"Rubio, Cardin Welcome SBA and Treasury's PPP Set-Aside for CDFIs"
Summary
A press release dated May 28, 2020 from the Senate Committee on Small Business and Entrepreneurship carrying statements by Chairman Marco Rubio (R-FL) and Ranking Member Ben Cardin (D-MD). The statements respond to the SBA and Treasury Department announcement of a $10 billion set-aside of Paycheck Protection Program (PPP) funds for Community Development Financial Institutions (CDFIs). Rubio says CDFIs expanded PPP access, especially for small businesses without a prior banking relationship. Cardin calls the announcement long overdue but a welcome step, saying minority communities facing the worst public health consequences of COVID-19 are also the most vulnerable economically.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Title: Rubio, Cardin Welcome SBA and Treasury's PPP Set-Aside for CDFIs Date: 2020-05-28 Rubio, Cardin Welcome SBA and Treasury's PPP Set-Aside for CDFIs May 28, 2020 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.” Permalink: https://www.sbc.senate.gov/public/index.cfm/2020/5/rubio-cardin-welcome-sba-and-treasury-s-ppp-set-aside-for-cdfis
File and source
- File
- 2020-05-28_rubio-cardin-welcome-sba-and-treasurys-ppp-set-aside.txt
- Size
- 1,815 bytes
- SHA-256
- d285b7a9a994df6b1eb8d9d8055f1330489d3461ea9e4b8499d44c102fa667ed
- Original
- www.sbc.senate.gov