US has sent $8.28 billion in pandemic funds to local lenders

WASHINGTON (AP) — On the same day the Federal Reserve gave a sobering report on the U.S. economy’s trajectory, administration officials highlighted how they have kept some of the nation’s smallest businesses afloat through the pandemic. Roughly $8.28 billion has been disbursed to 162 community financial institutions across the country, through Treasury’s Emergency Capitol Investment Program, officials said Wednesday. Vice President Kamala Harris said that “There is almost $9 billion on the ground right now” for community banks and lenders. She was referring to pandemic relief funds dedicated to loans for minority-owned businesses and low-income individuals who generally have a hard time getting access to capital.