One chain restaurant CEO figured out how he could claim each of hundreds of locations as an individual entirety thus qualifying ALL of their stores.
They should be ashamed, and so should congress for not thinking this through. We should have known that these are the type of people who would stop at the food bank on the way home instead of the damned grocery store where they belong.
One of the main coronavirus relief fund sources for suffering small businesses hit its $350 billion limit Thursday and is no longer accepting any more lenders or applications, the Small Business Administration announced.
"The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding," SBA spokesperson Jennifer Kelly said in a statement. "Similarly, we are unable to enroll new PPP lenders at this time." The SBA approved 1,661,397 loans from 4,975 lenders before it was exhausted.
Small-business loan program just hit its $350 billion cap and is now out of money
The emergency fund offered a lifeline to small businesses that have been shuttered or forced to lay off or furlough employees because of the coronavirus.
www.nbcnews.com
