HR 6888
To modify requirements relating to the participation of community development financial institutions in the paycheck protection program of the Small Business Administration, and for other purposes.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill expands the Paycheck Protection Program (PPP) by allowing community development financial institutions (CDFIs) to participate in making loans to small businesses. It also establishes a process for the Small Business Administration and Treasury to revoke a lender’s authority if they demonstrate compliance issues. Furthermore, the bill clarifies rules regarding existing customer information for non-bank CDFIs to streamline the process and reduce regulatory burdens.
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