Magaziner: Lenders shouldn’t turn away ‘orphaned’ businesses from $349B emergency program

R.I. GENERAL TREASURER Seth Magaziner penned a letter to Rhode Island's lenders, urging them to process Paycheck Protection Program loan applications for all qualified small businesses in Rhode Island, not just for existing customers. / PBN FILE PHOTO/MICHAEL SALERNO
R.I. GENERAL TREASURER Seth Magaziner penned a letter to Rhode Island's lenders, urging them to process Paycheck Protection Program loan applications for all qualified small businesses in Rhode Island, not just for existing customers. / PBN FILE PHOTO/MICHAEL SALERNO
PROVIDENCE – R.I. General Treasurer Seth Magaziner is urging Rhode Island banks, credit uniosn and other lenders to stop turning away some small businesses from applying for a $349 billion federal emergency loan program that started last week. Magaziner sent letters Saturday to two dozen lenders that issue U.S. Small Business Administration-backed loans, calling on…

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