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Delaware Senate Democrats

Advisory: De. Legislative Black Caucus Helps African American Businesses Apply for the Paycheck Protection Program 

April 29, 2020

WHEN4:30 p.m., Wednesday, April 29

WHERE: Online via Zoom: www.Zoom.US/J/98757975763

Meeting ID: 987 5797 5763

Dial +1 929 205 6099

WHAT On Wednesday, April 29th, the Delaware Legislative Black Caucus will host a virtual information session regarding the Paycheck Protection Program (PPP). The purpose is to encourage African American businesses, churches and not for profits to apply for the PPP.

The federal government has passed legislation with $310 billion in additional lending authority for PPP with key reforms to expand access to more small businesses and better serve the needs of unbanked and underserved small businesses and nonprofits. This includes: $60 Billion Set-aside for Smaller Lenders: A $60 billion set-aside within PPP for small and mid-sized banks and credit unions as well as community-based lending institutions. Most importantly, this set-aside funding will help ensure that unbanked and underserved businesses can get access to PPP. This includes minority-owned businesses, rural businesses, small mom and pop businesses, and smaller nonprofits that too often have been pushed to the back of the line in the program.

The set-aside is broken down as follows: $30 Billion to Community-Based Lenders: $30 billion will be dedicated to community-based lenders, specifically including Community Development Financial Institutions (CDFIs), Minority Depository Institutions, SBA microlenders, and certified development companies/SBA 504 lenders, as well as the smallest credit unions and banks with assets under $10 billion. $30 Billion to Small & Mid-Sized Lenders: $30 billion will be dedicated to small and mid-sized credit unions and banks with assets between $10 billion and $50 billion. 

The Delaware Legislative Black Caucus will be joined by Delaware’s Congresswoman Lisa Blunt Rochester; John Fleming, District Director of Delaware Small Business Administration Office; Damian Destefano, Director of the Delaware Division of Small Business; Rashmi Rangan, Executive Director of the Delaware Community Reinvestment Action Council and U.S. Representative Dwight Evans (PA-3rd).

African American businesses, churches and not for profits can participate on the Zoom conference call.