RUSH: Here’s Herb, Evanston, Wyoming. Great to have you on the program out there, Herb. Hello.
CALLER: Thank you, Rush. An honor to speak with you, sir.
RUSH: Thank you very much, sir.
CALLER: I know personally what you’re going through. My point is this. I’m a small business owner, and I was tickled pink to see a small two page application on this disaster loan process. It only took me a few minutes to fill it out and turn it in, and then I get back a list of over 15 items of documentation that I’ve gotta get for a small $20,000 loan.
RUSH: Wait a minute. Is this the plan that Mnuchin announced yesterday?
CALLER: Yes, sir. I just got it yesterday and submitted it to the bank, and today they sent me a whole list of things that I’ve gotta gather up. It’s gonna take me days or weeks to get through this.
RUSH: Well,made a point of saying that deposits are going to start today and next week. There was nothing about any of that. I’m not denying you. Don’t misunderstand. I thought Mnuchin was the high point of the briefing yesterday. Which was the opening part of the briefing where they announced that they’re gonna keep small businesses open by sending enough money, 500 employees or fewer, where you can keep your employees on the payroll for when the eventual reopen happens, go back to work, everybody’s been paid all this time, that’s the objective of the plan here.
CALLER: I thought the exactly the same thing when I see the two-page application. But now I’m getting requests for over 15 items, payroll expense verification, 940s, 941s with corresponding bank statements. I’ve gotta verify that all my employees live in the United States, copies of driver’s licenses, a detailed list with corresponding salaries, a trailing 12-month profit and loss statement, and more.
RUSH: So I guess you’re gonna comply, you got no choice, right? You’re just a little disappointed?
CALLER: Well said, my friend.
RUSH: Yeah, you know, don’t you get frustrated? I’ve had this happen so much to me — well, throughout my life but lately. You’re told A, B, C, and D, and A, B, and C are not true. And you plan on A, B, and C and you get ready for it, you get stoked up, and then you find out, uh, well, uh, yeah, we forgot something. I know how frustrating it’s gotta be. But you gotta do it. You gotta do it. They’re making the money available, low-interest loans. They want you to keep your employees paid so that you can get right back in business once the medical people say it’s okay.
RUSH: Larry Kudlow says the medical experts will tell us when it’s safe to open the economy. This is where we are. Got a break here at the top of the hour. Open Line Friday, more of your phone calls coming up. Folks, we’ll be back here and continue before you know it.