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Post Info TOPIC: Got Denied again for the Small Business Administration EIDL loan!
Does the Government / SBA treat real small business poorly? [4 vote(s)]

Yes
75.0%
No
0.0%
Don't know
25.0%


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Got Denied again for the Small Business Administration EIDL loan!


Was recently denied for the second time an SBA EIDL loan, which is often bragged about by the current Biden Administration alongside the PPP loan.

While my business, along with my personal credit, carries an exceptional payment history for over 13 years our company was good enough for a measly PPP loan of $5,100 back last year, and then another $5,100 again earlier this year. That being said, it was more or less my bank who did all the work and funded all of these loans, not the SBA. Perhaps it was the SBA who forgave the first PPP loan, but who knows about the second one yet, they will probably retaliate for my speaking out on the issue next time around because I am pretty upset they denied my business an EIDL loan, which is a MUCH-MUCH larger loan with MUCH-MUCH longer terms at less than 4% interest! We're talking about $10,000's vs $100,000's... the kind that get you set up properly, or in many cases like Solyndra, the kind that cost us $534 MILLION before the program even ends when the money is squandered and the company out of business.

It's not enough that both I, and the company have a "stellar" repayment history for the past 13 years, including the most recent pandemic year of 2020-

payments2021.png

 

payments2021a.png

 

 It's not enough that my Federal, State, Local and Property taxes are all paid and current... It's not enough that my company will be celebrating it's 20 year anniversary this September!!! And it sure as hell isn't enough that I maintain 22 accounts along with all applicable registration and licensing fees which are also paid and current!

No folks, none of these things matter because the Government does not like small business! We can see it by the way they are running small business resturants out while the big box McDonalds, Taco Bell's and fast food companies are the only ones making any money. We can see it by the way big companies are given hundreds of MILLIONS in Aid while the honest small business guy gets tossed $5,100 every year. And for what? To help ease the chaos of Government over-reach? To dictate which businesses can opperate and if so what hours they must abide by? What is this? Does COVID only spread after 8pm in Miami? Does COVID only spread in bars and resturants but not at Wal-Mart or Krogers?

I was denied an EIDL loan by the SBA when Trump was in office, and now again when Biden is in office. I have been denied countless times for a home loan refinance also, dispite having a few $100,000 in equity! All because I own a Small Business! I figured since I was dealing with the SMALL BUSINESS Administration they would be equipped and ready to help me seperate and consolidate my business debt from my personal, but they can't! It's a real big joke, honestly! 

What I clear in a year without deductions is a pretty big number! After deductions it's not so much, however it is the deductions that service a lot of business debt that I hold personally - but only because no banks loan to Small Businesses... and even if they do, they will always check the business owners personal credit too! They know it's a problem and they could really care less! It's just sick! 

The formula used by the Government is ANTI-SMALL BUSINESS! From the SBA on thru to the underwriting standards mandated by the Government to figure DTI (Debt to income) in a personal home loan! It's wrong and it's discrimination of the highest order! Sure, I'll get by... but with very little help from the Government who is creeping up on nearly $3 trillion in spending! Meanwhile they make loans to people who spend the money on new cars, travel and even at a Casino! It's been well documented and the stories are near endless. 

For the record, I haven't been to a Casino in OVER a year! Every since our Government said they were here to help, for two weeks to flatten the curve! 

sbadecline.png

 

Unsatisfactory credit history? 

HONESTLY? How does one have a better credit history than paying their bills on time for 13 years straight!!??

If it's DTI related, did they think their piddly $5,100 PPP loan each year was going to carry my business and family? These SBA people are just flat out ignorant or crooked AF!

The SBA does not know what a "Small Business" is... their idea of a Small Business are just phony new start-up companies set up by their lobbying friends to funnel money to their campaigns!

And that's the truth! Because payment history and equity don't lie! Politicians and the SBA do!

homeequity.png



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This is the last straw for Democrats and the SBA! I have lost ALL faith in their ability to be fair!

Now they are saying that if you want an SBA loan and have POOR credit, all you have to do is live in what they call a "poor" community!

Democrats complain constantly about discrimination and yet here they are, the biggest discriminators on the planet by far!

The new SBA Supplemental Targeted Advance for Small Business should be illegal! It allows our government to not only make VERY RISKY loans using our money, but it also discriminates by race and location!

https://www.sba.gov/article/2021/apr/23/sba-launches-supplemental-targeted-advance-small-businesses-hardest-hit-covid-19?utm_medium=email&utm_source=govdelivery

How can this be legal?

 



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Why do you constantly need loans to run your business?

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PowerStroker wrote:

Why do you constantly need loans to run your business?


 

My business (Stellar Enterprises) was established in September 2001... since that time the ONLY business loans the company has been given have been two $5,100 COVID PPP loans, almost exactly one year apart, with the first having already been forgiven.

I'd hardly consider two small loans during a pandemic to offset the governments over-reach to shutting down the entire country to be what you discribe as "constant loans", but we know you're a partisan hack. Your typical jackass MO of "character assassination" will prevail over any logical discussion about reverse-racisim as it pertains to loans being granted on what is clearly an unfair and discriminative basis!  

Unlike yourself, I have supported a family of four for the past 20 years and it has not always been easy! Some people can't even take care of themselves and can't even keep a home without getting themselves upside down in the process! May I remind you that most people upside down in a home have borrowed money (aka "loans") to purchase said home. I only mention this to put things in perspective, that people who get unfair concessions will abuse it and eventually default.

