On Thursday, the SBA announced it will be giving an another $6.8 billion in Paycheck Protection Program (PPP) funds to Community Development Financial Institutions (CDFIs). These nonprofit lending institutions are central to the effort to get relief loans to small businesses in underserved, low-income areas.
“The forgivable loan program, PPP, is dedicated to providing emergency capital to sustain our nation’s small businesses, the drivers of our economy, and retain their employees,” SBA administrator Jovita Carranza said in a press release. “CDFIs provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time.” Read more……
