Nonprofit community lenders should have access to a Federal Reserve liquidity facility that backs emergency loans to small businesses impacted by the economic fallout of Covid-19, Senate Democrats said.
The central bank’s financial backing is needed to help minority- and women-owned businesses, and other businesses in low-income areas access the Small Business Administration’s Paycheck Protection Program (PPP) loans, Sen. Sherrod Brown (D-Ohio) and seven other senators said in a letter to the Fed released today.
Non-profit community development financial institutions (CDFIs) lack the same liquidity as banks to help them continue issuing the loans as they churn through their capital, ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.