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CDFA COVID-19 Recovery & Relief Update - November 10, 2020

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COVID-19 Recovery & Relief Update
November 10, 2020
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COVID-19 Recovery & Relief Update

Features

With the Election Over, Will COVID Stimulus Actually Move Forward?
Senate Majority Leader Mitch McConnell on Wednesday said approval of another coronavirus stimulus package before the end of the year would be his top priority when the Senate reconvenes next week. Funding for state and local governments, a sticking point in prior negotiations, could also be considered, he said.

State and Local Reforms to Unlock Congressional Stimulus
A key impediment to achieving a congressional compromise on COVID-19 relief and economic stimulus is the level of aid to be given to states and local governments. Congress can include two provisions in the pending stimulus legislation to make the level of federal aid to a state or locality contingent on practices that promote sound intergovernmental fiscal management.

IRS Extends Period for Telephonic Public Hearings for Private Activity Bonds to September 2021
Because of the continuing COVID-19 crisis, the IRS has issued Revenue Procedure 2020-49 (the Revised Guidance), which extends the period during which remote telephonic hearings qualify as "public hearings" required for private activity bonds to Sept. 30, 2021. Originally, such telephonic hearings could not be held past Dec. 31, 2020.

Instant View: U.S. Job Growth Slows in October, Unemployment Rate Drops
U.S. employers hired the fewest workers in five months in October, offering the clearest evidence yet that the end of fiscal stimulus and exploding new COVID-19 infections were sapping momentum from the economic recovery.

A Shot in the Arm: How COVID-19 Could Transform Healthcare
From March-June 2020, hospitals and healthcare systems faced an estimated $202.6 billion in losses, averaging roughly $50.7 billion per month. Although Congress was quick to respond with emergency relief funding, it may not be enough to support a system that was already financially strained before the outbreak. The pandemic has exacerbated these financial constraints.

Bond Ballots, the Fed and the Muni Market
Lynne Funk and Gary Siegel discuss how the election results will affect the municipal market, how the Fed moves forward, and some winners and losers with bond ballot measure results and muni advocates who held onto their seats in Congress.

FEMA Approves Nearly $48M for Rhode Island COVID-19 Medical Costs
Rhode Island will receive $47,949,475 from FEMA for materials in support of medical personnel, facilities and testing sites costs as a result of the major disaster declaration for Rhode Island's COVID-19 Pandemic.

Small Businesses Swamp COVID-19 Relief Program with Requests
A $20 million COVID-19 relief program for Erie County small businesses received $97.3 million worth of requests for aid – nearly five times more than is available. The "Back to Business" program attracted applications from 5,022 small businesses harmed by the pandemic, seeking help with covering their expenses.

Upcoming Events

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 19, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, we will gather experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

State & Local Programs

Aurora, CO Offering $5M In Grants To Local Businesses And Nonprofits Impacted By COVID-19
CBS 4 Denver | Nov. 9 | Disaster Recovery & Relief | Local Finance Program | COVID-19

Elmira, NY Small Business Grant Program Launches to Help Local Business Deal with COVID-19
WETM 18 | Nov. 9 | Disaster Recovery & Relief | Local Finance Program | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Agriculture (USDA)

Business & Industry Loan Guarantees Program
USDA's Business & Industry Loan Guarantees Program bolsters the availability of private credit by guaranteeing rural business loans.

Agency Seal U.S. Dept. of Health & Human Services (HHS)

CARES Act Provider Relief Fund
The Provider Relief Funds supports American families, workers, and the heroic healthcare providers in the battle against the COVID-19 outbreak. HHS is distributing $175 billion to hospitals and...

Agency Seal U.S. Dept. of Transportation (DOT)

CARES Act Airport Grants
The CARES Act authorized the distribution of $10 billion to airports experiencing severe economic disruption caused by COVID-19.

COVID-19 Headlines

Pelosi Touts Possible Bipartisan Cooperation on Infrastructure After Election
Route Fifty | Nov. 9 | Bond Finance | Disaster Recovery & Relief | Infrastructure Finance | Legislative | COVID-19

Fed's Main Street Lending Program Is Set to Expire. Here's How Many Loans Were Made in the D.C. Area.
Washington Business Journal | Nov. 9 | Access to Capital | Disaster Recovery & Relief | COVID-19

Culpeper County, VA Gets CARES Grant to Expand Broadband
Culpeper Star-Exponent | Nov. 6 | Disaster Recovery & Relief | Federal | Infrastructure Finance | Legislative | COVID-19 | Broadband


Highlights from the Online Resource Database

Local Food Systems Response to COVID
Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance
The COVID-19 pandemic and associated public health and social distancing mandates caused unprecedented shifts and disruptions for Local and Regional Food Systems (LRFS). USDA Agricultural Marketing Service (AMS) along with the cooperating research team led by the University of Kentucky seek to enrich existing efforts within LRFS communities of practice who provide essential support to our nation's local food producers.


The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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