Home » News » Additional Funding to the Paycheck Protection Program
April 24, 2020
Jared C. Brossett
$60 Billion Set-aside for Small, Mid-size, and Community-Based Lenders: A $60 billion set-aside within PPP for small and mid-sized banks and credit unions as well as community-based lending institutions. Most importantly, this set-aside funding will help ensure that unbanked and underserved businesses can get access to PPP. This includes minority-owned businesses, rural businesses, small mom and pop businesses, and smaller nonprofits that too often have been pushed to the back of the line in the program. The set-aside is broken down as follows:
$30 Billion to Community-Based Lenders: $30 billion will be dedicated to community-based lenders, specifically including Community Development Financial Institutions (CDFIs), Minority Depository Institutions, SBA micro-lenders, and certified development companies/SBA 504 lenders, as well as the smallest credit unions and banks with assets under $10 billion. $30 Billion to Small & Mid-Sized Lenders: $30 billion will be dedicated to small and mid-sized credit unions and banks with assets between $10 billion and $50 billion.
Additional $50 billion for the Economic Injury Disaster Loan Program; and Additional $10 billion for the Emergency Economic Injury Disaster Grant Program: $10 billion for the Emergency Economic Injury Disaster Grant Program to provide up to $10,000 as a cash advance to provide immediate relief for operating expenses for small businesses and nonprofits that apply for an EIDL. The cash advance does not have to be paid back.
This website uses cookies to ensure you get the best experience. By using our website, you agree to our cookie policy.
Type an address to get zoning, district, and service information for your location