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

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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