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Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

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  • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

    Originally posted by Handyman View Post
    Sure thing boss. Why would I listen to what the people not being helped say...what would they know anyways. I should trust you and your friends who are so forthright and honest.
    If you call up Wells and ask them to help obtaining a govt loan for your business they'll say sure what's your account #. when you inform them that its with JP Morgan, they will tell you to call them. Not sure what part of that you're struggling with? Or take it up with the Treasury since its their guidance.
    Legally drunk???? If its "legal", what's the ------- problem?!? - George Carlin

    Ever notice how everybody who drives slower than you is an idiot, and everybody who drives faster is a maniac? - George Carlin

    "I've never seen so much reason and bullsh*t contained in ONE MAN."

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    • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

      Originally posted by Rover View Post
      If you call up Wells and ask them to help obtaining a govt loan for your business they'll say sure what's your account #. when you inform them that its with JP Morgan, they will tell you to call them. Not sure what part of that you're struggling with? Or take it up with the Treasury since its their guidance.
      Oh so you didnt actually read what I said...here let me explain.

      Bank of America customers are trying to apply, through Bank of America, to get the loan. If they dont already have a loan or a credit card they are being denied. This isnt about going to other banks, this is about going to YOUR BANK. The people whining are BOA business account holders who are being denied access from BOA because they arent in debt to BOA. If you dont see the problem with that you are blind.

      And it has zero to do with treasury. The CEO Said They Are Doing It By Choice

      Bank of America CEO Brian Moynihan said Friday on CNBC that the bank would initially focus on “borrowing clients” before turning to other small business customers and then ultimately new clients.

      “We have to focus on the borrowing clients to make sure we can take care of them,” he said.

      Sen. Marco Rubio criticized Bank of America for its decision, saying it wasn’t a government requirement that customers have loans to be approved for the program.
      Care to try again...

      edit: I get why banks arent ready for this. I am not blaming the banks that dont have their applications ready they warned that would happen. My problem is with BOA and their practices on this.
      Last edited by Handyman; 04-03-2020, 02:03 PM.
      "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
      -aparch

      "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
      -INCH

      Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
      -ScoobyDoo 12/17/2007

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      • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

        Handy I read the whole thing ahead of time. Stop channeling Kep. Also when you're quoting Marco Rubio to make your point, don't you get a little nervous?

        Treasury's guidance (not a law, but a recommendation) is that people who have existing business loans with a bank go through that bank. Why? Because they already have the info about your business needed to move the processing along. Full stop. Think about that for a moment. Makes sense, right? If applications are going to get processed in an orderly manner, it helps immensely if they're dealing with existing customers who already have loans.

        So, if a customer has a checking account, but has a loan with a different bank, they're better off going through whoever they have the loan with. Why? Because a checking account, or credit card account, isn't going to give the bank the same insight into their small business that a lending relationship does. Again, full stop. Does this make sense?

        Now I can't speak to the nature of each individual complaint, and its entirely possible in the scramble some people are being needlessly delayed as will happen since humans are human. But I would suspect banks will try to shorten the queue by getting the people they know best out of the way first (existing lending relationships) before they dive into people who need to supply more information.
        Legally drunk???? If its "legal", what's the ------- problem?!? - George Carlin

        Ever notice how everybody who drives slower than you is an idiot, and everybody who drives faster is a maniac? - George Carlin

        "I've never seen so much reason and bullsh*t contained in ONE MAN."

        Comment


        • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

          Again you arent actually paying attention. No one is saying anything about going to a different bank to get relief. If you are going to pretend to be part of the conversation actually read what people are saying.

          Here let me use an example to help illustrate it...since apparently reading isnt your thing.

          I have a business account with BOA. I currently hold no loans with them. (or anyone) I apply for the PPP as is allowed. BOA is denying me help because I dont have any debt with them. Treasury and the stimulus itself have said no such debt is required to get relief.

          This isnt rocket science. Stop Trumping it up your obfuscations are lazy and sad. BOA customers are being denied, not because they have loans elsewhere, but because they dont owe BOA any money period. And it isnt 1 person, or 10 people, or a hundred. BOA has said they will deny loans for EVERYONE WHO DOESNT HAVE A LOAN OR CREDIT CARD.
          Last edited by Handyman; 04-03-2020, 02:59 PM.
          "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
          -aparch

          "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
          -INCH

          Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
          -ScoobyDoo 12/17/2007

          Comment


          • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

            BoA is making sure the customers with debt get help first so BoA can continue to make money off of said debt.

            That's how I read this.
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            • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

              Originally posted by Rover View Post
              Handy I read the whole thing ahead of time. Stop channeling Kep. Also when you're quoting Marco Rubio to make your point, don't you get a little nervous?

              Treasury's guidance (not a law, but a recommendation) is that people who have existing business loans with a bank go through that bank. Why? Because they already have the info about your business needed to move the processing along. Full stop. Think about that for a moment. Makes sense, right? If applications are going to get processed in an orderly manner, it helps immensely if they're dealing with existing customers who already have loans.

