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Rubio, Cardin Welcome SBA and Treasury’s PPP Set-Aside for CDFIs

May 28, 2020 | Press Releases

Miami, FL — U.S. Senators Marco Rubio (R-FL) and Ben Cardin (D-MD), Chairman and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, released the following statements after the U.S. Small Business Administration (SBA) and the Treasury Department announced a $10 billion set-aside of Paycheck Protection Program (PPP) funds for Community Development Financial Institutions (CDFIs).

“CDFIs have played a critical role in expanding access to the Paycheck Protection Program, especially for small businesses that did not have a prior banking relationship,” Chairman Rubio said. “By setting aside $10 billion for CDFIs, the Trump Administration will help ensure underserved small businesses have access to critical funds as our economy begins to reopen, recover and rebuild.” 

“This announcement, though long overdue, is a welcome step in the right direction. In the weeks since the launch of PPP, it has become clear that the minority communities that are experiencing the worst public health consequences of COVID-19 are also the most vulnerable economically,” Ranking Member Cardin said. “I am pleased that SBA has reserved $10 billion in PPP funding for CDFI lending. The Trump Administration must use every possible tool to ensure that small businesses in underserved communities receive the support they need to make it through this crisis.”