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Trump Administration Sets Aside $10 Billion for Small Businesses in Distressed Communities

Trump Administration Sets Aside $10 Billion for Small Businesses in Distressed Communities
President Donald Trump is flanked by SBA Administrator Jovita Carranza (L) and Treasury Secretary Steven Mnuchin, at a briefing at the White House in Washington, on April 28, 2020. Mandel Ngan/AFP/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
5/28/2020|Updated: 5/28/2020

The Trump administration announced on Thursday that it is setting aside $10 billion of additional Paycheck Protection Program (PPP) funding so that small business owners in all communities have access to needed capital to keep American workers employed.

The Treasury Department and the Small Business Administration (SBA) said in a joint news release that the funds, which are being supplied in a second funding round under the PPP scheme, will be lent exclusively by Community Development Financial Institutions (CDFIs), which work to expand economic opportunity in low-income communities.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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Related Topics
Paycheck Protection Program
small business relief
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