USA | Shrute Farms - 1/10/2021 08:18
Banks will still get a fee. Before you beat up the Banks you have to ask yourself, "why would a bank want to put a loan on the books that is less than breakeven?" I think the thing people need to remember is the main question on the PPP application:
"Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
If the survival of your business was dependent upon PPP then I believe you fulfill the requirement. If you applied for any other reason, I believe you committed fraud. Just my thoughts.
Well then it looks like a lot fraud has been committed according to you. According to the Gov rules looking like you would be wrong.
If you think the PPP deal is bad for banks, you would be wrong again. It is anything but bad for banks bottom line. A lo of banks are going to have a lot more profitable year in 2020 than what the outcome would have been with no PPP.
5% fee for shuffling papers plus 1% int on $ they are getting a fraction above 0% , looks like a winner to me.
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PPP and taxes.
