Bank of America failing small businesses

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Barrera

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The federal stimulas funds for small businesses started applications today.
Bank of America has put in place thier own policies on which businesses can apply for the loans. I've had my small business account through them for 13yrs. Since I dont use thier credit card system my business wouldn't qualify.
I'm fortunate to be considered a essential business and have not had to lay off any employees. I wouldn't have applied for the small business stimulas as were going to get through this without the gov assistance. I believe God is my provider only.
What about the businesses who were forced to close, had thier checking through Bank of America and can now not apply for the small business loans? I feel for them. This is fed $ not bank of America $.
Just my 2 cents. I will be closing my accounts with bank of America in the weeks coming...
 
The feds are encouraging the SBA PPP loans be administered by your local bank as much as possible in support of your local economy. Knock yourself out.
 
Bluehair said:
The feds are encouraging the SBA PPP loans be administered by your local bank as much as possible in support of your local economy. Knock yourself out.
Click to expand...
Do you have a business that was forced to close and is being denied help due to not using a banks credit card?
I do know local businesses that bank with bank of america that were forced to close and have been denied the application opportunity. It's not that easy to just go to your local bank and apply.
Are you business owner that provides jobs in this country, if so then you should understand. If not the you knock yourself out!
BOA should have never been bailed out by the taxpayers. Them putting thier own stipulations that aren't part of the fed bill passed is not right...
 
Barrera said:
Do you have a business that was forced to close and is being denied help due to not using a banks credit card?
I do know local businesses that bank with bank of america that were forced to close and have been denied the application opportunity. It's not that easy to just go to your local bank and apply.
Are you business owner that provides jobs in this country, if so then you should understand. If not the you knock yourself out!
BOA should have never been bailed out by the taxpayers. Them putting thier own stipulations that aren't part of the fed bill passed is not right...
Click to expand...
I stayed in a holiday inn once.

The application criteria are established in the legislation, and shame on BOA for cheating if they did. It is a loan underwritten by our government (like it does 10 million other things in your life) and I assume offered to all of the major lenders. It would be malpractice against BOA's shareholders to not offer support of this program.

You don't need to get one if you don't want one. But a loan with VERY favorable terms might be just what keeps some of your neighbors afloat thru this. And if you don't like that, you can go for the payroll tax credits on your next quarterlies.

As an American, I view a 1% loan as a much better investment than $400 million (and another couple billion in collateral damage) shipped off to Ukraine to influence an election.

And thanks for keeping your people working.
 
it's a give away.....if you keep your employees for at least 8 weeks with pay from this "loan"...it is forgiven
 
If this is a beef with BOA then I don't have a dog in the fight. Never did business with them.

Whether you consider an SBA loan a deal with the devil, it may be the only and best hope for some small businesses. I'm fortunate that I'm in the stands watching this time. Sorta.
 
Bank of America have been ripping off their business clients for many years. My wife is the book keeper for our local hardware store and has been there for 30 years. Over 20 years ago she convinced her boss to drop B of A and go with another bank. He agreed with her after she showed him how B of A had nickel and dime him on many items on everyday transactions.
To this day the hardware store will not do any business with B of A and are money ahead by doing so.
RELH
 
I left BofA a long time ago when they pulled funding and would not do business with retailers and manufacturers that dealt with ammunition and firearms.
 
eelgrass said:
Another puzzling fact. As of today there have been about 5500 deaths so far from covid-19 in the US. That's about 2 days worth of abortions in the US. And 100% of babies who get the abortion virus die.
Click to expand...
Agree 1000%. Crazy the left wanted stimulas money to keep the abortion clinics open as they consider it a essential business in our society in these times. Pure evil and it's a lot of blood on anyone who supports the lefts with a vote.
 
Eel and Homer bank with Bank of Italy...still.
As far as nickel and dimes shenanigans, my local bank charged me $$ for depositing over 10k in Cash in their fine establishment recently. WTF?
 
You suppose they really don't look at those $9,900 transactions?

What is truly disturbing is that they can just whip $1200 into your account. Good thing they can't just whip it out just as easy.:oops:
 
Bluehair said:
You suppose they really don't look at those $9,900 transactions?

What is truly disturbing is that they can just whip $1200 into your account. Good thing they can't just whip it out just as easy.:oops:
Click to expand...


