Daily Tax Report ®

HILL TAX BRIEFING: Overlooked Lenders Seek Virus-Relief Funds

July 2, 2020, 10:04 AM

As Congress starts negotiating another coronavirus relief package later this month, overlooked lenders are seeking new funding mechanisms for struggling individuals and businesses that can’t get loans through traditional financial institutions.

More than 1,000 Community Development Funding Institutions across the country provide education, investments, and loans to low-to-moderate income individuals and businesses that usually can’t access credit at larger banks, and who are most at risk during an economic downturn. They have had to scramble to help their clients secure government-backed forgivable loans under the Paycheck Protection Program. But it hasn’t been easy.

The PPP, established under the third virus...

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