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CDFIs receive $10 billion in the Paycheck Protection Program (PPP)

Updated: Jun 2, 2020

by MSBQ Staff

The SBA and U.S. Treasury announced additional funding for Community Development Financial Institutions (CFDIs) to help with the Paycheck Protection Program (PPP).

According to a press release, "The Paycheck Protection Program (PPP) was created by the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) and provides forgivable loans to small businesses affected by the COVID-19 pandemic to keep their employees on the payroll."

"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," said SBA administrator Jovita Carranza.

Small business owners and entrepreneurs were faced with numerous challenges, but as of May 23, 2020, CDFIs have approved more than $7 billion ($3.2 billion in Round 2) in PPP loans according to a press release.

"CDFI's provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time," added Carranza.

Local organizations are available to help entrepreneurs.

Rory Thomas, executive director of Tennessee Small Business Development Center said, "TSBDC is glad to assist area small businesses with the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. 

From working with business owners one-on-one to answer their specific questions about each program to providing the latest updates/changes to the programs that business owners need to know, TSBDC is here to assist."

To learn more about PPP funding, contact one of these lending institutions.

Tri-State Bank and Hope Credit Union.

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