CEO of Goldman Sachs, David Solomon, told Becky Quick on CNBC that their survey showed businesses are in desperate need of more money. He advocates for more PPP loans.
They really have needs; 90% of them have exhausted their PPP funding at this point. More than half of them have had to lay off employees and really constrain their businesses.
David Solomon
Solomon went onto say that businesses need more “liquidity to bridge them,” as they can “see light at the end of the tunnel.”
Berkshire Hathaway’s CEO, Warren Buffet, also spoke to CNBC about the PPP loans. Buffet is a co-chair to Sach’s advisory board. He hopes congress does something to help out the businesses as well.
[Small businesses] have become collateral damage in a war that our country needed to fight, but we in effect voluntarily had an induced shut down of parts of the economy and hit many types of small business very, very hard. I hope very much they extend the PPP plan on a large scale.”Warren Buffet
Congress is still debating on new stimulus proposals before they enter recess after Friday, December 18th.
Author Commentary
Check out the video I linked at the bottom of my commentary for more information on the insanity of the PPP loans.
Two things to take away from this:
Firstly, this goes right along with what I just reported in my article. “Is There A “V-Shaped” Recovery?” The answer is no. This is proof of that. Small businesses are so broke they are begging for more money. Granted, it is possible for Goldman Sachs to be embellishing this a bit, as greedy banksters do; but based off the economic bloodbath that has occurred this year, I am inclined to believe them.
This leads into the second takeaway,
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
The CARES Act was allowing businesses to sign up for a PPP (Personal Paycheck Protection) loan from the SBA (Small Business Administration), that was called a grant, but had obvious labels all over it indicating that it was a loan. It was hyped up as “free money.” Anyone whose been around for a bit knows there are always some caveats to “government free money.” These “grants” were also available to churches under tax code 501(c)3, or those that meet the criteria.
Of course Solomon, Buffet, the Feds, politicians, banksters, and the other rich scum of the earth want more loans and easy money, because it increases “the bigs” power, wealth, and control over the people. More debt means more loss of freedom. Period.
The PPP loans have so many loopholes and provisions, that are just ridiculous. But many businesses and churches got covetous, again, and signed up for these loans that will take some time to pay off as is; and now there could even be MORE loans and servitude to the banks and government.
When the first wave of PPP loans came out in late-Spring to early-Summer, it was revealed who got loans, and how much they received. The famous movie actor Robert De Niro received $27.7 Million in PPP. Senate Minority Leader Mitch McConnell’s wife received anywhere between $350,000 to $1 million in PPP for their company Foremost Group; which Mitch claims he did not know his wife got one. Mitch has a net worth of around $30 million. Speaker of the House Nancy Pelosi’s husband received around $2.4 million in PPP. And many others in government found ways to steal money from the Americans who needed the money. Joel Osteen also received more than $4 million in loans.
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