Durbin Discusses Paycheck Protection Program With Illinois Community Development Financial Institutions
SPRINGFIELD – U.S. Senator Dick Durbin (D-IL) today spoke with leaders of Illinois Community Development Financial Institutions (CDFIs) to discuss recommendations on how best to reach minority-owned and underserved businesses affected by the COVID-19 pandemic. Durbin discussed the barriers minority-owned businesses face in accessing the Paycheck Protection Program (PPP), and how he and Senate Democrats fought for improvements to better address the needs of minority-owned and underbanked businesses by securing a $60 billion set-aside in the latest coronavirus relief bill for small lenders and community-based lending institutions.
“We have to ensure that minority-owned and underbanked businesses have the support they need to carry through during this time of economic uncertainty. I will continue to fight for improvements to PPP, including transparency and accountability measures, so that these vulnerable businesses are not left behind,” Durbin said.
Durbin also addressed concerns about the accessibility of the PPP for minority-owned businesses. After many of these businesses were shut out of the PPP, Senate Democrats secured a $60 billion set aside in the interim emergency coronavirus relief legislation for community-based lenders that serve minority-owned businesses and small businesses without traditional banking relationships. Durbin has also called on the Small Business Administration and the U.S. Department of the Treasury to prioritize the needs of small businesses in underserved and rural communities when processing PPP loans and to report demographic data on PPP loan recipients.
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