U.S. Department of Treasury building Source: Shutterstock.

The Trump Administration threw roadblocks in front of Community Development Financial Institutions that wanted to participate in the Paycheck Protection Program in its early days, while at the same time, it encouraged the largest banks to make loans to their best customers, a House Subcommittee charged Friday.

“As a result of these delays and challenges, many minority and women-owned small businesses that traditionally bank with CDFIs and [Minority Depository Institutions] faced difficulties obtaining PPP loans during the critical early phase of the program,” the staff of the Democratic-controlled House Select Subcommittee on the Coronavirus Crisis said as it released the results of its investigation into the PPP program.

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