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

June 15 (Reuters) - Goldman Sachs Group Inc 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)