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U.S. Treasury, SBA set aside $10 billion small business funds for community institutions - Metro US

U.S. Treasury, SBA set aside $10 billion small business funds for community institutions

FILE PHOTO: The spread of the coronavirus disease (COVID-19) in New York

WASHINGTON (Reuters) – The U.S. Treasury and Small Business Administration said on Thursday that they were setting aside $10 billion of funding from the Paycheck Program (PPP) to be lent exclusively by Community Development Financial Institutions.

The move is aimed at ensuring that forgivable loans to small businesses to retain employees during coronavirus shutdown reach traditionally underserved communities, the agencies said. As of Monday, the SBA said that nearly $150 billion of the $660 billion in PPP loan funding had gone untapped.

(Reporting by David Lawder, Editing by Franklin Paul)

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