Chase Bank prioritizes LARGE INDEBTED businesses over small businesses for PPP loans

[TheBlackAdder]

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Man, if you watch this video, it really gets better and better, or worse... based on your viewpoint.


Oh, and he just posted this right afterwards:

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[activistUSA]

1. Shameful

Shameful conduct

[not fooled]

2. Vulture capital and big corporations

want small businesses to fail so that they can take over the businesses and/or their market share. red don and munchkin of course are facilitating this scheme. Thom Hartmann had a caller today talking about how onerous the loan terms were--basically untenable. It all fits--red don facilitating further growth of the oligarchy.

[customerserviceguy]

3. No surprise to me

that the "too big to fail" banks have that attitude about sorting out their customers.

[in2herbs]

4. It's time to put Katie Porter on this with Warren. nt

[DENVERPOPS]

5. After three years of the worst corruption

by far in U.S. history, why do people keep thinking that this WON'T happen.

Same with the 1200 dollar "gifts".......If you have any debt, the bank can take the money "on account" before you even see penny one......

Every last thing this group of RepubliCONS does is purely for the Corporate Good, no matter how much they lie or pretend it is anything else.

Welcome to the new current and future America people........The RepubliCON's Corporate Fascist Tyranny..........

[MontanaMama]

6. About what I expected.

Maybe this will brighten someone's day around here...but my husband and I own two small businesses that employ 8 people. We were actually able to get a PPP loan through the SBA via the program described above. I fully expected to be blown off but we did get funded through the program, thankfully (I think).

I had payroll reports to the bank before the MF even signed the bill into law. I had the application completed and back to the bank within an hour of receiving it. That said, the bank we work with does a ton of work with the SBA and they know how the organization works or doesn't work depending on your perspective. Our bank representative told me that there is precious little guidance from the SBA and the administration for this program and he described it as a "shit show". He was personally very frustrated with how it was all going down and didn't promise us that we'd be funded and if we weren't, he told us that they'd have our back regardless. We've worked with this local bank for more than 30 years.

We have some employees who choose to stay home (health issues) and a couple college kids that I asked to stay away from work because they make questionable decisions in terms of social distancing. The employees who stay home get paid. The rest of us work separately behind a locked gate where we no longer have walk in traffic at either business. When orders are slow, I send people home and we pay them their full time wage. It has worked well so far. Fingers crossed.

[riversedge]

7. Not suprised but so sad to hear this.