PPP rescue program restarts for narrow slice of banks, small businesses
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The popular Paycheck Protection Program was rebooted Monday morning, but it was not quite the mad dash for dollars seen last spring.
That s because under guidance released last week by the federal agencies administering the small business relief effort, only a narrow sliver of businesses and lending institutions are able to apply for and process loans.
Indeed, only one bank in the state, the Detroit-based First Independence Bank, was permitted to take in loan applications on Monday and Tuesday, based on the federal guidance. First Independence is a Minority Depository Institution (MDI), and one of a small number of Black-owned banks in the United States.