Nonbank fintechs may be left unable to contribute to the United States government’s relief plan for small businesses hit by the COVID-19 crisis.
On April 3, the U.S. Small Business Administration (SBA) launched a Paycheck Protection Program (PPP) as part of the federal government’s $2 trillion coronavirus relief package. The PPP aims to support small businesses during the pandemic by providing them with access to low-interest, forgivable loans.