SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act

By Secured Finance Network

SFNet’s CEO submitted a  letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration, seeking affirmation of eligibility of non-bank lenders under the CARES Act. The letter seeks to further ensure that non-bank lenders are afforded all available protections under the Act as regulations are now established and implemented.  

Click here to view the letter.

(Editor’s note: Subsequent to this letter, the SBA has issued its ‘Interim Final Rule’ that makes businesses identified in 13 CFR 120.110, which includes financial services companies, ineligible for the Paycheck Protection Program.   SFNet will be seeking any recourse available to press the SBA to amend this position)

About the Author

The Secured Finance Network (formerly the Commercial Finance Association) brings together secured lenders, finance companies, factors, service providers, and others who do the important work of providing the capital that fuels our nations’ economies.