May 28, 2020

Brown Statement On Trump Administration Announcement Of $10 Billion Set-Aside For CDFIs In The Paycheck Protection Program

After Reports of Minority-Owned Businesses Being Shut Out Of Federal Aid, Brown Called On Administration To Direct Aid To Underserved Communities


U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today released the following statement following the announcement that the Trump Administration will set aside $10 billion for Community Development Financial Institutions (CDFIs) participating in the Paycheck Protection Program (PPP):

Across the country, CDFIs serve low-income, rural, and minority small business owners and communities. They need and deserve access to the PPP program to continue their work,” said Senator Brown. “Small businesses are the backbone of our economy, and Congress must give them and the CDFIs that serve them the help they need now. This is a good first step, but the Administration should act on our additional recommendations to set aside funds for Minority Depository Institutions (MDIs) and help more CDFIs make PPP loans in their communities. The Administration must also push Senate Republicans to support the supplemental funds provided to CDFIs in the House-passed HEROES Act.”

Recently, Brown joined his colleagues in pushing the Trump Administration to expand the Paycheck Protection program to include CDFIs. Additionally, Senator Brown has pushed for additional assistance for minority and underserved communities through the PPP program.