[Winning]

They need to establish a depository capability and it's not that easy. Since funds are "backed" by the Feds, they will also need to make sure compliance is super tight. Hence the reason it is easier for the banks to do this or act as agent.

Some fintechs might have a great front end to help process, but getting someone to partner with right now is close to impossible.

And let's not forget..... the juice is not worth the squeeze.

I knew it that this would be a perfect fit for PayPal! Laws and regulations were made by people and can be changed by people. Short term "the juice is not worth the squeeze". But long term, these Fintech companies are about to Checkmate the Banks.

Damn, this coronavirus is really changing the landscape! This is crazy exciting times we living in and witnessing.... Madonaa called it when she said "Coronavirus is the great equaliser"..

PayPal, Intuit QuickBooks approved to hand out emergency funds to small businesses in coronavirus program

https://www.cnbc.com/2020/04/11/payp...ness-loan.html

After weeks of lobbying, fintech companies are officially allowed to take part in the*U.S.government’s emergency lending program.*

Financial Innovation Now*— an industry group representing Square, PayPal, Intuit, Stripe and other non-bank finance companies — sent a letter to Congress in March asking that their members be included in any emergency funding.

“Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough,” the letter reads. “Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need.”

PayPal said it has provided access to more than 900,000 loans and cash advances, and access to more than $15 billion in funding to more than 305,000 small businesses.*

https://www.cnbc.com/2020/04/11/payp...ness-loan.html

On another note...
I can't wait to day trade the stock market on Monday! I feel really good about this! If you are on shelter in place and have time on your hands please look into doing some daytrading.. My gains have be crazy over the last 2 weeks!. Td ameritrade is free to setup an account, and free to trade, but you will be subject to FINRA PDT rules .. If you want to leverage your money up to 6 times and not be govered by the Finra PDT rules you have to setup an offshore account, but that is really simple and not as scary as it sounds.