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CDFA COVID-19 Recovery & Relief Update - February 2, 2021

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COVID-19 Recovery & Relief Update
February 2, 2021
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COVID-19 Recovery & Relief Update

Spotlight

Announcing the CDFA Federal Financing Webinar Series
The CDFA Federal Financing Webinar Series is an exclusive, seven-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the variety of federal programs available to restore local economies, preserve small businesses, invest in our communities, and protect our environment. In light of the new administration and an evolving federal financing landscape, CDFA will be featuring timely and in-depth conversations with federal financing leaders throughout 2021, with the first webinar taking place on February 9.

Features

COVID Response and Budget Basics at Forefront for States
The coronavirus will continue to drive the work of state governments in the coming year, but most states will be better off financially than initially projected, helping with the cost of response efforts. State legislative action this year is likely to be dominated by either the basic necessities—passing a budget—or coronavirus-related legislation and support rather than innovative policy agendas.

USDA Temporarily Suspends Debt Collections, Foreclosures, and Other Activities on Farm Loans
Due to the national public health emergency caused by coronavirus disease 2019, the U.S. Department of Agriculture announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA).

How a New National Recovery Investment Corps Can Drive a Bottom-up, Inclusive Economic Recovery
The pace and shape of our national recovery from the COVID-19 recession will depend largely on what happens in the metropolitan regions that disproportionately power the U.S. economy. To ensure an inclusive and sustainable recovery, the next administration and Congress should establish a new, time-limited federal interagency process to invest, partner, and coordinate federal action as requested by local cross-sector, inter-jurisdictional coordinating councils.

SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review
The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. While reviewing the initial draw of PPP loans, anomalies – mostly data mismatches and eligibility concerns – were identified in approximately 4.7% of the lender-submitted data.

Chicago, IL Public Schools Tees up First Pandemic-Era Bond Deal
Chicago's school district is heading into the market for its first COVID-19 era deal with a balance sheet shored up by federal relief. The district is selling $560 million of tax-exempt, dedicated revenue-backed general obligation paper that carries two junk ratings and one at investment grade.

Yellen Highlights the Importance of State and Local Emergency Aid
The Biden administration's nominee for Treasury secretary highlighted the need for another round of federal aid to state and local governments on Tuesday. Former Federal Reserve Chair Janet Yellen told members of the Senate Finance Committee during her confirmation hearing that "it was a tremendous drag on the economy" during the Great Recession when states and local governments were forced to lay off workers.

Biden Administration Pledges Billions for Transportation as COVID Continues to Wreck Budgets
The pandemic has thrown the entire economy into a hole it has yet to climb out of, and the transportation sector is no exception. Since mobility remains essential to our economy's smooth functioning, both President Biden and his choice for Secretary of Transportation, Pete Buttigieg, have pledged to spend huge sums on transportation overall and urban mass transit in particular.

What Do Housing Advocates Expect from the Biden Administration?
Nearly a year into a deadly pandemic that has devastated the economy, there's more unanimity about the next necessary steps. Biden's "day one" priority, says Sarah Saadian, Vice President of Public Policy for the National Low Income Housing Coalition, should be extending a moratorium on evictions through the duration of the pandemic — June at the very earliest — and expanding it to automatically cover all renters.

60K Paycheck Protection Program Loans Approved in First Week of Program's Re-Opening
The U.S. Small Business Administration announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program's re-opening on Monday, January 11 through to Sunday, January 17.

Upcoming Events
CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners

CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses
Tuesday, March 9, 2021 - 2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.

State & Local Programs

NJEDA Announces $10M Second Phase of its Small Business Emergency Assistance Loan Program
NJEDA | Jan. 27 | Access to Capital | Disaster Recovery & Relief | Economic Development | Member News | State Finance Program | COVID-19

Legislation Introduced to Assist New York's Restaurant and Hospitality Industry
WKBW Buffalo | Jan. 26 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Legislative | State Finance Program | COVID-19

Philadelphia COVID-19 Restaurant and Gym Relief Program
City of Philadelphia | Jan. 25 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

PPP for 2021: Florida Nonprofits and Small Businesses Can Apply Through FCLF
Florida Community Loan Fund | Jan. 20 | Access to Capital | Disaster Recovery & Relief | Resiliency | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal Federal Communications Commission (FCC)

Connected Care Pilot Program
The Connected Care Pilot Program will provide up to $100 million from the Universal Service Fund (USF) over a three-year period to selected applicants to support the provision of connected care...

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

Coronavirus Food Assistance Program
The Coronavirus Food Assistance Program provides direct relief to producers who faced price declines and additional marketing costs due to COVID-19.

Agency Seal U.S. Small Business Administration (SBA)

Community Advantage (CA) Pilot Program
The Community Advantage (CA) Pilot Program is a pilot program to increase SBA-guaranteed loans to small businesses in underserved areas.

Highlights from the Online Resource Database

State Tax and Economic Review, 2020 Quarter 2
Disaster Recovery & Relief | Economic Development
States saw steep declines in revenues in the second quarter of 2020, though some of this was caused by shifting revenues into the next quarter and next fiscal year. Consequently, most states ended the 2020 fiscal year uncertain about their fiscal bottom line. Many states cut spending, laid off or furloughed workers, or used federal aid or rainy-day funds, while they waited to see what their revenues would be after the July 15 income tax filing deadline.


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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