Nancy Pelosi and Chuck Schumer are pressing the Trump administration to set aside at least $10 billion in small business rescue money for minority banks and other community lenders
House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer are pressing the Trump administration to set aside at least $10 billion in small business rescue money for minority banks and other community lenders, saying they're concerned the aid is not reaching underserved, low-income areas.
The program is set to begin accepting loan requests again Monday morning, and banks expect to unleash a huge queue of applications. In preparation, the Small Business Administration, which is running the program, on Sunday told lenders it planned to pace the number of loans processed in its system. "These institutions’ specific mission to serve low-income, rural and minority small business owners and communities uniquely positions them to increase the amount of PPP loans that reach our underserved businesses," they wrote. "These businesses are the heartbeat of the diverse communities they serve and are particularly vulnerable during this crisis."
The request underscored concerns that hundreds of billions of dollars in aid would fail to reach multitudes of some of the most vulnerable small businesses and their employees. The worries were compounded by the fact that large companies and firms with access to other forms of financing were able to secure the government-backed loans before the first round of funding was exhausted.
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