Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.
Lawmakers are pushing for better data on who's receiving loans in hopes that more funds will be directed to lenders that serve women- and minority-owned businesses.
As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say.
Sen. Marco Rubio, R-Fla., said that $349 billion will likely not be enough meet loan demand from small businesses seeking a lifeline to help them weather the economic downturn brought on by the coronavirus outbreak.
The proposal from Sens. Marco Rubio and Susan Collins would provide the Small Business Administration with $300 billion to help companies hurt by the coronavirus outbreak meet immediate financial obligations, including payroll.
The pace is torrid now, but it could slow if bank stock prices keep rising and one prominent lawmaker’s proposal to restrict share repurchases gains traction.
