The last two weeks of the Paycheck Protection Program have arrived, and
lenders are being asked to redouble their efforts to assist underserved
and disadvantaged businesses and nonprofits with financing prior to the
June 30 program deadline
Authorities say the key to the success of the program is ensuring the
cash infusion reaches all areas of the economy, including underserved
borrowers such as socially and economically disadvantaged individuals,
military veterans and their spouses, women, and rural communities.
Thus far, there has been $10 billion of Round Two funding provided exclusively by Community Development Financial Institutions.
“We recognize that SBA-approved PPP institutions like CDFIs, Minority
Depository Institutions, Certified Development Companies, and Farm
Credit System lenders are leading the way to serve individual
entrepreneurs and small businesses in underserved communities. As it
stands, SBA has already served more than 4.5 million businesses and
nonprofits through PPP, infusing more than $500 billion into the
economy. Last week’s surprise drop in unemployment is a direct result of
PPP keeping Americans on the payroll.
“With more than $100 billion still available, now is the perfect time
for underrepresented small business owners to work with their preferred
lender, or find a new lender at
find to apply for their own PPP
loan to help their business and their employees survive and thrive.”