&#*$*(@ )($@__#!)_ | Zwinglius Redivivus

Truth2Freedom's Blog

How incrediblyINFURIATING.

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.

The banks took in the fees while processing loans that required less vetting than regular bank loans and had little risk for the banks, the records show. Taxpayers provided the money for the loans, which were guaranteed by the Small Business Administration.

According to a Department of Treasuryfact sheet, all federally insured banks and credit unions could process the loans, which ranged in amount from tens of thousands to $10 million. The banks acted essentially as middlemen, sending clients’ loan applications to the SBA, which approved them.

For every transaction made, banks took in 1% to 5% in fees, depending on the…

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6 comments on “&#*$*(@ )($@__#!)_ | Zwinglius Redivivus

  1. Its as bad as U.K. Nancy with us its a credit note that people believe is worth what’s written on the face of each not but the truth is its ‘ pay the bearer on demand ‘ and its not truly valid unless its used for good and services to buy or sell ..thus a capitalistic economy is built to control people ….another reason for governments not wanting bitcoin or others …no control

    Liked by 1 person

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