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Fast PPP Restart Leaves Small Lenders Wondering Where They Stand

Jan. 11, 2021, 6:15 PM

Questions abound for confused lenders and desperate borrowers as the government’s pandemic relief loan program gets underway again.

The Paycheck Protection Program reopens this week, with $284 billion in new funding as part of the latest pandemic aid law. The restarted program has fewer caveats than in its original iteration, but that doesn’t mean the latest funding round will be smoother.

Funding restarted Monday for “community financial institutions” only,according to Small Business Administration guidance. While the law is clear that the phrase refers to Community Development Financial Institutions (CDFIs), it isn’t clear if the phrase...

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