Online lenders see silver lining in small business relief plans

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By Jennifer Kang
30 Mar 2020

Marketplace lenders have largely been left out of recent rescue plans brought by the government, including the Coronavirus Care and Help (CARES) Act. However, over the weekend, it has been confirmed that online lenders will be eligible to participate in the small business loan program, enabling fintechs to take part in distributing relief funds alongside banks, their direct competitors.

The CARES Act, a $2tr emergency bill aiming to provide relief for markets severely impaired by Covid-19, was signed into law on Friday, March 27. Notably, the bill includes a small business relief plan which sets aside $350bn of loan guarantees for small businesses. Any companies with ...

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