Pelosi, Schumer demand small business carve-out as SBA restrains loans

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.

Plus 25 million to the Kennedy center lol politicofakenews politcoenemyoftheamericanpeople

Some kinda means-tested tax break that only applies Tuesdays and Thursdays?

BS

Can We The People please get rid these two idiots that keep begging for power that they don't deserve to have. TIME TO GO! GEY OUT!!

Explain how setting aside money just for minority businesses is not discrimination.

Keep fighting!!!

Since when did she and her left wing agenda ever want to support small business’s All she is doing is scoring political points. You can not trust a word that comes out of her mouth

God fucking forbid the banks ain't taken care ...

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Small business owners gear up for another go at anxiety-inducing Paycheck Protection ProgramSmall business owners describe an emotional month of fighting for PPP loans. And again, the banks will profit billions from fees, and major corporations will swipe money from small businesses that employ the hardworking men & women that are the backbone, legs, heart, & soul of the economy. Another well run government massive bloated garbage program going no where .. we can’t buy our way out of the beef and broccoli flu If the money don't come honey PPP and unemployment ya gotta get your ass back to your 7.25 hour job. THIS IS THE MONEY HOLD UP. AND WAKE UP
Source: ABC - 🏆 471. / 51 Read more »

Bank of America CEO calls for Congress to 'fully fund' small business loan program: 'Just get the work done'Brian Moynihan said Congress should make sure the small business loan program is fully funded so that every business that qualifies can receive a loan. How about funding other smaller banks for loans instead of just the big 5. Midwest town businesses are dying from lack of help. Bastards. Bailouts should be considered wellfare. A damn bank that's supposed have to enough money to survive instead depends on bailouts. They're going to be even more reckless in the years to follow and Trump is just throwing money at the problem sending us further into debt. All bad... 😂😂😂😂, so he can give the money to big companies
Source: CNBC - 🏆 12. / 72 Read more »