The $2 trillion relief plan passed by the federal government sets aside $350 billion of loan guarantees for small businesses that may apply to marketplace lenders. Recently, on Fox News Sunday, Treasury Secretary Steve Mnuchin clarified that “any FDIC bank, any credit union, any fintech lender will be authorized to make these loans,” subject to certain approvals. This allows fintech to take part in distributing relief funds alongside banks, their direct competitors. Sources at online lending companies argue that fintech is better equipped to be issuing such loans to small businesses in a tight timeframe.

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