All that being said, my company has been in business for 20 years and I'll be damned if some idiot liberals who do nothing but whine about equality all of a sudden want to change the rules, to give irresponsible people more access to government loans than someone like myself who is NOT upside down in his home and has a proven track record of being fiscally responsible for 20 years! I understand you have a hard time getting your head around things like REAL EQUALITY and fairness in lending, but please let's not confuse my many attempts to be treated fairly and given a business loan with the amount of times I have actually been given one! You ask "Why do you constantly need loans to run your business" like we have constantly been given loans! And honestly the two PPP loans were more or less a complete fucking joke compared to what other companies got! What is $5,100 a year when the government shuts down the entire country? I'd have made more than that in any month from March 2020 - December 2020! My revenues from FY2020 are down more than 30% and it's looking to be even worse under Biden for 2021! Yet I am supposed to entertain the idea that irrisponsible people who didn't pay their bills during COVID or have no history of making timely payments at all should somehow be more credit worthy than someone like myself who DID pay his bills and taxes? HELL NO!

It would be nice if the company got a nice big business loan, so we could buy a building and employ idiots like yourself who have an overinflated sense of self worth and an unrealistic vision of equality! It would be nice if the Government fronted the business this money because look what sort of people the government is raising to offer my business! Only fair I use their money instead of my own! At least I'll pay it back and give someone like yourself somewhere to go every day to make money and burn off some steam! It's what they did for almost every other business out there employing people in one way or another! Apple has billions of cash stuffed away, yet they are constantly taking out loans! Same with people like Warren Buffett, Jeff Bezos, and all the other billionaires out there, and they all have one thing in common, none of their businesses ever seem to pay taxes! Yet they get all kinds of tax or government related money to keep people like YOU employed. I can almost assure you that your company had it's hand out for the PPP and EIDL loans offered by the SBA and other emergency Government programs, so by proxy you took this money too! But rest assured we will ALL pay for it.

So the question now becomes "Why after 20 years of constantly trying to get a business loan does my company keep getting discriminated against?" and the answer is simple, I don't put up with idiots like yourself who have an overinflated sense of self worth! I work for what I have and I take care of the people who take care of me, my family and my customers! When liberals like you and the Government start getting like this I just hunker down and wait for you all to totally fuck everything up and then when the sky is falling and the market has crashed forcing all the bigoted liberals back under their rocks I'll buy real estate for pennies on the dollar while thumbing my nose at you.

I don't NEED a business loan to "run" my business PowerStroker! I just think you're all full of shit.

Respectfully of course.



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FAR BEYOND DRIVEN

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SELLC asked  "What is $5,100 a year, when the government shuts down the entire country ?"...

That's less than $100:00 per week... And it's a loan that has to be paid back too...

This whole Covid-scam sux for sure...


Nb. Every-now-& then, I send-off an e-mail to Prof. Chris Busby, at Green Audit.org, & nearly always he replies too :). ( He's the gentleman that's been winning many court cases around the world for people that are suffering from the aftermath of some sort of nuclear exposure...Including the Sailors of the Ronald Reagan ). And he has personally replied to me that "The virus (Covid) is very real, & to be careful"...

Dr.Steven Greer MD, is a certified emergency-room doctor, & also concludes that the virus is real. However, he also knows the likely real story behind its invention & release, but will not announce this information to us, from knowing that he'll be banned on all social media platforms. And he also knows that the real threat to world is yet to come, & that Covid was just a warm-up to asses peoples reactions.

We have agencies such as DARPA ( Defense Advanced Research Projects Agency ) & the NRO ( National Reconnaissance Organization ), the NSA & many other alphabet-soup titled agencies, including support from "5-eyes" countries, plus an annual US-of-A defense budget that exceeds over 760-Billion dollars USD per year, whereby every phone-call is monitored, photographs copied & stored on cloud servers, e-mails filtered plus countless satellites watching-over the world, & yet, in 2020, we are expected to believe that with all this intelligence, a deadly virus managed to escape from somewhere without anyone knowing ?...

I call bollox from our leaders about this matter, & bollox to their proposed vaccines.

I would not trust any Gov't official who supports this bollox, or the measures being forced on the people that they're voted in to protect. Wearing a f***ing mask, what a joke.

I would suggest that for my satisfaction, to be getting answers to this Covid issue, in as to how it could have happened without anyone knowing in the first-place, with all the "intelligence surveillance" we have, rather than be consolidated with some fear mongering bogus vaccine, that has been funded by the very man who wants to depopulate the world.

I think that the world deserves answers, not vaccines.

It's a disgrace to all who have served their respective countries over the years & through many wars, to have to put up with this bullshyte in this day & age. Yet alone the citizens they fought to protect.








-- Edited by Rastus on Friday 14th of May 2021 01:35:19 AM

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Rastus, thankfully the first $5,100 PPP loan from last year was forgiven by the Government, just before they gave me my second one this year.

And I don't want to seem ungrateful because the extra $90 a week did help! It just wasn't enough and I had to use money that I had set asside for other things to fill in the gaps.

Thankfully my industry was deemed essential, so I worked and took in jobs during the entire pandemic. And what is that, when Government picks and chooses who is essential? That's just crazy Nazi Germany stuff right there!

But it really didn't matter, for two months many things were closed from the post office to dealerships! Schools canceled the entire year! People were barely driving! Then after that, and even today it's still not even close to what is was before March of last year!

I did not fall behind on ANYTHING during COVID! It sucked some weeks in terms of money but really there was nothing to do if I had money anyway! I'd literally pay bills, buy food and work!

Lot's of people got forbearances on their mortgages, while I continued to pay mine, even if it meant dipping into money set asside for other things. The Government wants me to feel "lucky" I was even able to pay my bills, so they are going to reward everyone who may not have made such sacrifices with special programs to give them money? It just doesn't sit right with me! 

