Treasury encouraged banks to prioritize PPP loans for existing clients

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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…



Source cnbc.com

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