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The U.S. Small Business Administration launched the third wave of its Paycheck Protection Program forgivable-loan initiative, starting with a three-day exclusive outreach through U.S. Treasury-certified Community Development Financial Institutions that chiefly aid minority-owned businesses.
The first two rounds of the program were criticized for disproportionately favoring larger, white-owned businesses. But the new round, which began Monday and will distribute up to $284 billion to U.S. businesses, will see applications through Wednesday from businesses that typically lack traditional relationships with banks. We appreciate SBA providing increased access to the capital BIPOC businesses need, Alfredo Martel, chief executive of Meda, said, using the acronym for Black, Indigenous and people of color.