The Trump administration threw roadblocks in front of community development financial institutions that wanted to participate in the early stage payroll protection program, while at the same time encouraging the biggest banks to make loans to their best clients, he said. charged Friday a subcommittee of the House. .
As a result of these delays and challenges, many small businesses owned by minorities and women [Minority Depository Institutions] had difficulty securing PPP loans during the program’s critical first phase, staff of the Democratic-controlled parliamentary subcommittee on the coronavirus crisis said, releasing the results of its investigation into the PPP program.
At the same time, the Treasury has encouraged private banks to limit their PPP lending to existing clients, excluding many minority and women-owned businesses, the subcommittee said. Documents obtained by the subcommittee show that the Treasury privately told lenders to go to their existing customers when granting PPP loans.
Ryan Donovan, CUNA’s advocacy manager, said the findings of the subcommittee’s investigation were not surprising.
The challenges that credit unions and other small lenders faced as they navigated P3s and the outdated SBA system have been well documented, he said. It was so difficult at times that they had to shut down the system for the big lenders in order to allow the small lenders to process the loan applications. So when you think about all these problems and the delays in starting the forgiveness process, the report’s findings, while incredibly disappointing, are sadly not surprising.
The sub-committee reported that CDFIs and IDMs have been largely excluded from the first cycle of PPP loans. During this first round, these institutions only granted 65,000 loans out of 1.67 million. It was only later that the Trump administration set aside P3 funds for these lenders.
Banking officials told the subcommittee that the Treasury wanted banks to lend to their existing customers, with a JPMorgan official telling the panel that from the start the Treasury understood that banks were working with existing customers.
The report says Treasury Department officials denied the allegation.
The panel said the Treasury and the Small Business Administration should issue clear guidelines asking financial institutions to prioritize underserved markets in a manner consistent with fair loan laws.
The subcommittee also said that if Congress extends the PPP, Trump administration officials should work with CDFIs and MDIs to ensure they are equipped to handle additional loan volume and have the technical assistance to process new loan requests.
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