This week, the U.S. Department of the Treasury and Small Business Administration announced they will set aside $10 billion for Community Development Financial Institutions (CDFIs) to participate in the Paycheck Protection Program (PPP). The action, in response to the economic crisis brought on by the coronavirus pandemic known as COVID-19, will assure staffing support as financial institutions work to serve small businesses.
Senator Michael Bennet (D-Colorado) immediately issued a statement urging more support for the hardest-hit and underserved businesses impacted by the COVID-19 pandemic, which have seen the least support since the launch of PPP two months ago.
“CDFIs will play a critical role in ensuring underserved businesses, which have been hit especially hard during this public health and economic crisis, have access to PPP funding. I’m glad the Administration acted on our suggestion,” said Bennet. “I also encourage the Administration to take a close look at the RESTART Act, our bipartisan proposal with Senator Todd Young to support the country’s hardest-hit businesses through the end of the year, as the economy begins to reopen.”
For more information about the proposed RESTART ACT follow this link.