The Small Business Administration's last-minute plan to temporarily block larger banks from the relief loan program is another example of the agency changing the rules midstream, critics said.
Banks had an opportunity to delay compliance with the new accounting standard, but many opted to move forward to get ahead of credit issues that could arise from the coronavirus outbreak.
Small banks are a lifeline for many local businesses and should be given first crack at distributing funds from a continuation of the federal stimulus program.
Lawmakers are considering a plan to reserve at least $50 billion in Paycheck Protection Program funds for customers of community banks and small regionals.
