SBA, Treasury Allocate $10B of Round Two PPP Funds for CDFIs

To help ensure that Paycheck Protection Program funds reach all small businesses in need, the Small Business Administration and Treasury Department today announced that they will set aside $10 billion of the second round PPP funds to be used exclusively by community development financial institutions.

CDFIs had approved $3.2 billion in PPP loans in the second round of funding as of May 23, SBA and Treasury reported, adding that “the additional $6.8 billion will ensure that entrepreneurs and small business owners in all communities have easy access to the financial system, and that they receive much-needed capital to maintain their workforces.”