5 ms·

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault

The bill was rushed and people who needed it the least ended up profiting more than people who needed it the most and weren't successful in applying. The fault is on the people who designed that bill. The whole "please give back the money" political posturing, is just that, political posturing. The whole small business == 500 employees PER location is a farce for instance.

jacobolus 7y ago
> small business == 500 employees per location is a farce This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).
- garmaine 7y ago
  Why not blame the democrats on that committee too?
  - caseysoftware 7y ago
    Because only Republicans can do bad things, obviously.
  - delecti 7y ago
    Because minority members of a congressional committee can't stop the majority members from getting things through. The Senate is R majority, thus so are the Senate committees, thus the Dems on that committee couldn't have stopped it.
- dantheman 7y ago
  The bill was passed, everyone that voted for it is responsible.
  - bradleyjg 7y ago
    Yes, exactly. Every last one of the fire breathing soi disant small government conservatives and anti-big business progressives proved their mettle that day.
  - raz32dust 7y ago
    This is reductionist. There is a crowd dynamic here. Something needed to be done quickly. A minority of senators cannot keep waiting until they get what they want. Republicans would then blame the democrats for stalling the bill. GOP has become either stupid or plain evil. I have no doubt any more after events of the last one year.
    - dantheman 7y ago
      What needed to be done? Backstopping unemployment? Making sure there is some funding for the medical establishment? This was the 3rd bailout bill, of many? They had time for 4 hours of debate, but then went for a voice vote so they wouldn't be on the record. This 2T bailout is going to go down in history as one of the most reckless things / or outright transfer of wealth that has ever occurred. It was bad legislation. Lastly it was dishonest -- calling a grant with conditions a loan is just a lie. People pay back loans, these will never be paid back.
      - raz32dust 7y ago
        My point is, you are basically saying, screw them all. That they are all liars and putting them in one big bucket. I am saying that a Dem majority would have gotten us a bill that was closer to what you want here compared to what he have today. And in this case, closer is better.
balls187 7y ago
> people who needed it the least The fee's that banks collected for processing the applications. Edit to clarify: The amount of money that banks collected in fees is also a major problem. There are allegations that Banks purposefully shuffled application orders to allow for larger amounts to be processed first, so they would collect more in fees (the fee collected was based on the % of the loan request).
- JoeAltmaier 7y ago
  Wow. SO if the bank fee was a constant for instance, the banks might have pushed to process many tiny, simple applications. Thus benefitting more small-business owners. Wow. Such a good example of the law of unintended consequences.
wmeredith 7y ago
This is one of the most compelling arguments for universal basic income in my opinion. Give everyone the same amount of money-and I mean everyone from Bezos and Trump, to the burger flippers and the homeless-and scrap all this expensive and time consuming crap where the government insists on citizens navigating a Byzantine maze of red tape to prove how worthless they are before they get the money.

jacobolus 7y ago

> small business == 500 employees per location is a farce This particular definition was inserted by the Senate Committee on Small Business and Entrepreneurship, led by Marco Rubio (FL). You can also blame the other GOP Senators on that committee: Risch (ID), Paul (KY), Scott (SC), Ernst (IA), Inhofe (OK), Young (IN), Kennedy (LA), Romney (UT), Hawley (MO).

garmaine 7y ago
Why not blame the democrats on that committee too?
- caseysoftware 7y ago
  Because only Republicans can do bad things, obviously.
- delecti 7y ago
  Because minority members of a congressional committee can't stop the majority members from getting things through. The Senate is R majority, thus so are the Senate committees, thus the Dems on that committee couldn't have stopped it.
dantheman 7y ago
The bill was passed, everyone that voted for it is responsible.
- bradleyjg 7y ago
  Yes, exactly. Every last one of the fire breathing soi disant small government conservatives and anti-big business progressives proved their mettle that day.
- raz32dust 7y ago
  This is reductionist. There is a crowd dynamic here. Something needed to be done quickly. A minority of senators cannot keep waiting until they get what they want. Republicans would then blame the democrats for stalling the bill. GOP has become either stupid or plain evil. I have no doubt any more after events of the last one year.
  - dantheman 7y ago
    What needed to be done? Backstopping unemployment? Making sure there is some funding for the medical establishment? This was the 3rd bailout bill, of many? They had time for 4 hours of debate, but then went for a voice vote so they wouldn't be on the record. This 2T bailout is going to go down in history as one of the most reckless things / or outright transfer of wealth that has ever occurred. It was bad legislation. Lastly it was dishonest -- calling a grant with conditions a loan is just a lie. People pay back loans, these will never be paid back.
    - raz32dust 7y ago
      My point is, you are basically saying, screw them all. That they are all liars and putting them in one big bucket. I am saying that a Dem majority would have gotten us a bill that was closer to what you want here compared to what he have today. And in this case, closer is better.

balls187 7y ago

> people who needed it the least The fee's that banks collected for processing the applications. Edit to clarify: The amount of money that banks collected in fees is also a major problem. There are allegations that Banks purposefully shuffled application orders to allow for larger amounts to be processed first, so they would collect more in fees (the fee collected was based on the % of the loan request).

JoeAltmaier 7y ago
Wow. SO if the bank fee was a constant for instance, the banks might have pushed to process many tiny, simple applications. Thus benefitting more small-business owners. Wow. Such a good example of the law of unintended consequences.

wmeredith 7y ago

This is one of the most compelling arguments for universal basic income in my opinion. Give everyone the same amount of money-and I mean everyone from Bezos and Trump, to the burger flippers and the homeless-and scrap all this expensive and time consuming crap where the government insists on citizens navigating a Byzantine maze of red tape to prove how worthless they are before they get the money.