Released: April 14, 2020

Fintech approved to offer loans to small businesses

Source: Sarah Perez - Tech Crunch

Fintech companies have been lobbying for weeks to be able to participate in the U.S. government’s emergency lending program for small businesses. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, which provides aid in the form of forgivable loans for small businesses that keep all employees on their payroll for at least eight weeks.

The $350 billion small business loan program is a part of Congress’s $2 trillion coronavirus stimulus package, and is aimed at those businesses with fewer than 500 employees.

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