The Community Development Financial Institutions (CDFI) Rapid Response Program (RRP) is a funding initiative by the Treasury Department aimed at aiding Certified CDFIs to tackle the economic repercussions of the COVID-19 pandemic, with award amounts reaching up to $5 million. The program's grants, backed by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, are intended to help CDFIs provide financial services to underserved communities, including Native Communities. The application process requires compliance with various regulatory and eligibility requirements, and selected applicants must enter into an Assistance Agreement stipulating terms for the grant use.
Simple Explanation
The Community Development Financial Institutions Rapid Response Program is a special project where the government gives money to certain banks and credit groups to help them support people and communities affected by COVID-19. But following the rules to get this help can be tricky, like trying to complete a really hard and fancy puzzle!