SBA GETS MORE FUNDS BUT SAME OLD PROBLEMS CONTINUE FOR SMALL BUSINESS OWNERS

NAYZE MEDIA    2/28/2020    1:15pm 

 

 

 

The Los Angeles Lakers returned $4.6 million they received from a loan from the Small Business Administration through their Paycheck Protection Program for small business owners with under 500 employees on payroll. The Los Angeles Lakers are the 2nd most valuable team in the NBA. The Lakers worth of $4.4 billion is second only to the New York Knicks who are worth about $4.6 billion.(*Only comparing worth of NBA teams, not all sports*) Why is a company that is worth muli-billions of dollars even applying for, let alone being granted a small business loan, you ask? Two reasons. Number one, of course is greed. Number two is because it’s not illegal. It may be immoral to take money that was meant for small businesses who are one or two weeks away from going bankrupt, but it’s not illegal. Therefore, there are no consequences for these actions. Zero…….except of course, good old public humiliation…..and that’s only if the general public finds out about these loans you stole from small businesses. Make no mistake about it, the Lakers are far from the only multi-billion dollar company to take these small business loans. They’re just one of the few that the public has found out about. Which is likely the only reason the returned the loan.

 

 

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NBC News (@nbcnews) reported, the additional money approved for the Paycheck Protection Program being distributed through the Small Business Association, was $310 billion this time around. The first time around, the SBA was handed $480 billion. That first 480 went in the blink of an eye, with most small business owners saying they never got a loan or a grant, which $10 billion was supposed to be set aside for. The SBA claimed they were overwhelmed and unprepared for the high volume of applicants the first time around, and they assured Congress they would be better prepared if they got their hands on some more coin. Guess what? They lied. According to NBC News banks are having the same issues with the SBA’s sluggish systems. One bank said they were locked out of the system after submitting only 60 loans. During the last round, some major banks reported that only applicants who submitted their applications in the first few minutes the site went live, were approved for loans. Those who were processed later were just waiting in limbo. Some loans that will likely be approved this week were from small business owners who applied back around April 4th. The $310 billion will likely be gone by the time they start processing businesses that applied for the loans closer to the end of the month. And as for the EIDL grant that was supposed to give small business owners a $10,000 grant that was inexplicably reduced to $1000? There has been nothing indicated that this is still a go.

 

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Over 200 publicly traded companies have disclosed receiving a total of $800 million in PPP Loans from the SBA. No telling how many did not disclose the funds they’ve received. If that number is true, that’s an average of about $4 million per large company. Most small businesses are looking for between $10,000 – $250,000. Some will probably borrow a million or two. That $800 million could’ve provided a ton more loans for small businesses who desperately need them. I have two questions. Why are there no laws to prevent million and billion dollar companies from applying for small business loans? And number two is, why does it seem like it’s very easy for these big corporations to get these loans that were meant for small businesses? There is something seriously wrong with this country when people who have, are stealing from the people who need, during a time of crisis, no less…….AND THE SHIT IS PERFECTLY LEGAL!

 

 

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