They can, and they have!
 
Any cash transaction over $10k is a flag. Usually because cash (or check) amounts that much involve shenanigans.
 
It was rent monies from the Cartel. It actually was nearly 20k for the month. Never a 10k or more transaction. Just cumulative.
 
I’ve been meaning to weigh in on this discussion, but frankly haven’t had time until now because I’m one of those community bankers who is unbelievably busy making these PPP loans. This is in addition to all of our regular day to day banking business. I see some misconceptions about the Payroll Protection Program in some of the posts. Since I know more than a little about this program, let me state a few things that some may not be aware of.

First, in order for a company to qualify, they need to be able to articulate how the pandemic has harmed their business. There actually are many companies in dire straits because of this, they’ve laid off some or all of their work force and these loans will enable them to get paychecks back in those people’s hands. Second, all the money needs to be spent over the 8 weeks immediately following receipt of the loan funds. At least 75% of that money has to be used for payroll, with the balance used only for rent and utilities. If a business complies and documents their compliance, then there is a process to have SBA pay the bank’s loan off and forgive the borrower’s debt. If the business fails to comply, they end up with a short time period (it’s a 24 month loan) to repay the loan, which is only at 1% interest, back to the bank.

Someone commented about this being the SBA’s money, not the banks. That is incorrect. Every bank is lending their own money on the front end and getting paid back by SBA after the borrower complies with all the rules. I read a comment about giving banks information that is none of their business. That too is a misconception since nobody is being forced to borrow the money. If you want to borrow money from a bank that belongs to them, you’re going to provide information that enables a prudent credit risk decision to be made. Don’t want to provide the information? No problem, but don’t expect any bank to lend you THEIR capital.

I’ll weigh in more later, but I’ve got to get to get back to working on these loans again. This evening is the first decent break I’ve taken since March 22nd. Been going till midnight nearly every single night since then and the end still isn’t in sight.

This rush for PPP loans is analagous to 3 weeks ago when you couldn’t find toilet paper, paper towels or cases of bottled water due to the panicked rush by hoarders. Now, the panicked rush is for money instead of butt wipe.
 
Ya Think Homer?

Anybody Doing it will Not be paying one GAWD-DAMNED Dime Back!

In a Way I Don't Blame them Neither!

The Government Basically Put Businesses out of Business!

Gotta Spend it Quick/within 8 Weeks,what's up with that?

PRINT BABY!

PRINT!

Oh!

AND PRINT SOME MORE!



Homer said:
.....this WILL be abused
Click to expand...
 
CAelknuts said:
If you want to borrow money from a bank that belongs to them, you’re going to provide information that enables a prudent credit risk decision to be made. Don’t want to provide the information? No problem, but don’t expect any bank to lend you THEIR capital.
Click to expand...

Don't you mean the money that belongs to the depositors or account holders?

Asking for a friend...
 
roadrunner said:
Don't you mean the money that belongs to the depositors or account holders?

Asking for a friend...
Click to expand...


I did ask the people to whom this money belongs.

My 9 year olds, who we are robbing this from,

Said yes.



And Bess is right. Not one dime is going to be paid back. Not one.

And if Jenny Wilson destroyed my buisness, I wouldn't pay it back either.
 
Banks do lend money from their depositors, so in a sense you are correct. However, depositors are insured by FDIC and banks undergo numerous audits and examinations by regulators to ensure they are making prudent lending decisions and keeping loan losses to a minimum. So, even though the money comes from depositors, their money is not at risk in nearly all cases. Banks have liability if they make too many bad decisions, and ultimately their shareholders AND directors are liable. So, they all treat the money as their own; as they should.

Government decisions caused this economy to crash and I’d far prefer to see small businesses get this money to use for their payrolls short term, than I would the typical government giveaways. if businesses don’t use at least 75% of the proceeds on payroll, some of the loan will not be forgiven and must be paid back. I’m sure more than a few MM’ers work for companies that are getting these loans and using those funds to pay their employees. Getting money into people’s hands will get the economy going when things start returning to normal.

A final comment... if you guys think BofA is terrible (and they are), you should hear what business owners think of Wells Fargo. I’m hearing more complaints about the big banks, BofA and Wells in particular, over the last two weeks than I’ve heard over the entire 28 years I’ve been in this industry.
 
