Dem Plan Renews PPP, Allows Marijuana Banking, Boosts CDFIs

Credit Union Times
Wednesday, September 30, 2020

A new House Democratic economic stimulus plan would funnel billions of dollars to Community Development Financial Institutions, reauthorize the Paycheck Protection Program and allow marijuana banking. Those are just some of the provisions contained in the 2,153-page bill, which has formed the basis for renewed negotiations between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin. The Democratic bill also calls for $1 billion for CDFIs for financial support and technical assistance, and a $2 billion “emergency appropriation” for the institutions, as well as up to $15 billion in PPP loans to be made by CDFIs and other community lenders.