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Schumer Statement On Trump Admin Announcement They Will Set Aside $10 Billion For CDFIs To Participate In The Paycheck Protection Program

Washington, D.C. – Senate Democratic Leader Chuck Schumer released the following statement today after the Treasury Department and Small Business Administration announced they will set aside $10 billion for Community Development Financial Institutions (CDFIs) to participate in the Paycheck Protection Program. Today’s announcement comes after Sen. Schumer has been pushing the administration to do this for months, including in an April letter and on many private phone calls with Secretary Mnuchin:

“For weeks, Democrats have been fighting to make sure the PPP funds reach truly small businesses, and specifically minority-owned businesses, and today’s announcement is a major step forward in that effort.  Community Development Financial Institutions are a lifeline to so many traditionally underserved and underbanked communities. I want to thank Secretary Mnuchin for heeding our calls to set aside a pool of funding specifically designated for lending by CDFIs, and now we’re urging him to move on and include Minority Depository Institutions as well since they, too, are critical to expanding access to communities of color.”