Tuesday, April 07, 2020

Kansas City Biz Reacts To Controversial Wells Fargo Paycheck Protection Shut Down

Link suggestion from one of our smarter readers: "A lot of small businesses are going to be screwed by this . . . They told people to apply but cut it off within 24 hours. Glad they got bailed out ten years ago."

Read more:

Wells Fargo stops taking applications for Paycheck Protection Program loans

Wells Fargo is bowing out of a new federal program aimed at helping small businesses retain workers and pay bills during the coronavirus pandemic. The bank announced late Sunday that it would no longer accept new loan applications under the government's Paycheck Protection Program, which launched last week as part of Washington's $2.2 trillion economic relief package.

9 comments:

Anonymous said...

Can't blame Wells Fargo, this program is a cluster. Someone very close to me is part of this effort at a different bank. They had several thousand applications in the first day. Might as well stop taking them. There's limited money and they're not all going to get it. Banks aren't staffed to process all this extra work anyway. Can't wait to see all the fraud that comes out of this.

Anonymous said...

Probably a good thing for all places that are shutting such down. Some will use it wisely but to many will abuse and commit fraud.

Diddling Don said...

Wonder how many Republicans are asking for a SOCIALIST handout. Probably the majority as they can't run a business under normal circumstances let alone the Trump Virus. WINNING!

Anonymous said...

^^^^+1000!

Anonymous said...

Wells Fargo received $30 billion in applications but has only $10 billion to hand out. The first come, first serve is a function of the feds, not the banks. furthermore, small businesses days from bankruptcy aren't the better clients. No good reason to float the businesses that were not performing prior to the crisis.

Anonymous said...

As soon as they get the money they will go right back to saying SoSIalISm so bAd!

Anonymous said...

If government went by that theory with our bail out money Wells Fargo would have died 12 years ago.

Anonymous said...

Name a major US Bank that's solvent!
Hell, most of them were under water even before the Bush Depression hit in 2008!

Anonymous said...

Another Trump program disaster. They can't publish guidance for banks. They can't run a website. They can't process loan requests.

Small businesses are dying and Trump's team doesn't know what the hell they are doing.

But Trump continues to lie and say this is running perfectly. Go ask any small business person where their promised money is and if this is running smoothly.

Frauds and failures in charge.