PPP Loan Application Asks About GUNS *

[Dr Pete]

Why in the disaster loan application does it ask if you manufacture guns?

Will they not give a loan to a firearm manufacture?
Whats the difference if I manufacture widgets?

Also, since the banks nicely lowered the term to 2 years the monthly payback is stupid ridiculous. How about a new double of rent payment every month?
Not feasible for most business.

This isn't helping it's assuring most business will die soon after the lifeline is thrown.

They keep moving the goal post.

[SW1917]

Why in the disaster loan application does it ask if you manufacture guns?

Will they not give a loan to a firearm manufacture?
Whats the difference if I manufacture widgets?

Also, since the banks nicely lowered the term to 2 years the monthly payback is stupid ridiculous. How about a new double of rent payment every month?
Not feasible for most business.

This isn't helping it's assuring most business will die soon after the lifeline is thrown.

They keep moving the goal post.

Source please

[MrRichards]

Here's the app from SBA. Not seeing a firearm-related question. I do recall the bank's online application requesting that the applicant certify it is not engaged in illegal business activity.

[Dr Pete]

It's on the application from CitiBank.

My big problem is moving the term from 10 years to 2 years.
If I borrow 100K the payback is $4200. This becomes my most expensive bill then behind rent.

Personally this isn't helping, I wouldn't accept a loan with those terms.

It makes sense from the banks perspective to lower the term to 2 years instead of 10. Not from a business owner perspective. Who are they trying to help? Not the true small business owner struggling to make ends meet.

[avalon42]

Write down fireworks. Everyone loves those.

[KatMan53]

OP, do you manufacture guns?

[smashycrashy]

Sounds like a lender overlay

[The War Wagon]

PPP Loan Application Asks About GUNS *

Just draw Kilroy here on that line.

[zhyla]

Some banks don't loan to firearms businesses, right? That's their right, even if it's stupid.

[tundraboomer]

It's on the application from CitiBank.

Well there's your problem. A couple years or so ago, gunners were abandoning CitiBank in droves because of their new anti-gun policies. Eff them.

[TrappedinCalifornia]

It's been going on for awhile and started anew after Trump ended "Operation Chokepoint"...

3/2018 - Citigroup restricts gun sales by business customers

Citigroup is putting new restrictions on how and when its corporate clients can sell guns...

The bank says it has "few relationships with companies that manufacture firearms."...

"We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months," the bank said in a blog post. "If they opt not to, we will respect their decision and work with them to transition their business away from Citi."...

4/2019 - Banks Attempt to Enforce Anti-Gun Restrictions

4/2018 - Bank of America Says It Will Stop Lending to Military-Style Gunmakers

10/2018 -

There has been some push back according to NSSF in 4/2019 - BANKS NOT SHOOTING STRAIGHT WITH TRUTH IN LENDING TO FIREARMS COMPANIES

...The State of Louisiana barred Citigroup for competing for a $600 million road improvement project for interfering the lawful commerce-in-arms. U.S. Sen Kevin Cramer (R-N.D.) and U.S. Rep. Roger Williams (R-Texas) introduced the Freedom Financing Act (S. 821/H.R. 2019) that would prevent certain big banks from accessing taxpayer-funded insurance if they institute discriminatory policies against the firearms industry...

[colt11]

Time to find a bank that supports your family values.

[FireCloud9]

Some banks don't loan to firearms businesses, right? That's their right, even if it's stupid.

^ This.

Well there's your problem. A couple years or so ago, gunners were abandoning CitiBank in droves because of their new anti-gun policies. Eff them.

^ and this.

Putting the whole gun thing aside, why would any (intelligent) human being ever do business with Citibank? There are ~10,000 banks in the U.S. - those that gravitate to Citibank like lemmings deserve the "banking" they get.

[Doheny]

Just say no...


Sent from free America

[norcal77]

Why in the disaster loan application does it ask if you manufacture guns?

Will they not give a loan to a firearm manufacture?
Whats the difference if I manufacture widgets?

Also, since the banks nicely lowered the term to 2 years the monthly payback is stupid ridiculous. How about a new double of rent payment every month?
Not feasible for most business.

This isn't helping it's assuring most business will die soon after the lifeline is thrown.

They keep moving the goal post.

They want to financially enslave you, did you expect it to be friendly?