Bankers are a plague: Banks earned more than $10 billion in fees processing coronavirus small business loans

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by allofusahab

Never let a good crisis go to waste, right? Further proof that the parasitic ‘elite’ class is using the coronavirus event to rob the public of their tax dollars and funnel wealth towards the top, where the true scum floats.

Think of this as “bunker cash.” Skimming and scamming every which way to siphon resources and safeguard a select population against the coming shifts: breakaway civilizations and depopulation agendas will emerge simultaneously. In the short term, look out for the return of “company towns” that introduce ‘scrip’ currencies. The corporate person will vie to survive even as it reduces the individual to a statistic. A new feudalism will emerge.

via thehill:

Banks that processed the small-business loans allocated by Congress in the $2.2 trillion stimulus bill made $10 billion in fees, according to financial records obtained by NPR.

The fees were earned while processing loans that require less review than regular bank loans and have little risk for banks.

All federally insured banks and credit unions could process the loans before they are approved by the Small Business Administration (SBA).

Banks took 1 to 5 percent in fees per loan, which vary from tens of thousands to $10 million, according to NPR.

Major banks have processed SBA loans in the past, but Congress’s historic $2.2 trillion stimulus bill, which put $350 billion more into the SBA, resulted in a record high volume of applications. Some banks reported being out of applications for SBA loans within minutes.

 

 

 

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