SBA, Treasury Set Aside $10 Billion for CDFI Lending under the Paycheck Protection Program

Thursday, May 28, 2020 - 8:30am

The U.S. Small Business Administration, in consultation with the U.S. Treasury, announced today it is setting aside $10 billion exclusively for community development financial institutions (CDFIs) to lend under the second round of funding for the Paycheck Protection Program (PPP). The PPP is a forgivable loan program that provides small businesses emergency capital during the COVID-19 pandemic. Treasury said that dedicating a portion of the PPP funds to CDFIs will further ensure that PPP reaches communities in need.

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