by Kerry Lutz
Financial Survival Network
I’m sorry to have to report that we’ve been scammed again! Bad news, the PPP (Payroll Protection Program) has turned into a massive fraud and an indirect bank bailout. I have verified with two banks that the loans were only extended to bank customers who had a lending relationship with the PPP bank. I have yet to encounter any one in my Facebook Group who actually received funds.
In other words, the banks have screwed us yet again. As envisioned by the Congress, there was to be no favoritism and all applications were to be treated equally, on a first come – first serve basis. Obviously, this never happened. Rather the banks took care of their larger small business customers to insure that their loans would be paid back. They acted purely in their own self-interest as they always do.
One large bank never even bothered to open a public portal, setting up a secret office for their favored customers, even though they claimed to be hard at work on it. Another Too Big to Fail bank I spoke with specifically asked me if I was a borrower. When I said no, I was then directed to the public portal, which took over a week to open. And today I was informed that they were out of money.
To top it off, there’s are very few EIDL advances being made, and most for far less than the $10,000 that was originally promised. Unemployment insurance is unobtainable for those Americans who need it the most. Many state’s systems have seized up under the volume of applications. Who knows when or if they will ever come online. (Florida, New Jersey, Missouri, Kansas, Nevada and probably many others).
Therefore, it is up to each and every one of us to take care of ourselves and any others who we can assist. In addition, you should seriously think about reopening your business as soon as possible, regardless what your state’s restart plan may be. The plan is for so-called vital businesses and employees to come back first. I have news for the corruptacrats driving our country into the dumpster! Your business and your employees are vital to you, the country and the economy. So start acting like it.
Clearly most, if not all the draconian measures taken by the Federal Government and the states during the pandemic have been unconstitutional and illegal. The epidemic has for all intents and purposes passed. New cases are rapidly declining, regardless what the politicians may claim. It’s clear that the damage inflicted upon the US and Global Economies has been far worse than the damage caused by the Coronavirus.
Please pass this on to anyone and everyone you know. While we may not have much power alone, once the scope and nature of this fraud is exposed, I would expect the outrage to be too much for our so-called political leaders to retreat and fully fund the program and force the banks to lend to all. Or perhaps they will do away with the banks as gatekeepers and send the funds directly. This is an outrage to every American and American small business owner. It cannot be allowed to remain. It’s time to fight back and do it now!