CDBA Letter to CDFI Fund on Certification Eligibility and the Paycheck Protection Program - April 23, 2020

In a letter to Jodie Harris, Director of the Community Development Financial Institutions (CDFI) Fund, CDBA CEO Jeannine Jacokes urged the CDFI Fund to ensure that all Paycheck Protection Program (PPP) loans originated by CDFI banks be considered to meet the "primary mission" and "target market" eligibility criteria for ongoing CDFI certification and compliance purposes. Given the PPP program's effectiveness as a short-term tool to prevent employees of small businesses from joining the ranks of the unemployed, the letter argues that participating CDFIs should be lauded for their leadership in a time of economic crisis and not penalized by the CDFI Fund as part of the certification or compliance reporting process.

Thursday, April 23, 2020
Press Release: