FinTech lenders lobby for inclusion in coronavirus relief package

FinTech lenders in the United States have been active in lobbying the government to allow nonbanks to participate in an emergency loan program aimed at providing financing to small businesses. The language of the USD 2 trillion coronavirus relief bill does include opportunities for FinTech lenders to provide support; however, they still need clarification from the United States Department of the Treasury as to precise definitions for which actors are allowed to perform which actions under the program. FinTech lenders argue that their role is vital in supporting small businesses as they can provide them with the financing they need in under 24 hours, whereas traditional banks can sometimes take over a month.