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The Canadian Press/Patrick Doyle

Ottawa rejects fintechs’ proposal for distributing COVID-19 aid for businesses

The federal government rejected multiple proposals from Canadian fintechs looking to distribute aid to businesses affected by COVID-19, The Logic has learned. 

The Canadian Lenders Association (CLA), PayPal and Wave all offered to help. Small Business Minister Mary Ng championed the fintechs’ proposals within government, but Finance Minister Bill Morneau’s office blocked them, according to four sources with knowledge of the situation.

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