BANKS STAND TO MAKE $18 BILLION IN PPP PROCESSING FEES FROM CARES ACT

"Instead of using such a privatized system, governments of other European countries have just directly paid companies for their payroll costs to keep them from firing employees. The approach dampened skyrocketing unemployment numbers in the beginning of the crisis. In Denmark, businesses simply applied for money directly from the government’s Danish Business Authority. 'They had the capacity to just, in-house, accept all the applications … and get money to small businesses in a time-effective way,' Fischer noted. 'The SBA could never do that.' But if the SBA had already been well-funded and organized, and if it had relationships with the Internal Revenue Service or payroll processing companies, it could have played a similar role."

This is yet another entry in the very long list as to why we can't have nice things. 

https://theintercept.com/2020/07/14/banks-cares-act-ppp/?utm_medium=email&utm_source=The%20Intercept%20Newsletter