Sen. Rubio: PPP Application For Fintech Lenders Expected This Week

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Update: 4/8/20 The PPP Application for Fintech Lenders is Here

Senator Marco RubioSenator Marco Rubio tweeted on Saturday that he expects the US Treasury Department to release a separate PPP application for non-bank lenders early this week. The Treasury and SBA have previously issued guidance on the minimum criteria a fintech lender would have to meet to be eligible, leading to confusion when the official application released a day later omitted any mention of fintech lending.

The rollout has not been perfect. One challenge facing fintech lenders is the supply of capital as the loans must be issued from their own balance sheet and held on their books for at least 7 weeks until they can be purchased by the federal government. Rubio said that we will need a defined purchase mechanism for such a transfer to take place to assist not only fintech lenders but also community banks.

Last modified: April 8, 2020
Sean Murray


Category: Business Lending


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