Everything right now is over-inflated, so it's really not a good time to be making big investments anyway. I'd just like to think that doing the right things and paying my bills on-time-every-time would be the sort of thing the Government rewards! Never mind these unfair credit reporting models that add a second layer of discrimination on self employed people! It's almost like they are trying to encourage people to fail, by rewarding them before the people who put their responsibilites first. 

It's not right that someone with a responsible payment history and equity like me is unfairly scored and discriminated against! It's unfair that I have had the same shit credit score for over a year, thru a global pandemic and had never missed a payment or been late. It's not fair they are letting others tap their equity, many in forbearance with late payments, while locking me out of mine! It's bullshit! This whole COVID, real as it may be - is bullshit! Why doesn't the SBA send me a fucking membership to the jelly of the month club, just to put a little stink on it!

 



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You've done well SELLC imo.

Keep any extra bux under-your-bed for a rainy day would be my tip, & don't let us know about it lol !

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Sell, you're denied for your party affiliation. No different than Lerner and the IRS going after the conservatives.

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I was also denied an EIDL loan under Trump when the pandemic first rolled out the program, and now again under Biden.

I too was thinking the same thing, that the SBA is run by Liberals, but honestly I am getting to the point where I don't care what the reason is, it's wrong and unfair.

Such is life I guess... they only want to give out them low interest Government loans to their own friends and inside pals... the "real" main-street can kick rocks and go out of business to help supplement the big boys who don't pay taxes.

 



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Maybe it's not partisan at all, what's your credit score and debt to income ratio?

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What is a credit score PowerStroker? Most people would be inclined to think someone who pays their bills on time would automatically have "good credit" because how could they pay their bills on time if they wern't making money? According to the credit scoring companies they want you to maintain under 30% utilization, but there is no laws or punishment for credit card companies who will offer an initial credit line of say, $10,000 and then decided to reduce your limit to $3,000 when you decided to use $2500 of it. Shouldn't credit card companies be required to maintain their lines? Barring of course things like late payments or other such negative behavior? In this way credit card companies can and WILL game the system to ensure they keep making high interest off of their own shortcomings, in this case their inability to maintain an intial line. Over the past year I have been as low as a 508 credit score with NO MISSED PAYMENTS EVER! I was also well under 30% utilization until four big card companies come along and basically put the "Short Squeeze" on me... Them doing so evaporates my ease to get at equity in my home (almost $200k) to pay them off and kick them to the curb, because again, closing an account will often times ding your score too! They do this to make up for the 12, 16 or 24 months no interest promotions. It's criminal and the government allows it! The CFPB is an absolute JOKE that is a complete waste of tax payer money, not to mention a complete waste of time for the consumer. My credit score is currently 666 but swings wildly, almost as bad as crypto on the market... in other words it's volatile. But that number can be different between the three credit bureaus that currently do well over a billion a year in revenue each. 

You might also bring up debt to income, but what good is the DTI method when it is 100% set up assuming you are a W2 employee? The DTI model has nothing in there for the self employed who Gross and Net totally different amounts! For example I personally service a lot of my business debt, loans and operations. The current DTI model will only take into account my "after deductions / tax" income ($30k) rarher than the actual gross amount ($80k). This is why lending is so prejudice against the self employed! A small business person, regardless of their race, is more discriminated against by our Government than ANY CLASS of people in the USA! That is a fact!

So in this responce I have answered your questions, and might I add the equity and assets that I have, in addition to having NEVER missed a payment... Also I have been in business going on 20 years this September, TWENTY YEARS! Yet some guy who hasn't worked in a year who just took a W2 job at Taco Bell making $15 an hour is looked at as a better risk than a licenced professional who has been in business for 20 years with a proven track record?

Something is seriously fucked up and the Government is either involved or just don't care. I think they just don't like small business to be honest! Not many small business people who have lobbyist with deep pockets you know...

They don't like the fact that a small business owner co-migles business and personal, but as a small business without huge government or private backing that is what you have to do! You have to personally back your business! But they won't take into account your Gross vs. Net and this really hurts the DTI... Here I am paying my personal bills with my taxable income and paying my business debt (supplies, parts, rent, phone - aka all business expenses) with the untaxed / written off portion of my income that they refuse to look at! But here is the rub, I have no choice because nobody is going to give any business credit or even a bank account without someone personally guaranteeing it. 

If I had a nice size business loan, IN THE BUSINESS NAME, and I could aquire real estate to conduct my business then I could seperate the two and actually collect a pay check every month rather than a draw that gets totalled up at the end of the year and ultimatly makes up your personal income.

So there is a lot at play here, and my time is just being wasted as I'm not getting any yonger. I am starting to think I'll just stay small time, mom and pops and pay things off and screw this whole idea of looking to employ people and expand!  



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I'm thinking your credit score is the entire problem. Last time I checked mine it was over 750, and I have no problems getting loans at all. Lenders are actually eagar to give me credit. I pay my credit card off completely every month which I think helps.

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BLACK LIVES MATTER



FAR BEYOND DRIVEN

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SELLC wrote:

I was also denied an EIDL loan under Trump when the pandemic first rolled out the program, and now again under Biden.

I too was thinking the same thing, that the SBA is run by Liberals, but honestly I am getting to the point where I don't care what the reason is, it's wrong and unfair.

Such is life I guess... they only want to give out them low interest Government loans to their own friends and inside pals... the "real" main-street can kick rocks and go out of business to help supplement the big boys who don't pay taxes.

 


 Or minorities, illegal aliens etc.



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PowerStroker wrote:

I'm thinking your credit score is the entire problem. Last time I checked mine it was over 750, and I have no problems getting loans at all. Lenders are actually eagar to give me credit. I pay my credit card off completely every month which I think helps.


