WATERS: COMMUNITY FINANCIAL INSTITUTIONS MUST BE INVOLVED IN HELPING SMALL BUSINESSES

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[Community Financial Institutions]
The PPP allows financial institutions to provide forgivable loans to small businesses so they can keep employees on their payroll while having additional funds to pay rent, utilities and other costs.
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Rep. Waters is pushing the SBA and Treasury to include community financial institutions in helping small businesses.

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Steven Mnuchin, Secretary of the U.S. Department of the Treasury, and Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA), urging them to ensure all financial institutions, including community banks, credit unions, minority depository institutions, and Community Development Financial Institutions (CDFIs), have the resources they need to participate in the Paycheck Protection Program (PPP).

The PPP allows financial institutions to provide forgivable loans to small businesses so they can keep employees on their payroll while having additional funds to pay rent, utilities and other costs.

“… after reviewing these websites as well as guidance documents released, my staff has been unable to find any further guidance or relevant application forms for lenders who want to participate in the PPP,” the Chairwoman wrote. “This is unacceptable. Given that your agencies have asked small businesses to reach out to their local depository institutions to see if they are participating and to begin applying this Friday, April 3, 2020, your agencies must take immediate action to ensure all lenders that want to participate have an efficient ability to do so.

H.R. 748, the CARES Act, authorized the Small Business Administration (SBA), in coordination with the Department of the Treasury, to administer $349 billion in funds to help small businesses maintain their workforce through the PPP.

See the full text of the letter here: https://financialservices.house.gov/uploadedfiles/treasury-sba_letter_re....

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