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    • Welcome to Mesquite
    • City of Mesquite, NV
    • Demographics
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      • Mesa View Regional Hospital
    • Live Weather
    • Newspapers and Publications >
      • The Progress
      • View On Magazine
    • Schools >
      • Charles Hughes Middle School
      • College of Southern Nevada
      • JL Bowler Elementary School
      • Virgin Valley Elementary School
      • Virgin Valley High School
    • Transportation >
      • Silver Rider Transit
      • St. George Express
      • Harry Reid International Airport
      • Mesquite Municipal Airport
    • Videos
    • Visit Mesquite
  • Guide Archive
  • Visit
    • Arts >
      • Kayenta Arts Foundation
      • Mesquite Fine Arts Center
      • Southern Nevada Symphony Orchestra
      • Tuacahn Center for the Arts
      • Virgin Valley Theatre Group
      • Virgin Valley Artists Association
    • Attractions >
      • Camel Safari
      • National Parks
      • Nevada Travel Guides
      • State Parks
      • Virgin Valley Heritage Museum
    • Casinos >
      • Dotty's
      • Eureka Casino Resort
      • Golden West
      • Mesquite Gaming
      • Stateline Casino
    • Maps >
      • Business Location
      • Mesquite Map Center
      • Parks & Trails Map
    • Nightlife >
      • Casablanca Resort
      • Eureka Casino Resort
      • Stateline Casino
      • Virgin River Casino
    • Outdoor & Off Road >
      • Friends of Gold Butte Events
      • Mesquite Parks and Trails Map
      • Nevada Off-Highway Vehicle Commission
      • Valley of Fire State Park
    • Tourism >
      • Las Vegas Convention and Visitors Authority
      • Travel Nevada
      • Mesquite Tourism Videos
    • Visit Mesquite
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Press Releases

SBA and Treasury Department Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program

5/28/2020

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Release Date: May 28, 2020
Release Number: 20-42
Contact: Press_Office@sba.gov, (202) 205-7036
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WASHINGTON – Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs).  CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.  These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic – a key priority for President Trump.
 
“The forgivable loan program, PPP, is dedicated to providing emergency capital to sustain our nation’s small businesses, the drivers of our economy, and retain their employees,” said SBA Administrator Jovita Carranza. “CDFIs provide critically important capital and technical assistance to small businesses from rural, minority and other underserved communities, especially during this economically challenging time.”
 
“The PPP has helped over 50 million American workers stay connected to their jobs and over 4 million small businesses get much-needed relief,” said Treasury Secretary Steven T. Mnuchin.  “We have received bipartisan support for dedicating these funds for CDFIs to ensure that traditionally underserved communities have every opportunity to emerge from the pandemic stronger than before.”
 
As of May 23, 2020, CDFIs have approved more than $7 billion ($3.2 billion in Round 2) in PPP loans.  The additional $6.8 billion will ensure that entrepreneurs and small business owners in all communities have easy access to the financial system, and that they receive much-needed capital to maintain their workforces.
 
The Paycheck Protection Program was created by the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) and provides forgivable loans to small businesses affected by the COVID-19 pandemic to keep their employees on the payroll.  To date, more than 4.4 million loans have been approved for over $510 billion for small businesses across America. 
 
The SBA and the Treasury Department remain committed to ensuring eligible small businesses have the resources they need to get through this time.
 
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.­
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