Rep. Kevin McCarthy (R—Calif.) joins "Squawk Box" to discuss the small business bailout, a potential "phase 4" of the federal relief package, the crisis in the energy sector as oil prices plummet and more.

Tech-focused lenders are lobbying to be part of a government stimulus plan for businesses hurting from the coronavirus slowdown.

Financial Innovation Now — an industry group representing Square, PayPal, Intuit, Stripe and other non-bank finance companies — sent a letter to Congress on Friday asking that their members be included in any emergency U.S. government funding.

“Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough,” the letter reads. “Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need.”

Lawmakers have been working on a stimulus bill to mitigate potentially disastrous impacts of the coronavirus pandemic on the economy. The bill would include small business loans, managed through the U.S. Small Business Administration. It failed in a key Senate procedural vote Sunday evening.

Fintech companies argue their tech-focused underwriting approach could get relief funds into the hands of small businesses faster than commercial banks.

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