 

My son who is 19 has a credit score higher than that! Imagine that PowerStroker, some 19 year old kid who makes less than you a year - fresh out of high school has a credit score higher than yours! 

Although he did pass his first certification test today, for brakes, and is now officially a licenced "mechanic"... at least for brakes. He is going back today for his suspension certification test so he might even be a specialty mechanic by the end of the week!

 

With regards to your lenders actually being eagar to give you credit, big deal... I have 23 open and active accounts and seven closed and paid off accounts, so it's not like I have a problem getting little credit card and or car loans... I even have a mortgage! All of it paid on time and NONE of it EVER late. 

So you tell me PowerStroker... it couldn't be these three credit reporting companies who each make over a billion dollars a year in revenue - could it?

Yes I gammed their lazy reporting standards and loaded up on credit cards and other forms of credit while they still had me in the 750 range. The fact is they really do a poor job when it comes to reporting and they are very slow to report things. But now that I did get all that credit, and I have paid ALL of them on time and as agreed, they seem to want to hedge that I am a serious credit risk worthy of a low 500 credit score? That's bullshit, and quite honestly their should be serious consequences for credit reporting companies and credit card companies who can't maintain their original lines - all in an effort to engineer someones credit score to where they want it. 

The Government not only allows it, they are complicit! They use the average of three scores when figuring out FHA loans! 

You just don't care because you "think" you're not at risk... for now anyway... I am here ringing the bell and you're ignoring the warning.  It's your right I guess.

But remember back when the market tanked and you found yourself upside down... did they help you? No, they forced you to sell... just so your little manufatured credit number would be happy. Let that sink in PowerStroker. THEY (The Government, Credit reporting companies and the CFPB) DID NOTHING FOR YOU. They all hedged against you and if you had kept that house today it would have probably been worth a hell of a lot more than you could have ever dreamed of owing on it... Well maybe not now that you guys have destroyed your housing values with all them riots, but hey... 



-- Edited by SELLC on Wednesday 19th of May 2021 01:02:10 AM

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Shawnee_B wrote:
SELLC wrote:

I was also denied an EIDL loan under Trump when the pandemic first rolled out the program, and now again under Biden.

I too was thinking the same thing, that the SBA is run by Liberals, but honestly I am getting to the point where I don't care what the reason is, it's wrong and unfair.

Such is life I guess... they only want to give out them low interest Government loans to their own friends and inside pals... the "real" main-street can kick rocks and go out of business to help supplement the big boys who don't pay taxes.

 


 Or minorities, illegal aliens etc.


 

Tell me about it!

https://www.foxbusiness.com/personal-finance/jpmorgan-wells-fargo-us-bancorp-credit-cards-people-no-credit-scores

It would seem that JP Morgan, and Wells Fargo are going to start issuing credit cards to people with bad or even NO credit!

No wonder Warren Buffett's Berkshire dumped ALL of their Wells Fargo holdings recently! And they have been holding it since 1989!

JPMorgan is also WAY OUT OF HAND too... That company needs to be taken down a few notches along with Goldman Sachs.

All three credit reporting companies, (Equifax, TransUnion and Experian) need to be charged with manipulating consumer credit scores for financial gain, and all the credit card companies who tried to engineer credit scores by way of meritless and coordinated credit line reductions need to have hefty fines and penalties slapped on them! The CFPB needs to have it's ENTIRE staff fired immediatly and replaced with people like myself who have been unfairly discriminated against!

 



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FAR BEYOND DRIVEN

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They can all kiss it. White male has been the bottom minority since 1972. Affirmative action and EEO. "I'd love to hire you, you scored highest and actually licensed but we can't we must hire a minority or woman" Only heard that 95% of the time though, rest I got the job. White privelege.

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If only there were a political party to represent white people on issues of racial grievence against brown people. Then we could all vote our anger and bigotry to bring about a new Confederacy.

Oh wait.

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Sounds like BLM and the Democrat party.

You could be on to something here PowerStroker!



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Are white people going to get some kind of reperations for putting up with these blatant hate crimes? Becuase that is what they are! I have NEVER owned any slaves and I'll be damned if I am going to pay for anyone elses sins but my own!

And yet the Democrat party and many financial institutions are getting away with it, without a single worry - just like they did back in the day when there were slaves!  



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You want to know what it feels like to be legally discriminated against at every level regardless of your race?

Open a small business!

But if you happen to be a minority, or a woman, let the SBA know and they have the ability to bend the rules for you! 

I mean WTF is that BS!?

 



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Your credit score seems not to be a problem with payment history, but from having too many open accounts. I'd bet if you closed about 14 of them you'd see your credit score eventually rise to the point where you could start getting more credit.

It's all an algorythm dude, the bank computers don't know what color you are, but they do see a whole lot of open lines of credit.

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Dude I think the minimum amount of accounts you need to score over 800 is something like twenty... and don't forget, they want them "active".

I hate them all equally, as they do me.

Under the PPP loan everyone was treated equal based on their income, even though it should have always been the pre-tax amount. Under the EIDL there seems to be another set of rules, ones that seem to say: "Hey we will just GIVE you $10,200 but when it comes to the tax payers making some of that money back with interest on a sizeable EIDL loan, get bent!" 

So I guess when said with the respect it deserves, $10,200, it's actually a pretty good deal that PPP loan, even if that was dispursed annually over two years. 

Bottom line is a small business always needs to have access to short term loans - even if them loans are made to the company by itself, or it's owners. It takes money to make money.



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Stellar Its bullshit! Is the customer penalized if other folks are looking at your credit history? I seem to think yes on that.

My credit is excellent. Paid off a mortgage and have no debt, however the local bank denied my application for a credit card and I just opened an account with them. Wells Fargo.

