$30 Billion of 2nd Round of PPP Allocated to Community Lenders
LOS ANGELES, April 29, 2020 /PRNewswire/ — OneUnited Bank, the largest Black owned bank in the country, is proud to announce the launch of its Small Business Administration Paycheck Protection Program (PPP). OneUnited Bank, a Preferred SBA 7(a) lender, is offering PPP loans to its existing and new customers on a nationwide basis through its state-of-the-art online and mobile banking platform. OneUnited has unique access to $30 billion of stimulus funding that was allocated to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) as part of the second round of PPP.
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that provides forgivable small business loans to support payroll