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.
FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
Under the program, banks can waive normal underwriting standards, but must include anti-money laundering paperwork, which can take weeks to assemble. That documentation was already in place for existing customers, banks have said. “We encouraged all banks to offer loans to their existing small business customers, but no Treasury official ever suggested that banks should do so to the exclusion of new customers.”
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