The 2021 round of the Paycheck Protection Program (PPP) has kicked off with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and other community financial institutions submitting applications for local businesses.
The Small Business Administration (SBA) restricted PPP applications through Wednesday to first-time applicants going through CDFIs, MDIs, Certified Development Companies, and Microloan Intermediaries, aiming to meet Congress’ goal of ensuring money in this round lasts long enough to reach hard-hit businesses, especially in low- and moderate-income neighborhoods. CDFIs and the other institutions classified by the SBA as community financial institutions can begin processing so-called second-draw loan applications Wednesday.