Makes me laugh

Howdy folkseveryone looks marvelous, as usual.

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Long time no see! Great to hear from you Haslefree!

Hate to hear about another person getting the shaft on credit! I have never used Wells Fargo myself but they have a long and storied history of lending to minorities and turning down people with good solid credit histories. It's probably why Warren Buffett unloaded all of his holdings in Wells Fargo recently and he's been holding since 1989! To make things worse, even the minority and poor credit folks who they seem to favor are even complaining about preditory lending and other activities such as setting up accounts without knowledge of the customers! 

Was there a lack of brick and mortar banks in your area? Or did you just want to give them a try? 

I like to bank where there is a local branch nearby. Just makes me feel warm and fuzzy.



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Hiya Stellar!

There is a local branch and I went in there and got the nicest office manager who had wonderful customer skills. He didnt want to lose a Stellar customer and approved the frickin credit card. I really dont use them and pay the balance off when used. But,you know, I was thinking if i Ever got arrested again the credit card is a must have!

Do you ever go to these places and chat with someone high up on the ladder? It really is to your advantage if you can do that.

So, whats been shaking besides sleepy Joe and those damn dummies screwing up the world? All the little Stellars good?



-- Edited by haslefree on Thursday 27th of May 2021 09:15:17 PM

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Arrested again? LOL, I have got to hear that story!

I'm glad to hear that Wells Fargo stepped up to the plate and did the right thing! It's so rare these types of things have a happy ending... Usually with something like credit cards a bank representative will just pass the buck by saying they don't do underwriting and their hands are tied, or some nonsense along them lines.

I have a few banks that I use, including a credit union that gave me a three month loan to buy my Corvette. Prior to that I literally broke a local credit union trying to cash their own loan check! They didn't know I owned the vehicle free and clear so they tried to change the terms once they realized I wanted the entire sum in cash, LOL, it was not pretty so every since then I have put very little trust or faith in any credit union.

I've been with my bank for a little over 15 years now... they were good with the handling of the PPP loan, quick too. The main reason I bank with them is because they always have the cash - regardless how much. I go into the branch from time to time, usually when I'm suing someone and need their free notary service. LOL, but perhaps I should give it another try? 

IMG_2010 3.jpg

 

The kids are doing pretty good. My oldest is 19 now and doesn't want to pay for anything but his car insurance and the youngest is 17 and swears he is moving out the moment he turns 18!

So we could have an empty nest here soon! I just got my Corvette on the road for the summer and things have been a little slow since sleepy Joe got in office. 

I had big plans to do some home improvements last spring but COVID found other ways of using that money because here in Michigan they shut down pretty bad! Our imperial dictator Governor at one time early in COVID made it to where the only stores you could shop at were grocery stores, and even ones like Meijer that had home and garden sections they forced them to close them portions of the store to just sell food! It was absolutly crazy what they did and got away with here!

I want to say, all in all - between the PPP loan ($10,200 split into two annual payments) and all the stimulus money they sent us and the kids in the rescue plan 1, 2 and 3 ($10,800 family of four) it totalled about $21,000!! But the thing is this all started back in March 2020, it's now almost June 2021 and in addition to paying all the bills during that time, along with panic buying, eating out for months on end because there was no meat and otherwise keeping four people comfortable for over a year I really don't have much to show for that money other than paying my bills and putting food on the table. I even used about $20,000 that I had set asside for other things! So it has REALLY sucked and it sucks even more that not only are the banks locking me out of equity, but the Federal Government and the SBA are as well!

Were not behind on anything, and all of our vehicles are paid in full. I do have some revolving credit debt spread around, but most of it was just to prevent the credit card companies from lowering my limits back when everyone was wacking credit lines. I have equity in the house that would choke a horse, paid off assets in excess of $20k and an inventory well over $50k... not to mention the near $200k in house equity above and beyond my 1st mortgage. I have also never been late on anything.

It's total crap! I could really use a business loan to take the load off my personal and seperate the two, but I'll be damned if I am going to pay $12k in closing cost just to restructure my un-secured revolving credit into a secured mortgage! I don't care what the credit reporting companies want to say or score me, that's just BS because at the end of the day it's all the same amount of debt anyway! So it's wrong what they are doing and while I am grateful for the $21,000 it takes a whole hell of a lot more than $21,000 for a family of four to live on for over a year! It's really BS and I am really so sick and tired of these idiots! 



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Yo,

Love the photo lol !!!

Good to hear from you Haslefree...Arrested ?...And a credit card required for bail maybe ?...Hmmm...

Get yourself a debit-card, & keep it topped-up.

The photo reminds me of Yosemite Sam lol !

Yosemite Rex.jpg

 



-- Edited by Rastus on Friday 28th of May 2021 08:24:11 PM

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SELLC wrote:

 

But if you happen to be a minority, or a woman, let the SBA know and they have the ability to bend the rules for you! 

 


 

I hate it when I'm right and have to re-quote myself.

rulebending.png



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It's about time someone sued the SBA and the Government for their racist and sexist loans!

https://www.yahoo.com/finance/news/u-sba-halts-grants-under-011554605.html

If I didn't already know how corrupt the left leaning courts are in my area I'd consider suing too! But I have totally lost faith in the legal system and it's sad that I now see it as a complete waste of time and energy... just like they want.

 



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SELLC wrote:

It's about time someone sued the SBA and the Government for their racist and sexist loans!

https://www.yahoo.com/finance/news/u-sba-halts-grants-under-011554605.html

If I didn't already know how corrupt the left leaning courts are in my area I'd consider suing too! But I have totally lost faith in the legal system and it's sad that I now see it as a complete waste of time and energy... just like they want.

