Fintechs Conduits for Small Business Help in Senate Passed Bill

The Senate economic relief package to shore up small businesses includes nearly $350 billion for payroll assistance and would allow fintechs to join banks in making government-backed loans.

The chamber voted 96-0 to approve the estimated $2 trillion package (H.R. 748) Wednesday night.

The bill would create the Paycheck Protection Program, which some lenders would be able to access via the Small Business Administration’s 7(a) loan program.

Fintech and other lenders that aren’t part of the SBA 7(a) program would be able to participate directly through the Treasury Department, which would set requirements for their participation. Online lenders like Kabbage ...