June 15, 2020 / 1:40 PM / 24 days ago

Goldman Sachs increases COVID-19 federal aid commitment by $250 million

FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - Goldman Sachs Group Inc (GS.N) on Monday pledged an additional $250 million to fund the federal aid program to help businesses hurt by the COVID-19 pandemic.

The addition will take the bank’s total commitments to $775 million.

The Paycheck Protection Program was launched in April as the United States government rushed to get cash to millions of desperate borrowers.

Goldman, which is not an approved small business loan provider in the United States, will not issue these loans directly, but rather provide the financing to community development financial institutions and other mission-driven lenders that then loan it out to the clients.

The bank is also partnering with the National Urban League and the U.S. Hispanic Chamber of Commerce, it said here

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty

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