By Kate Rooney
Tech-focused lenders are lobbying to be part of a government stimulus plan for businesses hurting from the coronavirus slowdown.
Financial Innovation Now — an industry group representing Square, PayPal, Intuit, Stripe and other non-bank finance companies — sent a letter to Congress on Friday asking that their members be included in any emergency U.S. government funding.
“Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough,” the letter reads. “Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need.”