Vince, Obama Administration discussed on Mornings on the Mall with Brian Wilson

Automatic TRANSCRIPT

Of small businesses I'm Vince this is merry well good morning start with some of that stimulus money which gosh you hear that all the time never thought I'd hear it again after after the Obama administration and here we are back again stimulus money to get the economy going after we shut it down we're talking about small businesses they were there obviously hit very very hard by this and all of these so there was a portion of the carers act called the paycheck protection program that was it that's supposed to help small businesses make sure that their employees continue to receive paychecks despite them not having a job or only working part time and to make sure that their businesses can stay open while a lot of these dismal businesses have been shut down because they've been deemed non essential or people are so afraid to go out of their homes that they they won't go to these businesses even though they are still open so I think the only way the only businesses that are still going strong or liquor stores because you can't leave your house to go for a walk anywhere so the only thing you can do is sit in a lot of people are developing some very bad habits sweating and I just love the liquor stores are still essential businesses gun stores not so much liquor stores right there right there with you my snacking habits have definitely changed like all of a sudden you know the pub mix looks a lot better I'm like I'll keep it maps okay should lay off the public's a little bit you should I'm telling it EMP one eighty it is I'm I'm sticking to it even even all quarantined at home I mean I'm not it is obviously not an endorsement right now but like I did here Larry spot on that subject he's like I've gained ten to fifteen pounds like at home during the quarantine so now I've got to call you a day in their automatic and I was laughing I was like of course of like you get stuck in the house you read all this food I then but anyway so small businesses and they're they're now talking about Mitch McConnell wants to have another round of small business bailouts on the Senate floor by tomorrow he was an expansion I and expansion of the paycheck protection program and he said in a statement he released a statement saying it's quickly becoming clear the Congress will need to provide more funding or this crucial program may run dry and that cannot happen right he said he's working with Chuck Schumer and Steve Mnuchin to deliver an additional two hundred and fifty billion dollars in relief to small businesses before the end of the week now we're gonna get into the weeds and how this is working with small business administrator Jovita Carranza should be joining us at eight thirty five and I'm I really want to hear what she has to say because my husband I have some small businesses and we've we're trying to work our way through applying for this what a mess well mark tells don't qualify merry Fremont maybe that will go through yeah I know that's the problem but but the problem is is that you have to go through your lending institution so you have to go through the bank with which you have aids your small business relationship your check my savings account whatever you have with them but then depending on the bank they have also additional qualifications and hurdles that you have to jump over because it's a lot of work for them to help all these people so and do and will do all the paperwork in the processing and everything is a lot of work for these banks were totally get it so some of them are adding additional hurdles like but you also have to have a loan with us and the reason for that is because if you get the money you're gonna pump the money right back into their bank because you have a loan with them well the loan would in the end be forgiven you mean etcetera if you have additional private you have a loan with that bank beforehand or you have to have a credit card with that bank right that type of thing there's some of that is some of that is is is there they are going back on some of that my bank released to their quote they change their qualifications at least four times that I know of this came up yesterday the president spoke to bank leaders yesterday and he confronted them about this very thing because you get a small business you calling your bank into a bag in your hair Hey can I get one of these emergency loans or grants and basically if you keep employees and the banks are saying are you an existing customer like no like sorry you know go up a creek and trump says to them trump said the bank yesterday we gotta get dispensed with that we gotta get rid of that nonsense you should be extending these ones and the federal reserve even came out this week and said that is actually gonna be buying these loans the banks make it so it's essentially the only the only skin off the off the needs of the bank R. the fact that they have to deal with the bureaucracy of giving a loan out at all but in the end it's not going to be a hit to the banks working capital I understand why the banks want you to be an existing customer I got it right are there you're their customers so they should take care of the which wherever you have your business account as a small business whichever bank you have that in sure that should be the main did you go to I don't have a problem with that I have a problem with artificial additional hoops that they make you jump through totally but they are told they are they are backing down on that now this scenario to if I can just one point on this yes this is where trump should bring up the defense production act if necessary so the defense production act we keep talking about applying it to companies that produce products but I have a suspicion here that he could potentially invoke it to force banks to do this business to handle the bureaucracy of giving out these laws whether they like it or not and without imposing barriers that they should not be imposing on small businesses that desperately need the money in the end the the other thing was when they talk about putting another two hundred fifty billion towards this is there are even companies that are waiving fees that will have you do this they're clearing houses for some of these banks with loans and things like that and you can apply through them as well because they're waving their fees early say say they are but they they're they'll tell you you had to do it like as soon as it came out everyone was scrambling to get this done because there was a limited pot of money and you you literally have a place in line when you from when you filed in order to get in line to get the money and the fear has always been that that money is going to be gone by the time they get to your particular application especially if your bank was one of those banks that put up all these other roadblocks in your way and I and that that there would be any money left well looks like at tomorrow they are going to address this in Congress to to put another two hundred fifty billion dollars into the pot for this bailout for small businesses which would be great if they do that yeah if you desperately needed rescue and the whole point of this is to to give these businesses the ability to survive this government imposed shutdown and specifically to keep their employees working for those businesses that is so important because you can't let the businesses collapse and then have employees just scattered around the economy if they have a business they're tethered to at the end of this we can get things back to back much faster yeah and then that is the key we've got to get everybody back to work we have to do it we'll delve into this more with small business administrator Jovita Carranza at eight thirty five today it is now six fifteen number W. M. A. L. traffic and weather every ten minutes first on the fox Lisa bass carpet cleaning traffic center in Carroll County Maryland on route ninety seven there was that several trees that came down in the roadway Bartholomew road and police are on the scene so expect to find the power out last I saw your Tippy toeing through the area but you know that's going to change we have the sound of chain saws in the dark chain saws in the dark thirty two that's a tree and wires down between freedom Avenue in twenty six liberty road if that's what's happening Brandywine's street in northwest DC between forty fifth and forty seventh street now from garage door repair dot com.

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