UPDATE 2-Big U.S. banks cry foul over temporary exclusion from small business lending program [Reuters]
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Source: Reuters
UPDATE 2-Big U.S. banks cry foul over temporary exclusion from small business lending program (Adds comment from SBA/Treasury and bank group) By Michelle Price WASHINGTON, April 29 (Reuters) - Wall Street banks criticized the U.S. government on Wednesday after the Small Business Administration said it would temporarily close its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country’s smallest lenders. The agency said it would only accept loans from banks with assets of $1 billion or less from 4 p.m. EDT (2000 GMT) until midnight on Wednesday. “In addition to ensuring access for the smallest lenders, we expect that providing this reserved processing time today will enhance the SBA’s loan system performance,” the SBA and U.S. Treasury said in a statement, referring to technology problems the program has been experiencing. The move appeared to be aimed at addressing fears that small lenders which predominantly serve minority-owned bus
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