If you are a small business and expect some loan ‘aid’ from the federal government after the coronavirus disaster, think again.
Thomas Paine, a Citigroup insider and survivor of the 2008 Wall Street crash, has a sobering message about how banks handle federal stimulus dollars for small business owners on his recent Thomas Paine Podcast and Moore Paine Show on Patreon. And that message is not pretty. While the White House and Congress are touting massive loans to Main Street business owners, the reality is quite different from the perspective of massive financial institutions who handle such loans. “I tell folks what happened in 2008 when the banks got untold billions of dollars in federal stimulus and why that money never made it to small businesses and I see similar patterns now as well,” Paine said. “It’s not a fun story but neither is having your business collapse while you await help that many times never comes.” (Listen below)