The Small Business Administration said there is approximately $5 billion remaining in Paycheck Protection Program funds set aside for certain community financial institutions.
$5B left in PPP funds for certain institutions
May 19, 2021 / By ICBA
The Small Business Administration said there is approximately $5 billion remaining in Paycheck Protection Program funds set aside for certain community financial institutions.
The Small Business Administration said there is approximately $5 billion remaining in Paycheck Protection Program funds set aside for certain community financial institutions.
Eligibility: While the general PPP fund is exhausted, the remaining funds apply to Community Development Financial Institutions, Minority Depository Institutions, and certain other lenders.
FDIC Resource: As some small businesses continue seeking PPP loans, community banks that are no longer eligible may use the FDIC’s interactive map of CDFIs and MDIs to direct borrowers to these institutions, which may be able to satisfy loan requests.
CDFI Caution: However, accepting PPP loans from outside CDFI Fund target markets could put CDFI certification at risk, which could affect eligibility for Emergency Capital Investment Program investments. More information is available in CDFI Fund guidance.
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