Paycheck Protection Program Update.
After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted. The Small Business Association (SBA) will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the following types of lenders:
- Community Development Financial Institution (CDFI)
- Minority Depository Institution (MDI)
- SBA Certified Development Corporation (CDC)
- SBA Microloan Intermediary Lender
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