Cathie Mahon and Sen. Chuck Schumer Discussed CDFI Updates to PPP
|Senator Chuck Schumer||Inclusiv CEO, Cathie Mahon|
Friday afternoon, Inclusiv CEO Cathie Mahon participated in a call with Senator Schumer and other CDFIs to discuss updates to the Paycheck Protection Program and next steps for COVID-19 relief legislation. Senator Schumer expressed his love for CDFIs and his commitment to keep pushing for additional resources for MDIs and CDFIs during this crisis and beyond.
He reviewed the additional fixes that were incorporated into the PPP Flexibility Act, which was passed by the House on Thursday. Senator Schumer also emphasized the importance of engaging with key Senate Republicans as we work to pass additional recovery measures. Cathie Mahon asked if the Democrats were planning additional flexibility for very small businesses with few employees under PPP, and Senator Schumer shared that the PPP Flexibility Act allows for as much as 40% of the PPP loan to be used towards expenses other than payroll costs, though he is in favor of fewer restrictions.”