SBA Breaking News Update: PPP General Funding Exhausted, CFI Funding Still Available (New)
After more than a year of operation and serving more than eight million small businesses, funding for the Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the four types of lenders.
- Community Financial Development Institution (CDFI)
- Minority Depository Institution (MDI)
- Community Development Corporation (CDC)
- Microlender Intermediary