              So, if a customer has a checking account, but has a loan with a different bank, they're better off going through whoever they have the loan with. Why? Because a checking account, or credit card account, isn't going to give the bank the same insight into their small business that a lending relationship does. Again, full stop. Does this make sense?

              Now I can't speak to the nature of each individual complaint, and its entirely possible in the scramble some people are being needlessly delayed as will happen since humans are human. But I would suspect banks will try to shorten the queue by getting the people they know best out of the way first (existing lending relationships) before they dive into people who need to supply more information.
              This makes no sense. If I borrowed from a bank 5 years ago to grow my business, and I've been making my monthly payments on time, then that bank has no more insight into my current financial position than any other. They wouldn't know if I've taken out other loans, if I've grown my profits 100-fold, if I'm sitting on piles of cash, what my backlog looks like, etc. They knew a snapshot 5 years ago, when I originally applied for the loan, but since then I haven't been sending them monthly financial statements - I've just been sending them checks.

              Try re-financing your house with your current lender. When they ask for your current financial info, just tell them, "Nah Bro, we're good - I already have a loan with you!"
              If you don't change the world today, how can it be any better tomorrow?

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              • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                Originally posted by RaceBoarder View Post
                BoA is making sure the customers with debt get help first so BoA can continue to make money off of said debt.

                That's how I read this.
                Exactly - they're trying to make sure their current debtors don't default.
                If you don't change the world today, how can it be any better tomorrow?

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                • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                  Originally posted by Handyman View Post
                  Again you arent actually paying attention. No one is saying anything about going to a different bank to get relief. If you are going to pretend to be part of the conversation actually read what people are saying.

                  Here let me use an example to help illustrate it...since apparently reading isnt your thing.

                  I have a business account with BOA. I currently hold no loans with them. (or anyone) I apply for the PPP as is allowed. BOA is denying me help because I dont have any debt with them. Treasury and the stimulus itself have said no such debt is required to get relief.

                  This isnt rocket science. Stop Trumping it up your obfuscations are lazy and sad. BOA customers are being denied, not because they have loans elsewhere, but because they dont owe BOA any money period. And it isnt 1 person, or 10 people, or a hundred. BOA has said they will deny loans for EVERYONE WHO DOESNT HAVE A LOAN OR CREDIT CARD.
                  The donut hole appears to be small businesses that do not have any debt. If you have debt and go to the bank you have debt with I assume you have no problem? Hopefully. For those that don't have debt the administration did them no favors.
                  **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

                  Originally Posted by dropthatpuck-Scooby's a lost cause.
                  Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

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                  • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                    Originally posted by RaceBoarder View Post
                    BoA is making sure the customers with debt get help first so BoA can continue to make money off of said debt.

                    That's how I read this.
                    And if they had communicated that to their customers they wouldnt be getting backlash over it. Their lack of ability to message is killing them right now. (as it usually does...BOA is a joke)

                    note: I am not a BOA customer, and I dont really care if their customers are ****ed at them. I just think it is funny that in a dumpster fire they decided they would only hand out enough fire extinguishers to help half their customers while ****ing off the other half.
                    "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                    -aparch

                    "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                    -INCH

                    Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                    -ScoobyDoo 12/17/2007

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                    • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                      Originally posted by LynahFan View Post
                      Exactly - they're trying to make sure their current debtors don't default.
                      Which would be great PR...of course they could just make it policy not to default for a period to make sure everyone has a chance to apply as well. No one is making them default...
                      "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                      -aparch

                      "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                      -INCH

                      Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                      -ScoobyDoo 12/17/2007

                      Comment


                      • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                        Originally posted by Handyman View Post
                        Again you arent actually paying attention. No one is saying anything about going to a different bank to get relief. If you are going to pretend to be part of the conversation actually read what people are saying.

                        Here let me use an example to help illustrate it...since apparently reading isnt your thing.

                        I have a business account with BOA. I currently hold no loans with them. (or anyone) I apply for the PPP as is allowed. BOA is denying me help because I dont have any debt with them. Treasury and the stimulus itself have said no such debt is required to get relief.

                        This isnt rocket science. Stop Trumping it up your obfuscations are lazy and sad. BOA customers are being denied, not because they have loans elsewhere, but because they dont owe BOA any money period. And it isnt 1 person, or 10 people, or a hundred. BOA has said they will deny loans for EVERYONE WHO DOESNT HAVE A LOAN OR CREDIT CARD.
                        I thought the tweet you guys posted also talked about having an existing checking or savings account with the institution?

                        First, I don't know why anyone would go through Chase, Wells Fargo or BofA for this loan, unless you were a big customer with an established relationship. Those banks are not run by bankers, they are run by lawyers. What the big banks are afraid of is who the hammer falls on when these loans are given out without "verification." The loan applications (I've submitted one, by the way, and it was very easy) requires certain information regarding payroll, expenses, whether you were in business on a certain date, the levels of your payroll during those periods of time, etc...