CAelknuts said:
So, they all treat the money as their own; as they should.
Click to expand...

However, it is not the banks loaning their money. Banks are only stewards of the money deposited under trust by the account holder backed up by a federal guarantee that their money will not be lost by foolish bankers lending it out and making the whole banking thing work.
 
Were banks, wall street bankers held accountable for their role in the sub-prime mortgage crisis or did the shareholders suffer for their actions?
 
wetmule said:
Were banks, wall street bankers held accountable for their role in the sub-prime mortgage crisis or did the shareholders suffer for their actions?
Click to expand...

Is China going to be held accountable?

Hundreds of thousands world wide die, gazillions in economies wiped out.

Chit rolls downhill, ALWAYS.

Your grandkids will pick up the tab for this one
 
Grandkids will pick up the tab from who? US gov't? China?

Not China and gov't if they let them. You know, we have thw power to keep that from happening...
 
If I'm not mistaken Wells Fargo & others used their bailout money to buy up smaller banks. Crony capitalism is the name of the game and I'm sure it will be the same in this crisis.
China should rot in hell as well as the UN and the WHO - and we should pull all U.S. manufacturing the hell out of that chit hole yesterday.
 
Right now, the UN is probably the only thing that can put a thumpin' on china.

Lots of upset countries out there right now.
 
Manufacturing Should have never went to China!

Nothing but a Bunch of F'N TRASH!

With No Choice for a Better Quality Product!

Do You Want:

MADE IN CHINA!

Or!

MADE IN CHINA!

wetmule said:
If I'm not mistaken Wells Fargo & others used their bailout money to buy up smaller banks. Crony capitalism is the name of the game and I'm sure it will be the same in this crisis.
China should rot in hell as well as the UN and the WHO - and we should pull all U.S. manufacturing the hell out of that chit hole yesterday.
Click to expand...
 
Look, we get a chance to throw the big spenders out every election cycle. How's that going?

Of all the stupid things our goobermint wastes money on (remember $400 million for those Ukraine elections?) , bridge loans to American citizens is the least stupid.:confused:

$.02
 
Unfortunately, it is difficult to get a loan as a small business, as there are a lot of restrictions and limitations. You need to have worked for a few years previously, provided by your business financials. This is for you to prove that your business generates avenue and the costs of maintaining your business. A friend of mine, who owns a small business, decided it’s better to ask his parents to loan him the money, rather than going to a bank.
As for your business bank account, there are many online banks that provide benefits for business owners. A website my friend sent me gives a few examples of online business bank accounts and the requirements of opening one. Here, you can check it out, maybe it’ll help: https://www.creative.onl/startupsgeek/fast-online-bank-accounts/
 
My wife was the book keeper for a family owned hardware store for over 30 years. Her boss did business with Bank of America when she started working there.
Over several years she noticed that BofA was adding many fees to things that had been free in the past. It got to the point they were nickel and dime fees on just about every transaction.
She talked to her boss and showed him the fees he was paying and advise him to look for another local bank to do business with. He made the change and saved money by doing so. Also got better service on top of the savings.
My wife has such a dislike for BofA that she will not go near their office for anything.
RELH
 
I think all big banks are like that these days. Wells Fargo is completely run by algorithms.

Little story-

I have banked with WF forever. When my son graduated college, he got approved for an auto loan at WF. He spent a week or two looking for the right vehicle. He found one, and when he attempted to finance it WF said his approval had expired, and they declined to finance it. I was soooo pissed off.

So I took my son to the credit union at my work. Chatted with the lady about our need, told her I would co-sign. She took one look at my history at the CU, then told me to leave and let her and my son set up an account and instantly provided the loan to him (without my involvement). That personal touch certainly cemented my dedication to the CU forever more.
 
HikeHunt61 the wife and I had the same experience with a local credit union when we first got married 53 years ago. They valued your commitment to paying your bills and would bend over backwards for you. 53 years later we still do business with that credit union as our main banking facility.
RELH
 
I knew the stock contractor who did their stagecoach commercials.

The stages were cool, but nowhere near as cool as the horse drawn hearse.

So what, and BFD. There Homer, saved you the trouble :ROFLMAO:
 

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