WATCH LIVE: Yellen testifies on Biden’s 2022 budget, economic recovery

Treasury Secretary Janet Yellen is expected to testify before the Senate Finance Committee on Biden’s 2022 budget on Wednesday.

The event is scheduled to start on Wednesday at 10 a.m. ET. Watch the hearing in the player above.

Vice President Kamala Harris has announced that the Biden administration is distributing $1.25 billion to hundreds of community lenders.

It’s an effort to help boost the economic recovery for small businesses and disadvantaged business owners hurt during the coronavirus pandemic.

The funds are going to more than 860 community development financial institutions, or CDFIs, around the country. CDFIs offer loans to small businesses and those who may be turned down for loans from major banks, a problem that studies have shown particularly plagues minority business owners.

“Right now, small business owners don’t just need relief, they need access to capital,” Harris said in remarks.

Harris has focused on small businesses from the start of her vice presidency, and has emphasized the need to support minority- and female-owned small businesses as key to a robust economic recovery.

Treasury Secretary Janet Yellen said 863 CDFI’s will receive part of today’s disbursement.