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.”
