Capital One Failed Small Businesses
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As of Wednesday April 16, the Paycheck Protection Program (PPP) - which authorizes loans to small businesses to pay employees during the COVID-19 crisis, has been depleted. The SBA’s (Small Business Administration) website says that they are "Currently unable to accept new applications.”
This program was supposedly created to help small businesses during the COVID-19 Pandemic. However, lenders inserted their own regulations. They mandated that small businesses needed to have one sometimes two products relationships. One notable bank required a Small Business Checking, Savings and Credit Card! As lenders were simply the conduit for this funding, these actions were fruitless, greedy, remnant of many other crisis where community money was misappropriated, and could/ should possibly be deemed illegal. That’s another petition...
Since the April 5th launch of the Paycheck Protection program, thousands of small businesses banking with Capital One Bank awaited for the opportunity to simply apply. Capital One business customers followed instructions posted on their website requesting that we simply wait faithfully for a message telling them when to apply. This message never came - for most of us. Definitely not the many small businesses who proclaimed their loss of hope online today. We are however happy that Ruth Chris got $20 million! Steaks for us all!
We are looking for support in starting a class action lawsuit against Capital One and all involved and could use your support. Our team has gotten wind of some information that shows that Capital One has lied about even processing loans, as they had system issues. Instead of taking responsibility, they put the onus on their small business customers stating that ‘we’ simply missed the announcement. An alternative could have been partnering with another bank if they were having system issues. But kickbacks would have been missed... Capital One simple doesn’t care about its small business clients in need.
We are businesses heavily affected and should have been given a chance to recoup even a tiny percentage of our tax dollars. Or even just received what our country has promised us in the wake of a horrendous pandemic. We demand fair access to stimulus loan programs and opportunities. Please share this petition and your stories with the hashtag #CapitalOnePPPScandal.
Also, if you are able, we’re starting a fund to help small businesses (even in small way). If you would like to donate please cash app $UsableTechCo. Alternatively, if you have grantmaking resources or experience we’d love to partner.
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