 


 And don't forget "politicalized" I tell ya, change your reg to democrat, say your mex/black.



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Shawnee_B wrote:
SELLC wrote:

It's about time someone sued the SBA and the Government for their racist and sexist loans!

https://www.yahoo.com/finance/news/u-sba-halts-grants-under-011554605.html

If I didn't already know how corrupt the left leaning courts are in my area I'd consider suing too! But I have totally lost faith in the legal system and it's sad that I now see it as a complete waste of time and energy... just like they want.

 


 And don't forget "politicalized" I tell ya, change your reg to democrat, say your mex/black.


 

Or I could pull and Elizabeth Warren and tell them I'm Native American!

But it's a crime for me to self identify on an application, meanwhile I could join the Womans olympics by self identifying as a woman? Fucked up times we are in!

I was going to make a new thread about my semi-annual beating of the bushes to get a refinance loan but I might as well spell it out here....

DENIED - DENIED - DENIED

Only this time my credit score is considered in the "good" category... So they whipped up some BS scoring model that analizes your likelyhood of Bankruptsy and said that I scored too low on that! 

Can you believe this bullshit!? And this is all on the PERSONAL side where I have vast assets and a steady income history with NO MISSED PAYMENTS, even thru COVID!

I am seriously mulliung suing them all... I did say in the V8 Cafe that one day they would push me too far and just as a hobby I would run it up their asses and we may be there.

Meanwhile the FED is about to issue a report that all the banks are in good financial shape and can start paying hefty dividends beyond the caps that were on them. In other words, the last skim off the top before they run it into the ground and expect a bail out!

Fuck these idiots... 



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Too many open lines of credit dude, that will get you every time.

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Just save your money, & **** the banks.

Any small business operator will know ways to keep a small stash-of-cash together to enjoy. It's one of the silent privvy's of being self-employed.

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PowerStroker wrote:

Too many open lines of credit dude, that will get you every time.


 

The only one being "gotten" here are the banks! Not having to pay closing cost, which were upwards of $10,000 at some places!

Not only that, the Government is losing out on that interest that is now going to private creditors.

My revolving debt is just that, I pay it and it's there for me to use again. I plan on keeping ALL my accounts.

What bothers me is the fact they are just going to let people they know arent credit worthy buy $300k homes, and all the people who been slacking on paying their rent in forbearance will get special treatment as not to let anyone know they arent making their payments!? Then I hear some people saying they are going to reward everyone who didn't pay their rent or mortgage by paying it off for them? That is total BS! I had to pay all my bills during the pandemic, if anyone should be rewarded it should be the people who paid their bills! Not the ones that didn't!

 



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Rastus wrote:

Just save your money, & **** the banks.

Any small business operator will know ways to keep a small stash-of-cash together to enjoy. It's one of the silent privvy's of being self-employed.


 

I agree... The credit reporting companies all have me at "good" but now they are just looking for ways to screw me around and it really pisses me off!

I hope inflation gets so bad I can pay things off before the end of the year and then let them all choke on their bad loans when the economy tanks! The Fed is just about to give the banks and all clear on their health tests so they can remove the cap for dividend payments... once they sklm the top I bet the market tanks and all of a sudden a wave of defaults will make them all act like they didn't see this coming while they ask for hand outs.

You're right Rastus! Fuck the banks!



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Look at how even the Supreme Court protects the crooked credit reporting companies!

https://www.yahoo.com/news/supreme-court-limits-claims-wrongly-160521629.html

Apparently the SCOTUS thinks it's okay for credit reporting companies to make errors when it comes to mislabeling people as terrorists! So basiclly if the credit reporting companies made an error in reporting you as a terrorist you would have no legal standing to sue them in court!

Can you believe that BS!? REALLY!? 

ALL the Justices that voted to insulate the credit reporting companies from any liability in mis-reporting (in this case trans-union) must be thinking about themselves, they probably borrow like the government, which is to say they can get loans even if it's more than they can afford. What other reason could there be for sending such a strong message to credit reporting companies that they will be protected in the high court regardless if they fail to perform their intended duty, which is to accuratly report a persons creditworthiness. This basically tells every credit reporting agency out there they have the green light to be sloppy because certian members of the court wish to maintain their flawless credit scores.

This whole system is totally fucked! Anyone entrusted with even the slightest amount of power abuses it. The SCOTUS and the Government exist to serve at the pleasure of big business and big business only, for their own self benefit!

If you ask me we don't need another Supreme Court, we need a court to oversee the Supreme Court because things are getting way out of hand! First they let the country go to shambles by not taking up a lawsuit filed by half the country, which caused an insurrection at the capital, along with countless months of uncertanty, and now this... siding with credit reporting companies that were proven to have made errors in reporting!

I am not even wasting my time with the courts! And that is exactly what they want... to ensure Americans have lost hope and will not even bother them so they can all sit in their chambers and jack off to porn all day instead of having to sit on the bench and actually help the people that put them there! I'm absolutly sick after reading about this case...



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Biden birthed a new 72 point executive order today that he falsely claims is going to distrupt big business from consolidating all the opportunity at the top... it's just too bad the truth is anything but... meanwhile his SBA contenues to ONLY LEND to big business while completly FUCKING the Small Businesses... I have explained in great detail how the Joe Biden and the Democrats current SBA discriminates against small business people with unfair standards for debt to income ratios, but it even extends into the home lending market and even the FHA!

I would like to say this guy Joe Biden is just as clueless as he looks, but I know that Democrats hate small business and they are well aware of what is going on and have no plans to change anything to help Small Business.

It's all in the company he keeps. 

