As coronavirus cases surge across the country and new stay-at-home orders threaten further damage to an already fragile economic recovery, millions of Americans will lose crucial federal benefits if Congress can't come to an agreement on a new round of stimulus legislation.

Hundreds of thousands of small businesses have closed because of the pandemic. A surge in new cases and unresolved election results are casting shadows on their year-end prospects, but recent bills offer help. Examples of some of the strategies included in dozens of bills introduced since October 2020 are summarized here, with links to the complete text and a state-by-state map.

Faced with growing but modest uptake in program loans, the Federal Reserve recently adjusted the terms of the Main Street Lending Program to better target support to smaller businesses. Established in the wake of the CARES Act, the program is intended to help otherwise healthy small and medium-sized businesses and nonprofits weather the financial strains of the pandemic.

New Jersey heads into the market to sell $4.3 billion of general obligation bonds on Nov. 18 to offset the revenue losses caused by the COVID-19 pandemic. The deal will test the state's low bond ratings — punctuated by another downgrade ahead of the deal — against the market's continuing demand for paper.

The municipal and state bond markets were not hurt as badly as expected prior to the election and before progress was made on a COVID-19 vaccine, according to Adam Stern, senior vice president and director of municipal research at Breckinridge Capital Advisors, a Boston-based financial services firm with $42 billion in assets under management.

The coronavirus isn't just forcing Beaufort County employers to furlough workers or shut down temporarily. It's also driving a decline in new business development. The number of new business licenses issued in some parts of the county dropped significantly year over year from April to September.

As part of the nation's COVID-19 response, federal policymakers should consider expanding and repurposing existing federal financing programs like U.S. EPA's WIFIA Loan Program. Even for those governments and agencies in good long-term financial shape, financing assistance may be critical to help manage the massive budget dislocations caused by this unprecedented crisis.

The EDA is awarding a $399,804 grant to the Sorenson Impact Center at the University of Utah and the Utah Association of Counties to create a rural Opportunity Zone and Recovery Playbook that will support local efforts to drive capital investment into Utah communities. This EDA grant will serve 16 Opportunity Zones and will be matched with $150,000 in state investment to create a more equitable recovery from the coronavirus pandemic.

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
November 20, 2020 - 2:00 - 3:30 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern