Waters Statement on Treasury and SBA Setting Aside $10 Billion for CDFIs for Paycheck Protection Program
Washington, DC, May 29, 2020
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, made the following statement regarding the U.S. Department of the Treasury’s and Small Business Administration’s (SBA) announcement that it is setting aside $10 billion in Paycheck Protection Program (PPP) funds to be distributed by Community Development Financial Institutions (CDFIs).
“I am very pleased that Treasury and SBA have taken this step, which I, Speaker Pelosi, Chairwoman Velázquez, and other Democratic leaders have called for, of setting aside $10 billion in Paycheck Protection Act funds for Community Development Financial Institutions (CDFIs) to lend.
In April, Chairwoman Waters joined with House Speaker Nancy Pelosi, Senate Democratic Leader Charles Schumer, House Small Business Committee Chairwoman Nydia Velázquez, Senate Small Business and Entrepreneurship Committee Ranking Member Benjamin Cardin, and Housing and Urban Affairs Committee Ranking Member Sherrod Brown, in sending a letter to U.S. Treasury Secretary Steven Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza regarding the implementation of the Paycheck Protection Program and Health Care Enhancement Act.