 



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Federal Reserve pledges 'powerful support' for economy

https://www.yahoo.com/news/federal-pledges-powerful-support-economy-152041796.html

 

And then we have,

Buyer of Jeffrey Epsteins NYC Home Gets $30.6 Million Citi Loan

https://www.yahoo.com/finance/news/ex-goldman-banker-bought-epstein-143304095.html

 

POWERFUL SUPPORT FOR THE RICH, FUCK ALL FOR THE SELF EMPLOYED MIDDLE-CLASS.

Citi cut my credit limit almost $5,000 right before the pandemic hit, after I paid it full with $4,000! I literally have their "Diamond" card with a $900 credit limit! LOL

What a fucking joke these robber barrons! CitiBank apparently made this loan for Epsteins NYC home to a former Goldman Sachs executive! 

They been fucking all of us, with the help of Biden and the Fed, so they can make these ridiculous loans to their buddies in the industry for rates lower than you or I could ever get on a mere $250,000 loan!



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SELLC wrote:

They been fucking all of us, with the help of Biden and the Fed, so they can make these ridiculous loans to their buddies in the industry for rates lower than you or I could ever get on a mere $250,000 loan!


 

I take that back, they don't even give us loans, even at shitty rates, so they have the money for Jumbo-Loans to their banker buddies in the industry!

CitiBank will make this loan to a former Goldman Sachs executive because they probably have near $30 million in stocks, but if the market crashes and them stocks aren't worth shit anymore, and Epsteins old house is only worth half then they go to the Government bending knees, hat in hand and get bailed out, meanwhile they will foreclose on everyone else with good equity! And our Government, THE FED, THE FHA, THE SBA, THE CFPB and the rest of them aren't doing jack shit but giving them lower rates to do this kind of thing!

Biden and the Democrats are so full of shit... I'm so glad I didn't vote for any of them! And if you did, this is what you voted for!

 

 



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Well, this is an aspect of capitalism. If you don't have capital, then you can go fuck yourself as far as the banks are concerned. Which is why I'm in favor of putting more regulations on capitalism. Republicans however want to completely deregulate the banking industry.

Just make sure your anger is actually directed at the right place is all I ask.

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PowerStroker wrote:

Well, this is an aspect of capitalism. If you don't have capital, then you can go fuck yourself as far as the banks are concerned. Which is why I'm in favor of putting more regulations on capitalism. Republicans however want to completely deregulate the banking industry.

Just make sure your anger is actually directed at the right place is all I ask.


 

I'd disagree with you... right now, with Dodd Frank the entire banking system is regulated to give banks the excuse they need to get away with murder.

You're a fool if you think otherwise! 

The ONLY thing Democrat regulations do is ensure that the very people who caused the last melt-down in 2008 are able to borrow EVEN MORE! All these companies are literally COOKING THE BOOKS to get their loans! Sure, I could cook my books to make it seem like I make more money than I actually do, just to get a loan that I make enough to afford without said book cooking, but that is wrong, and I am not setting myself up for that kind of BS!

You fail to realize that I am only looking for a new home loan to re-structure, because after the liberal banks $40k haircut it "appears" that my DTI utilization is out of whack! This was of NO FAULT of my own, in fact I have made about the same amount of money year after year and was paying cards off before their zero percent interest offers expired. But once crooked liberal banks like CitiBank, AMEX, and Citizens started lowering my limits to within dollars of my ballance, in coordination with one another - FOR NO REASON AT ALL, they were able to manipulate my credit score to ensure they made top dollar on interest charges! They know their actions will legally PREVENT any bank from giving me the loan needed to pay them off and get my rates lower! It's beyond crooked and they get away with it thanks to stupid fucking Democrats like yourself who got steam rolled THE EXACT SAME WAY during the 2008 housing crisis!

I would EXPECT someone like you should be smart enough to know that bullshit lending practices that see banks like Citi making $30 million dollar loans to inside business pals for under 2% interest is exactly the reason the housing market imploded in 2008! If you think about it, said "temporary" devaluation in home values did to you exactly what the banks are doing to me by lowering my limits. There is no wonder the Democrat party has a jackass as their mascot. 

 



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And you know what the sad part is?

This isn't even political... again, class warfare is color and party blind.

So I appoligize for even putting a political twist on it... they're ALL guilty!

 



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So it looks like the same thing is happening here in the USA!

Mortgages refused for self-employed who took Covid grants

Some of Britain's biggest high street banks are refusing to give mortgages to self-employed people who received government grants during the pandemic.

Mortgage brokers say those working in sectors like entertainment, hospitality and travel are the worst affected.

Many lenders spoken to by the BBC are not accepting mortgage applications from people on furlough.

Brokers said that banks often see people who have received Covid-related grants as high risk.

https://www.yahoo.com/news/mortgages-refused-self-employed-took-230027843.html

I know this happend in the UK but I am telling you the same thing is happening here in the USA!!

Yet I bet that all the big massive companies in the UK that got grants are still getting loans! Just like here in the USA as well!

It's fucking bullshit! 



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SELLC wrote:

 

I take that back, they don't even give us loans, even at shitty rates, so they have the money for Jumbo-Loans to their banker buddies in the industry!

CitiBank will make this loan to a former Goldman Sachs executive because they probably have near $30 million in stocks, but if the market crashes and them stocks aren't worth shit anymore, and Epsteins old house is only worth half then they go to the Government bending knees, hat in hand and get bailed out, meanwhile they will foreclose on everyone else with good equity! And our Government, THE FED, THE FHA, THE SBA, THE CFPB and the rest of them aren't doing jack shit but giving them lower rates to do this kind of thing!

 


 

I'm glad to see I'm not the only one taking notice of this! When the market melts down next time it will be because of the rich who took on massive loans backed up by stocks, something that always crashes like clockwork. It's beyond pathetic! And that is all this COVID has been is one massive cash infusion for politicians and big business! Meanwhile most of what the Government has given me has gone to interest more or less... probably ten times higher interest than these cocksuckers like CITI who like to parade around in Epstiens old house.

