BTC/USD Rockets to Highest Print Since June: Sally Ho's Technical Analysis 27 July 2020 BTC

18d
cryptodaily

Exploring Decentraland: A Review of the Virtual World Built on Ethereum

18d
thebitcoinnews

J. A. McDonald: The Longest Running Case of Mass Hysteria

18d
thebitcoinnews

Popular Indian Youtube Channel Hacked to Promote Bitcoin Giveaway Scam

18d
thebitcoinnews

Tips on How to Minimize the Risks When Trading Cryptocurrencies

18d
thebitcoinnews

Analyst Who Predicted Bitcoin’s V-Shaped Reversal Expects Rally to $17k

18d
bitcoinist

Charles Edwards: BTC Could Shoot Up with Banks’ Help

18d
livebitcoinnews

These 3 Metrics Suggest Bitcoin Is Building Up Bullish Momentum

18d
bitcoinist

Are Institutional Investors Not Buying Bitcoin Anymore?

18d
coininsider

Visa Moving to Integrate With Digital Currency Platforms

18d
thebitcoinnews

Bakkt Hasn’t Experienced Any BTC Options Trading Since Mid-June

18d
livebitcoinnews

XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

18d
bitcoinist

Bitcoin Is Readying for “Big Move,” Says Fund Manager Who Predicts $50k BTC

18d
bitcoinist

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

18d
thebitcoinnews

ETH/USD Launches to Highest Print Since July 2019: Sally Ho's Technical Analysis 26 July 2020 ETH

18d
cryptodaily

After Surging 25% in 5 Days, Ethereum Forms Sign Last Seen Before March Dump

18d
bitcoinist

Visa Claims It Will Support More Stable Currencies in the Future

18d
livebitcoinnews

Analyst Who Predicted BItcoin’s 2018 Bottom Thinks $10k Is Imminent

18d
bitcoinist

Adam Back & Satoshi Nakamoto: friends or strangers?

18d
cryptodaily

Bitcoin Falls Back Into The $9K Zone After Its Brief $10K Breach

18d
coingape

Bitcoin and Ethereum Surge to New Highs, Gold Almost at All-Time High

18d
cryptoglobe

After Surging 15% in 5 Days, XRP Prints Textbook Sell Signal

18d
thebitcoinnews

Bitcoin SV Is Stuck Below $200, May Resume Upside Range Correction

18d
coinidol

Here’s Why Bitcoin is Poised to Hit $11,500 Following Overnight Rally

18d
bitcoinist

Former CFTC commissioner believes the US should bring in outside stakeholders for a CBDC to bring in a new perspective

18d
cryptodaily


Covid-19 Stimulus: Banks Will Gain $18 Billion in Fees for Processing PPP Relief Loans

The world’s banking cartel will gather $18 billion in fees for facilitating the settlement of small business Paycheck Protection Program (PPP) relief loans leveraged during the Covid-19 pandemic. The $640 billion in PPP relief loans stem from the CARES Act and allegedly there’s only $130 billion left for Americans looking for funds.

A recent report from the Washington Center for Equitable Growth details that financial institutions will gather close to 3% of the aggregate total of $640 billion in PPP relief loans just for processing the funds. The Washington Center for Equitable Growth’s (WCEG) policy director, Amanda Fischer said that banks stand to make $18 billion from the CARES Act from standard processing fees. “If we did it through a public institution, there would be [more than] $140 billion left,” Fischer stressed on Tuesday.

Fischer said that traditionally banks use the fees to cover the cost of risk provided that some of the loans turn out to be fraudulent. However, PPP loans stem from the government and the possibility of them accepting funky PPP loans is extremely low. “Basically it’s free money,” Fischer highlighted in her interview. Fischer also had shown that the fee processing is a nice lump sum of revenue for certain banks like JP Morgan Chase could acquire $864 million and New Jersey-based Cross River Bank stands to rake in $163 million.

The CARES Act has been controversial even before the bill was signed by Donald Trump when U.S. representative Thomas Massie told the public the stimulus bill bolsters a shroud of secrecy surrounding the Federal Reserve. The stimulus plan has also been under fire for incentivizing hospitals as many hospitals, long term care centers, and nursing homes were facing budget issues well before the Covid-19 outbreak. A number of skeptics have accused hospitals and nursing homes of inflating the coronavirus death numbers.

Not only do people blame the government for giving banks the opportunity to rake in $18 billion from processing fees alone, but many Americans also blame the government for overreacting during the coronavirus outbreak. The American government was responsible for closing down a number of small businesses nationwide but also chose a number of monopolies like Walmart to remain open. Because the government chose favorites by deeming some businesses ‘essential’ and others ‘nonessential,’ a tidal wave of small American businesses are starting to fail or will go bankrupt in the near future and never return.

The bitcoiner Andrew D (@bitcoingoup) on Twitter explained the situation quite well on Twitter. “Jeff Bezos is $75 billion dollars richer this year,” Andrew D tweeted. “Your local comic book shop owner just declared bankruptcy and permanently closed his business after 13 years in the community. Neither event was the result of free market activity; both the result of our government’s meddling.” He further added:

We can no longer tolerate an expansionary monetary policy that benefits only the elite and continues to oppress the common man. We need to end the Fed. Enough is enough.

The controversial CARES Act and the $18 billion raked in from fees will bolster cryptocurrencies and transform the “bank business model in the post-Covid-19 world.” Americans and citizens from all around the world are getting fed up with the poor central planning that aims to keep the elite in power. Even the International Monetary Fund (IMF) believes that financial inclusion is being ignored by the traditional banking system and a form of inclusion stemming from digital financial services will be a game-changer.

Amanda Fischer from WCEG noted during the end of her interview, the fact that banks have been allowed to reap $18 billion from relief programs means that central planners have no reliable infrastructure for people looking for quick access to money during times of crisis. “We should have invested in better systems,” Fischer said. “[It is] a failure of preparedness.”

The Small Business Association (SBA) who handles PPP relief programs, has been under fire for a long time for not being willing to change the infrastructure when it comes to accessing disaster relief funds. The banks making revenue off simply processing the PPP settlement are likely not complaining about the lack of changes.

What do you think about banks standing to make $18 billion from processing PPP relief loans? Let us know what you think in the comments section below.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments