Treasury encouraged banks to prioritize PPP loans for existing clients


The Treasury Department privately encouraged banks to prioritize existing clients when implementing the federal government’s Paycheck Protection Program that provided coronavirus relief to small businesses, according to a report Friday from a House oversight panel.

The Trump administration’s directive to favor existing clients in PPP lending decisions disproportionately hurt minority and women-owned business, the Democratic-led Select Subcommittee on the Coronavirus…


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