Big U.S. Banks Are Going All Out on Loans to the Wealthy

Cheap Money

It's no secret why banks delight in offering loans to the wealthy rich clients have a track record of very low losses. In fact, JPMorgan and Citi are now lending more to high net worth clients than to their millions of credit card customers, whereas just ten years ago, JPMorgan was lending five times as much to credit card customers as to private clients.

So, what changed? The business of loaning to the upper crust has perked up since the Federal Reserve cut interest rates last year, with wealthy clients jumping at the chance for historically cheap cash:

  • The wealth management arms at JPMorgan Chase, Bank of America, Citigroup, and Morgan Stanley loaned more than $600 billion in the second quarter this year, up 17.5% from 2020.
  • Wealth management loans in the second quarter represented 22.5% of the total loans at those banks, up from 16.3% in 2017.

"Rates are so remarkably low that they look at it as cheap money," Christopher Boyett, a lawyer specializing in private wealth practice at Holland & Knight, told the Financial Times.

"Legal Tax Dodging"

Critics argue all the borrowing is allowing the wealthy to sidestep taxes. A loan against an investment's value is a quick way to raise cash without the hefty capital gains tax that would result from the sale of an asset.

"The wealthy, they operate under a completely different tax system where all this accumulated wealth is untaxed unless they sell and they're so wealthy they don't need to sell," Frank Clemente, director of advocacy group Americans for Tax Fairness, told the FT. Clemente went on to say some wealthy investors are engaging in "legal tax dodging."

https://www.fool.com/investing/2021/07/25/big-us-banks-are-going-all-out-on-loans-to-the-wea/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article



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Small businesses can now get up to $2 million in government loans to help them recover from the pandemic

https://www.yahoo.com/news/small-businesses-now-2-million-153627072.html

 

Should I re-apply? I mean the SBA wouldn't even give me a $10k loan under the EIDL program, but now they are going to give people over the $500,000 limit, up to $2,000,000!???

WTF!!

Might as well change the name to the "Big Business Administration" since the SBA has been working overtime to abolish all small business during the COVID lockdowns!

Fuck these miserable cocksuckers! Every last one of them! Let them choke and die on the fucking money!



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SELLC said qt

________________________________________________________________________________________

"Fuck these miserable cocksuckers! Every last one of them! Let them choke and die on the fucking money"!
________________________________________________________________________________________


There's you answer right here :) !

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It really goes to show how pathetic this SBA is... 

If they had ANY justification for their actions, even ONE single late payment or negative credit event, then I could understand! But I don't!

If I didn't have such a large amount of "alleged" equity in my home and in my assets then I could understand!

If I was still a new business, under 5 years old, I could understand.

As things stand, I don't have ANY negative credit events in over 13 years! I have equity to strangle a horse according to the market AND my business has been in opperation for 20 years!

So I don't understand, rather CAN'T UNDERSTAND why they are raising the EIDL limit to $2,000,000 from the old cap of $500,000 when they cant even make a $10k loan to a 20 year small business to seperate my liabilities! 

For gawds sake they charge you $3500 a year just to be self employed, on top of all the fees, licences, registrations and whatnot... 

And let's face it, $10k is CHUMP CHANGE when you consider the fact they just GAVE that same amount away under the PPP program! The EIDL really should be dolling out $50-$100k which is +/- 20-30% of the companies yearly income!

It's outragous that I'm being discriminated against like this! And it's not just Biden! They did the same thing under Trump! So if you ask me, neither President gives a hoot about Small Business!

They should sue the Small Business Administration for false advertising! It's really the Anti-Small Business Administration for Big Business with more than 100 employees that the Government can control and order mandates.

That's what it's all about folks. PERIOD!

 



__________________

A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



CERTIFIED POST WHORE

Status: Offline
Posts: 13815
Date:

Well folks...

I submitted ONE LAST application for the EIDL loan... they said I qualified for $55k but I only asked for $25k which was the max for a "free" application. Anything over $25k cost $100 for the application fee!

Given the fact that I have been turned down twice before, and the fact that they ask for banking information, I decided to just go with the $25k - even though I could really use the $55k, because I can't afford to lose $100 for them to deny me the 3rd time.

I did however change ONE thing this time around, instead of a personal account (which I use for business since they make me personally guarantee everything anyway), I used a recenty opened Business Account with one online payment.

So we will see...

All of my i's were dotted and t's crossed... 2019 and 2020 taxes were used... if they deny me this 3rd time it's just proof the SBA isn't out to help Small Business at all.

Now we wait...

 



__________________

A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



CERTIFIED POST WHORE

Status: Offline
Posts: 13815
Date:

So I've been in contact with the SBA...

And just as I suspect, they don't plan on giving me a dime... greedy bastards!

Each time I send them an email I get a different person, sometimes two different people for the same issue. I've called in only to be given email address to send re-consideration request and I have been informed that my most recent application has been withdrawn because they want to use my original application... the one where I only asked for $10k at the start of the pandemic.

I'm going to be quite honest with you people, the SBA sucks! The Government that controls them sucks! 

Why would they loan and forgive $10k in PPP loans and deny me a big loan that has to be re-paid? I mean think about that for a minute! Don't you think it would be in the tax payers best interest to make big loans to small business who survived the pandemic, and possibly try and roll any PPP funding into said loan as a condition? But no, these fucking idiots don't get paid to make sense or help out small business... they get paid to give and loan money to their inside pals. 

Dealing with the SBA is a lot like that scene in the movie Beetlejuice...



__________________

A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 

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