Quote:
Originally Posted by SunnySide
Chico, can you please explain this to me like im a 10 year old. I have no clue what KYC AML is.
I would think making sure the money doesnt go to big businesses vs small companies is the main spirit of PPP, so why not have controls in place to ensure that?
I understand, if you are saying the money is going to small business and the program is working as intended ... you dont need the extra oversight for a problem if the problem does not exist.
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its simple, regulatory controls already exist and the private side has partnered with fed government working multiple consecutive weekends to get the money to flow...which worked only because our infrastructure. To think its a free for all or the govt waves a magic wand its completely ignorant. The oversight of our controls thankfully have been loosened, but still remain rigid...do you think from a reputational risk, it would be smart to pick and chose in this moment to hold up other factors in determining who gets apps approved for funds? plus, you know, there laws on the books
But again...this isn't about the Small business, but other agenda items she want to insert