                        Banks, and in particular large banks, claim they have no way of taking an application and sending out money in two or three days if they have to verify those facts. They want Treasury to give them a pass, or otherwise they are going to have to either deny a bunch of loans or only do business with those businesses with whom they have an ongoing relationship.
                        That community is already in the process of dissolution where each man begins to eye his neighbor as a possible enemy, where non-conformity with the accepted creed, political as well as religious, is a mark of disaffection; where denunciation, without specification or backing, takes the place of evidence; where orthodoxy chokes freedom of dissent; where faith in the eventual supremacy of reason has become so timid that we dare not enter our convictions in the open lists, to win or lose.

                        Comment


                        • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                          Originally posted by Handyman View Post
                          That is how I figured it worked. And that is why I am saying it is a revenue loser. For you and your wife it is probably a wash but if you had 2 kids Disney just lost half the revenue of the sale. If the kids want to watch it again they lose that as well.

                          VOD is the equivalent of DVD sales...and with how much movies cost nowadays it just is not going to take over for theaters. Maybe when they figure out a new cost structure but that wont be for a while. Unless they all want to take major losses on films already made...
                          Also, the movie was released last week. It’s now on Disney+ for free streaming. We got hosed. They usually wait until the normal home video release + a month or so before adding it to the service.
                          "The party told you to reject the evidence of your eyes and ears. It was their final, most essential command." George Orwell, 1984

                          "One does not simply walk into Mordor. Its Black Gates are guarded by more than just Orcs. There is evil there that does not sleep, and the Great Eye is ever watchful. It is a barren wasteland, riddled with fire and ash and dust, the very air you breathe is a poisonous fume." Boromir

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                          • Originally posted by St. Clown View Post
                            Also, the movie was released last week. It’s now on Disney+ for free streaming. We got hosed. They usually wait until the normal home video release + a month or so before adding it to the service.
                            Ouch that sucks...
                            "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                            -aparch

                            "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                            -INCH

                            Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                            -ScoobyDoo 12/17/2007

                            Comment


                            • Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                              Originally posted by Handyman View Post
                              Again you arent actually paying attention. No one is saying anything about going to a different bank to get relief. If you are going to pretend to be part of the conversation actually read what people are saying.

                              Here let me use an example to help illustrate it...since apparently reading isnt your thing.

                              I have a business account with BOA. I currently hold no loans with them. (or anyone) I apply for the PPP as is allowed. BOA is denying me help because I dont have any debt with them. Treasury and the stimulus itself have said no such debt is required to get relief.

                              This isnt rocket science. Stop Trumping it up your obfuscations are lazy and sad. BOA customers are being denied, not because they have loans elsewhere, but because they dont owe BOA any money period. And it isnt 1 person, or 10 people, or a hundred. BOA has said they will deny loans for EVERYONE WHO DOESNT HAVE A LOAN OR CREDIT CARD.
                              Putting aside your over the top rage, I attempted to answer your question as such:

                              Originally posted by Rover View Post

                              Now I can't speak to the nature of each individual complaint, and its entirely possible in the scramble some people are being needlessly delayed as will happen since humans are human. But I would suspect banks will try to shorten the queue by getting the people they know best out of the way first (existing lending relationships) before they dive into people who need to supply more information.
                              Apologies if my point wasn't clear, but the intention seems to be to get the existing lending relationships out of the way first as they can move those through quickest, then move onto I'd assume other existing customers.

                              Originally posted by SJHovey View Post
                              I thought the tweet you guys posted also talked about having an existing checking or savings account with the institution?
                              Me too! But apparently I'm not reading the posts so....
                              Legally drunk???? If its "legal", what's the ------- problem?!? - George Carlin

                              Ever notice how everybody who drives slower than you is an idiot, and everybody who drives faster is a maniac? - George Carlin

                              "I've never seen so much reason and bullsh*t contained in ONE MAN."

                              Comment


                              • Originally posted by SJHovey View Post
                                I thought the tweet you guys posted also talked about having an existing checking or savings account with the institution?

                                First, I don't know why anyone would go through Chase, Wells Fargo or BofA for this loan, unless you were a big customer with an established relationship. Those banks are not run by bankers, they are run by lawyers. What the big banks are afraid of is who the hammer falls on when these loans are given out without "verification." The loan applications (I've submitted one, by the way, and it was very easy) requires certain information regarding payroll, expenses, whether you were in business on a certain date, the levels of your payroll during those periods of time, etc...

                                Banks, and in particular large banks, claim they have no way of taking an application and sending out money in two or three days if they have to verify those facts. They want Treasury to give them a pass, or otherwise they are going to have to either deny a bunch of loans or only do business with those businesses with whom they have an ongoing relationship.
                                The tweet I posted said they had an existing bank account but no loans or credit card. They never owed money to BOA they used them for deposits and payroll. They are current customers they are just not indebted to the bank.

                                I have no clue why anyone would go through a large bank for this but if that was who I had a good standing relationship with I would probably try them first. I will ask my buddy who SBA told him to deal with as he is dealing with them right now.
                                Last edited by Handyman; 04-03-2020, 03:59 PM.
                                "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                                -aparch

                                "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                                -INCH

                                Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                                -ScoobyDoo 12/17/2007

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