Square, Intuit Want Fintech Lending in Small Business Bailout

March 20, 2020, 5:57 PM

Fintech lenders like Intuit Inc. and Square Inc. are urging Congress to let their industry be a conduit for small business lending as part of the next coronavrirus relief package.

“Small businesses are shut down, business owners are isolated in their homes, and many physical bank branches are closed,” the Financial Innovation Now coalition, which represents the companies, as well as PayPal Holdings Inc., Amazon.com Inc. and Stripe Inc., said in a Thursday letter to House and Senate leaders.

The package should include an emergency Treasury facility to provide capital to alternative online lenders who can then get the money ...

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