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Drudge Retort: The Other Side of the News
Friday, April 03, 2020

Millions of small businesses are anxiously awaiting their slices of a $350 billion relief program ... However, with just hours to go before launch, it wasn't until Thursday night that banks received their 31 pages of guidance from the Treasury Department on how to lend the money " and some haven't even decided whether they can participate on the opening day.

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In a strongly worded statement, one of the nation's biggest lenders said the much-touted relief program for small business owners wasn't ready for prime time.

"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury," Chase Bank said in an email to business customers, referring to the Small Business Administration. "As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped."

"We are working hard so we can be ready as soon as humanly possible," a senior Chase executive told NBC News, but with several regulatory hurdles, it was unlikely the bank could start processing applications by Friday morning.

At a White House news briefing Thursday afternoon, Treasury Secretary Steven Mnuchin maintained that the program is ready to go, and said he wasn't aware of the complaints.

Yesterday I erroneously gave Democrats credit for this GOP invention designed to keep employees receiving paychecks from their employers instead of unemployment checks from states and the federal government, along with providing assistance for self-employed and contract workers. As with many instances of Republicans trying to work the levers of government, the execution appears to be sorely lacking, at least as this program is trying to get off the ground.

Hey Trump, why not put Jared in charge of this program too? He's doing so well with all the other things on his plate, I'm sure he and Mnuchin can have this working like it was designed to in no time flat, right?

#1 | Posted by tonyroma at 2020-04-03 08:44 AM | Reply

Is it even possible to have a Trump initiative that isn't "utter chaos"?

#2 | Posted by Zed at 2020-04-03 09:36 AM | Reply

I imagine banks want absolute guarantees for every loan they make so that they earn interest with absolutely no risk. Hell, Trump and his cronies are looking for negative interest rates from the Fed.
The greedy had used the pandemic as a method to steal trillions. Think about that....they are stealing trillions! Right this minute. Now. They are drooling as they laugh at us.

#3 | Posted by danni at 2020-04-03 06:28 PM | Reply

Is it the language in the bill where there is no authority to demand repayment of the "loan" so long as it is used for designated purposes?

Because I can see where the lenders might have a problem with not getting paid back.

#4 | Posted by snoofy at 2020-04-03 09:54 PM | Reply

The "chaos" is not a bug.

It's a feature.

#5 | Posted by contrecoup at 2020-04-03 10:11 PM | Reply | Newsworthy 1

Did you see the faces of the repubs behind Trump when he signed this bill into law? That said it all to me. They looked like their smiles were wrapping around their heads, made me sick to see the smug greed and delight they took in bamboozling the Dems into giving them this great opportunity to grift the nation.

#6 | Posted by Effeteposer at 2020-04-03 11:49 PM | Reply

The "chaos" is not a bug.

It's a feature.

#5 | Posted by contrecoup at 2020-04-03 10:11 PM | Reply | Flag:

I heard on the news this tidbit from Chase Bank:

"Customers that we have longstanding and strong relationships will go to the front of the line"

So their most profitable companies will get the first dibs at the socialism. The struggling startup that is barely surviving can.... welll...go ufck themselves.

#7 | Posted by Nixon at 2020-04-04 07:13 AM | Reply

#7 search for "citibank leaked memo 2005" that talks about the Plutonomy. That's where the money is, for banks.

#8 | Posted by snoofy at 2020-04-04 09:14 AM | Reply

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