Community Development Financial Institutions funding in HEROES Act is key to helping economic fallout
From Rep. Mike Quigley, Chair of the Financial Services and General Government Subcommittee: Last month, the House passed legislation to provide critical funding to help state and local governments, support our front-line workers in the fight against coronavirus and assist small businesses and workers impacted by the pandemic. However, our work is far from over; we will be dealing with the economic fallout for months, if not years to come. That’s why the $1 billion in the HEROES Act for Community Development Financial Institutions (CDFIs) is key. This funding will not only provide much needed access to capital for struggling rural and urban communities at present, but it will help us lay the path toward economic revitalization in the uncertain times ahead. In addition, it will allow CDFIs to stay afloat while continuing to finance Paycheck Protection Program (PPP) loans.