Dems Lambaste Trump Administration for PPP Management

Democrats are renewing their call for more rigid Paycheck Protection Program set-asides for credit union and community banks, following reports from a government watchdog contending that program funds may not be reaching the neediest businesses.

“Not only did [the Small Business Administration] fail to issue guidance to prioritize the paycheck loan applications of underserved and rural small businesses, the agency implemented a ‘first-come, first-served’ policy that made it harder for vulnerable small businesses to access PPP,” Senate Small Business Committee ranking Democrat Ben Cardin (D-Md.) said, following the release of a report by the Small Business Administration’s Inspector General.

CUNA Pushing for $1 Billion Boost for CDFIs

A coalition of supporters of the Community Development Financial Institutions program has asked Congress to set aside $1 billion for the program in the next coronavirus economic relief measure.

In a letter to congressional leaders, the groups, including CUNA, contend that federal financial relief funding is not reaching small businesses and families that are not served by mainstream lending institutions. CUNA noted that there are 324 CDFI-certified credit unions across the country.