I was somewhat curious as to why the government’s paycheck protection program ran out of funds so quickly. The loan program was allegedly meant to help small businesses continue to make payroll during this lunatic virus lockdown. As it turns out, the program was looted by a number of large corporations.

The corporations listed below were able to get loans from the paycheck protection program despite many of them having significant market caps. It is safe to assume that many of them will not be giving this money back.

Meanwhile a very small percentage of small businesses were approved for loans.

Shake Shack gave back the $10 million they got from the program, but it is obvious that they only did that for bullshit public relations purposes. They should have never been trying to access the program in the first place.

Even Harvard University with their $40 billion endowment got money from the program. They ultimately returned the cash after Drumpf criticized them for taking the money.

I get that there are all sorts of retards and stupid affirmative action hires in government, but are they really that stupid to let something like this happen? It’s transparently obvious that larger corporations with connections were given preference by the banks who managed all this.

And on top of that, the banks made huge sums of money in processing fees. It appears as if the program gave them incentive to loan money to larger companies instead of small businesses.

Banks reportedly made over $10 billion in processing fees!

NPR:

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 Treasury fact 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 amount of the loan, according to government figures. Loans worth less than $350,000 brought in 5% in fees while loans worth anywhere from $2 million to $10 million brought in 1% in fees.

Lawsuits have been filed over this.

But if this doesn’t prove how dishonest and corrupt the system is, than nothing will. Large corporations were basically allowed to loot the funds from this program while most small businesses got little to nothing.

I don’t know what else to say about this. It’s almost like all of this has been done by design to put small businesses out of business permanently.

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