What do you get when you mix free money, the government, Wall Street, the IRS, and a desperate Main Street quickly filling up with dead bodies? Here’s what…
(by Half Dollar) Everybody’s favorite ex-Goldman banker turned b-rate hollywood special effects guy turned US Treasurer said we need to get the money into the hands of small businesses owners and into Americans’ hands as quickly as possible.
Recall too, Stevie said he’d like to get the cash into Americans hands by April 6th.
Well, fast forward to today, Thursday, April 2nd, and we the situation is borderline FUBAR.
First, on the free money to small businesses, from CNBC:
$350 billion of small business loans will be made available tomorrow, but is the government ready to roll out the program? @kaylatausche has the details on bankers’ concerns that the program is not ready for prime time on @CNBC. pic.twitter.com/fmheeBTNmE— The Exchange (@CNBCTheExchange) April 2, 2020
Basically, $350 billion is available to small businesses beginning at midnight tonight, on a “first-come, first serve” basis, but apparently, the banks are “not ready for prime time”.
It’s not just small businesses in America who need to wait it out and hopefully survive until the free money flows like the unbacked, debt-based fiat currency it is, however.
You see, all of those free government stimulus checks to American families could take quite a while to be distributed, and in some instances, we’re talking about waiting five months.
Washington (CNN)Americans likely won’t begin to see direct payments from the coronavirus stimulus bill until at least April 13 and it could take 20 weeks for all the checks to be mailed, Trump administration officials told lawmakers, according to a House Democratic memo obtained by CNN.
The timeline means tens of millions of Americans will have to wait to get badly needed assistance, despite repeated suggestions from Treasury Secretary Steven Mnuchin that the money would go out as soon as April 6. He said this past Sunday after passage of the $2.2 trillion stimulus bill that payments would not go out until mid-April.
CNN reported in March that former IRS officials said the wait would likely be weeks or months.
Initially, the IRS will make about 60 million payments, likely in the week of April 13, for taxpayers who provided their direct deposit information through their 2018 or 2019 tax returns, the memo from the House Ways and Means Committee says.
Three weeks later, on the week of May 4, the IRS expects to start issuing paper checks to individuals whose bank information isn’t already on file, a process that will take much longer.