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

| By:

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

Home Business Lending › Sen. Rubio: PPP Application For Fintech Lenders Expected This Week


    Legend Funding

    CFG Merchant Solutions

    ROK Financial

    Global Funding Experts

    Merchant Financing Leads

    Fox Business Funding

    Bitty Advance

    Amerifi Capital

    Unique Funding Solutions

    Dedicated Financial GBC

    Meridian Leads


    Pearl Capital

    Better Accounting Solutions

    Wynwood Capital Group

    Accord Business Funding

    Hunter Caroline


    AMA Recovery


    Splash Advance

    Symplifi Capital

    Forward Financing

    Big Think Capital

    SOS Capital