The banks just got 2+ trillion? Maybe even 4+. So why can't they loan out money? It's horrible or disturbing. Horrible if they are being greedy. Disturbing if that money was just to cover their own issues.
The reason they aren't giving out any more loans isn't because they can't, it's because they stopped giving loans to small businesses that aren't guaranteed by the government.
The normal Chase small business loan program has been halted so they can shift all the loss risk to the government.
Because the they didnt get any money to begin with. The big banks, Wells Fargo, Chase, etc, got shockingly small amounts of money while the smaller banks got the bulk.
The application process was a train wreck. They said funds would be considered first come first serve, so you if you got in early, you should be good to go. But that's not what happened. Actual small businesses, that are actually suffering were actually left out in the cold.
The word is that the way the program was structured, the banks made more money by lending out larger amounts to fewer applicants. Chase is rumored to have prioritized their "Chase Private Client" members. Another large bank is rumored to have prioritized customers that owed them money.
I'm pulling out of Chase and going local once this is all over. I applied for about 90k and the business banker I dealt with lied to me that my application even made it to SBA.
I got an email today stating Chase is still reviewing the documents you have to supply....
Find a new bank as soon as this is over. Chase is doing two things...loaning to the companies that are carrying a lot of debt ie Ruth Chris and not lending to conservative businesses.
Chase along with Bank of America are giving illegals bank accounts without ID here in Texas. Try your small local bank where you will know the people or Credit Union
I fail to see how this is a surprise to anyone. Did you actually think banks were going to loan you money? I didn't even bother applying for any of that crap because I knew it was going to be a waste of time. Worst yet, you can bet that now the banks will use this to gauge your situation and make things even more difficult for you.
Oh you have a $30,000 credit limit on your Chase business card? Well you just said you really needed that loan money, which means you're in dire straits, so I guess we'll just cut that credit limit to your current balance. Oh look now you're at 100% utilization. Might as well cut your personal card credit limit too and that line of credit as well, we can't be exposed to your failing business now can we?
Oh and now your credit score dropped because your utilization went up to 100% (and yes I know Chase business cards don't report to your personal credit unless you mess up, but other Banks do). Now all of your other issuers are going to assume you're a deadbeat and do the same. Congrats your credit score is now 550 through absolutely no fault of your own, and you haven't even made a late payment.
That's not even getting into the shady shit they're doing with mortgages. Ok no problem you don't have to worry about making payments for the next 3 months. On month 4 you owe us those 4 payments all at once. Can't pay? Well too bad, we'll start the foreclosure process. Want to refinance? Good luck with that 550 credit score.
Banks are about to make things so much worse for people. I can't even get mad at them, it's in their nature. It's like getting mad at a scorpion for stinging you. You were playing with it, what did you think would happen?
Let me put it this way. I've learned the only time q bank will ever lend you money is if you can prove, without a doubt, that you have absolutely no need for the money. You have billions in assets and 8 figures in the bank? Sure no problem, here's a million dollar loan. You need $10,000 to keep your business open or you'll shut down and lose everything? Hope you have a black market organ trafficker you can sell your kidney to, because you're just wasting your time and energy going to the bank
The banks just got 2+ trillion? Maybe even 4+. So why can't they loan out money? It's horrible or disturbing. Horrible if they are being greedy. Disturbing if that money was just to cover their own issues.
JP Morgan is evil.
The reason they aren't giving out any more loans isn't because they can't, it's because they stopped giving loans to small businesses that aren't guaranteed by the government.
The normal Chase small business loan program has been halted so they can shift all the loss risk to the government.
This, and the interest on 20m is a lot more than 50k.
Exactly
Because the they didnt get any money to begin with. The big banks, Wells Fargo, Chase, etc, got shockingly small amounts of money while the smaller banks got the bulk.
The application process was a train wreck. They said funds would be considered first come first serve, so you if you got in early, you should be good to go. But that's not what happened. Actual small businesses, that are actually suffering were actually left out in the cold.
The word is that the way the program was structured, the banks made more money by lending out larger amounts to fewer applicants. Chase is rumored to have prioritized their "Chase Private Client" members. Another large bank is rumored to have prioritized customers that owed them money.
Lots of discussion about this on Speddit.
Also with Chase. Wasn't able to qualify.
That’s because they’re prioritising companies with debt. Chase gave Ruth Chris £20 million. 2x max amount because the field through 2 subsidiaries.
Edit to add
https://thedonald.win/p/FMgtHWXJ/chase-bank-prioritizes-large-ind/
Yep. Good luck to you. I'm sure there will be more funding. Hope you get it!
Samething for my father. Got turned down for 75k because the money dried up. Fucking bullshit.
I’m in the same boat
I'm pulling out of Chase and going local once this is all over. I applied for about 90k and the business banker I dealt with lied to me that my application even made it to SBA.
I got an email today stating Chase is still reviewing the documents you have to supply....
A chef named Gruel. 😄
Why is this still happening? She needs to be held accountable. For this, for impeachment, for everything she's done in her pathetic "career."
Nancy is insisting on finding the Green New Deal
Find a new bank as soon as this is over. Chase is doing two things...loaning to the companies that are carrying a lot of debt ie Ruth Chris and not lending to conservative businesses.
Chase along with Bank of America are giving illegals bank accounts without ID here in Texas. Try your small local bank where you will know the people or Credit Union
Can you imagine how expensive it is to get fucking ice cream MAILED to you is?
As opposed to just having one of her aides go to the store?
While yes you can mail ice cream, it is very impractical. Easier just to have someone to to a store. Even if it's 4 hours away in another state.
BOOOOOO
I fail to see how this is a surprise to anyone. Did you actually think banks were going to loan you money? I didn't even bother applying for any of that crap because I knew it was going to be a waste of time. Worst yet, you can bet that now the banks will use this to gauge your situation and make things even more difficult for you.
Oh you have a $30,000 credit limit on your Chase business card? Well you just said you really needed that loan money, which means you're in dire straits, so I guess we'll just cut that credit limit to your current balance. Oh look now you're at 100% utilization. Might as well cut your personal card credit limit too and that line of credit as well, we can't be exposed to your failing business now can we?
Oh and now your credit score dropped because your utilization went up to 100% (and yes I know Chase business cards don't report to your personal credit unless you mess up, but other Banks do). Now all of your other issuers are going to assume you're a deadbeat and do the same. Congrats your credit score is now 550 through absolutely no fault of your own, and you haven't even made a late payment.
That's not even getting into the shady shit they're doing with mortgages. Ok no problem you don't have to worry about making payments for the next 3 months. On month 4 you owe us those 4 payments all at once. Can't pay? Well too bad, we'll start the foreclosure process. Want to refinance? Good luck with that 550 credit score.
Banks are about to make things so much worse for people. I can't even get mad at them, it's in their nature. It's like getting mad at a scorpion for stinging you. You were playing with it, what did you think would happen?
Let me put it this way. I've learned the only time q bank will ever lend you money is if you can prove, without a doubt, that you have absolutely no need for the money. You have billions in assets and 8 figures in the bank? Sure no problem, here's a million dollar loan. You need $10,000 to keep your business open or you'll shut down and lose everything? Hope you have a black market organ trafficker you can sell your kidney to, because you're just wasting your time and energy going to the bank
What is ppp?
Paycheck Protection Program
The fancy name for the Small Business Program the Gov't just launched in the last bill.
I fuckin love this guys restaurant.
Do yourself a favor and stop doing business with Chase.
They actively supported Nazi Germany during WWII. Never let them forget that, and NEVER forgive them!