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U.S. Treasury urged PPP lenders to focus on existing customers: Congress report

Published by Yahoo on Sat, 17 Oct 2020


The U.S. Treasury Department encouraged banks to prioritize existing customers when dishing out Paycheck Protection Program pandemic loans, disadvantaging smaller businesses against the intent of lawmakers, a Congressional panel said on Friday. "The Trump Administration and many big banks failed to prioritize small businesses in underserved markets, including minority and women-owned businesses," the Select Subcommittee on the Coronavirus Crisis wrote in its report.
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