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PPP Loans Sapped by Big Businesses | The Daily Social Distancing Show - YouTube
Channel: The Daily Show with Trevor Noah
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last month Congress passed the Paycheck
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protection program which set aside three
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hundred and forty two billion dollars to
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help small businesses through the
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pandemic shutdown now before most small
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businesses could get any help that money
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disappeared faster than really Giuliani
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and direct sunlight and because of this
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Congress has had to come back with a
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second round of funding with three
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hundred and ten additional billion
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dollars but when it came time to hand it
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out yesterday things got off to another
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rocky start this morning millions of
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small businesses are still waiting for
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relief as delays technical glitches and
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overwhelming demand caused the Small
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Business Administration's portal to
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crash within minutes of relaunching the
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new loan funding program the SBA
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revealing twice as many people tried to
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access the program on Monday than at any
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time during the first round of loans
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many lenders reported not being able to
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file applications for clients because
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the computer system kept crashing god
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dammit man how come it seems like every
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time the government builds a website it
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crashes immediately like I've never had
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this problem with my website pickles and
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socks calm and don't tell me it's
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because nobody wants to see photos of
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pickles wearing socks it's adorable I
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mean look at that look at this he's not
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supposed to be wearing that suck now
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look computer errors can be fixed
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alright they probably just need to turn
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it off and turn it back on again that
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never works but there's a bigger problem
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with the PPP it turns out that one
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reason small businesses haven't been
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able to get their money is because all
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the big businesses have been snapping it
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up we've learned that in round one of
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the PPP a whopping 870 million went to
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publicly traded companies at least 75
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companies that were helped are so big
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that they're publicly traded and some
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had market values greater than a hundred
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million dollars some of the nation's
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largest restaurant chains are facing
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backlash Shake Shack returning 10
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million dollars it received after public
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outcry the Los Angeles Lakers
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organization
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is the latest not-so-small business to
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return a government loan the team
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received more than four and a half
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million dollars in the first round of
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loans Lakers are one of the NBA's most
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profitable franchises worth more than
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four billion dollars yeah it turns out
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the companies who are getting a lot of
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the small business loan money are small
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in the same way that Joe exotic is chill
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I'll tell you about Carol Baskin let me
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tell you and how come I can't say the N
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word even the Los Angeles Lakers got
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some of that small business money and I
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don't care what anybody says
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the Lakers do not need four million
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dollars all right the Knicks need four
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million dollars to bribe their fans to
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act like they don't see what's going on
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now it is important to remember that
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although what these big companies did
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was shitty it wasn't illegal right they
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saw a chance a chance to get money and
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they took it which is what companies are
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always gonna do companies going company
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y'all you know how we all say that no we
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don't my question is why didn't the
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government come up with regulations to
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make sure that the money for small
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businesses actually went to small
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businesses it's like if you put down a
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bowl of food for a small dog you have to
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get the big dog out of the room everyone
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knows that right if you just asked the
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big dog not to eat the food the dog is
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gonna be like oh yeah think about it but
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I think better when I'm full so let me
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just eat some of the food and then I'll
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let you know
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so you see instead of keeping the big
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dogs out the Treasury Department just
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left the whole thing up to the banks and
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then the banks did what the banks do
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which is screw over the little guys four
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major banks are already facing a lawsuit
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alleging they prioritized bigger
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customers because those PPP loans
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yielded bigger fees for the banks the
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program allows banks to prioritize
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existing customers particularly those
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with large credit lines over small
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businesses or new applicants nearly
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eight thousand five hundred of JP
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Morgan's private and commercial bank
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customers who applied or assisted by
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what some called a concierge banking
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service if you have 25 million dollars
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and you go to a large bank the way that
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they're gonna get your account is with
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White Glove service that your corner
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shop just is not going to have and that
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means that you don't wait on hold you
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go through a web portal that doesn't
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work you call someone up who picks up
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the phone and scoots you to the front of
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the line yeah you can't leave the loan
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decisions up to the banks you can't let
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them take government's money and then
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decide who it goes to because unlike a
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government a bank is a business it's
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always gonna take care of its top
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customers first so big companies weren't
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waiting in line to get loans they had
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direct access to the cash it's the same
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way evanka has direct access to trump
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while eric has to call and set up an
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appointment by the way Eric they're
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always busy they will always be busy so
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that's what went wrong with the first
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round of small business loans and
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hopefully hopefully the Treasury
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Department's new rules for the second
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round of money will ensure that the
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loans go to the companies that actually
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need it the most but there's another big
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aspect to the story that a lot of people
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are overlooking many small businesses in
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America are owned by women and black
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people and you know what many black
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owned and women-owned businesses don't
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have pre-existing relationships with
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banks so if the banks didn't know you
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before coronavirus you're definitely not
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gonna be on their radar now which is why
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experts fear that up to 90 percent of
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women and minority-owned businesses
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could be shut out of the loan program
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now I don't know how you fix this
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program overnight but if you're a woman
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or a minority who owns a small business
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I suggest you start practicing your jump
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shot because that might be the only way
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you get some of this government cash
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well that's our show for tonight before
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we go the covert pandemic has devastated
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communities around the world but
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remember the International Medical Corps
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is helping those communities rebuild and
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recover and if you are able to and you
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would like to help them in their global
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outreach please donate whatever you can
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and if you'd like to support the
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response here at home in New York
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specifically please donate to the NYC
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healthcare heroes who are providing care
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packages to our health care workers
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hospitals and temporary medical
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facilities until tomorrow stay safe out
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there
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wash your hands and don't forget lotion
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can also be used to moisturize the rest
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of your body
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