by Kerry Lutz
Financial Survival Network
I’m sorry to report that we’ve been scammed again! Bad news, the PPP (Payroll Protection Program) has been fraudulently misused by the big banks and turned into a partial indirect bank bailout. It came to my attention that at least two major banks gave loans only to customers who were already borrowers. I have yet to encounter any one in my Facebook Group or my network who actually received PPP 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. With the exception of some small community banks and credit unions, this never happened. Rather the banks took care of their larger small business customers to ensure 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, (they claimed to be hard at work on it) instead setting up a secret back office for their favored customers, (we have the emails). I spoke with another Too Big to Fail bank and was asked 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 fresh out of money.
Now Goldman Sachs Treasury Secretary Mnuchin wants to give his big bank buddies another $250 billion so they can rinse, repeat and scam us yet again!
And forget about getting an SBA EIDL advance. Very few have been made and for far less than the $10,000 that was originally promised. Or maybe you’ve considered applying for unemployment insurance. As of now, for Americans most in need, it’s unobtainable. Many state’s systems have seized up under the sheer volume of applications. Who knows when or if they will ever come online. (Florida, New Jersey, Missouri, Kansas, Nevada and probably many others).
It is up to each of us to take care of ourselves and others. We should think seriously about reopening our businesses as soon as possible, regardless what the state may say. Their plan for so-called vital businesses and employees to come back first is specifically aimed at maximizing your pain. Your business and your employees are vital to you, the country and the economy. Force this point home to the corruptacrats who have so damaged our country and our lives!
As a recovering attorney, it is my opinion that most, if not all the draconian measures taken by the Federal Government and the states during the pandemic are 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 this could change. Hopefully, the outrage will be too much for our so-called political leaders. Maybe it will strike fear into their hearts and force them to fully fund the program and exclude the big banks. Or perhaps they could 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 stand. It’s time to fight back and do it now!