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SBA, Bank Association Trade Barbs Over Who Is Responsible For Loan Issues

The head of the Small Business Administration in Nevada accused banks of dragging their feet on making Paycheck Protection Program loans to businesses and nonprofits struggling because of COVID-19.

Joseph Amato made remarks this week to Las Vegas attorney Faith Jones in a webinar.

"Some of the big banks that had no problem in taking billions of dollars of free money as bailout in 2008 are now the biggest banks that are resistant to helping small businesses so that should tell you something," Amato said.

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In response, the Nevada Bankers Association said the SBA should spend its energy fixing a broken system instead of pointing fingers at lending institutions.

Congress approved the Paycheck Protection Program last month as part of a $2 trillion coronavirus emergency relief package.