Sen. Marco Rubio is asking bank CEOs if they favored certain customers for SBA loans, straying from a first-come, first-served mandate
WASHINGTON—Sen. Marco Rubio is asking banks to address whether they favored certain borrowers in processing applications for government-backed small business loans, in violation of the program’s mandate for treating applications on a first-come, first-served basis.
In letters sent to 12 bank chief executives, Mr. Rubio asked for a detailed explanation on how their institutions set up their application processes for the loan program to help businesses hurt by the coronavirus pandemic.
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