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CDFA COVID-19 Recovery & Relief Update - June 23, 2020

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COVID-19 Recovery & Relief Update
June 23, 2020
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COVID-19 Recovery & Relief Update

Features

Fed Chairman Cites Importance of State, Local Government Aid
Federal Reserve Chairman Jerome Powell is telling Congress that federal aid to state and local governments deserves their attention. In video testimony with the Senate Banking Committee and with the House Financial Services Committee, Powell said that the 13% of the American workforce who are employed by state and local governments represent a significant part of the economy.

Coronavirus Effects: Credit Drivers and Rating Consequences
The credit quality of some US public finance issuers decreased in May largely driven by the direct and indirect effects of the coronavirus-induced economic slowdown. Still, downgrades accounted for less than 20% of the public finance sector's rating actions, indicating the pandemic is not having a widespread effect on issuers' credit profiles.

SBA Reopens Economic Injury Disaster Loan Program
The SBA has reopened its Economic Injury Disaster Loan program to all small businesses. The reopening comes more than a month after the SBA quietly closed the program to new applicants, except for agriculture-related companies. The closure sparked a backlash from business groups and lawmakers.

BDA Joins CDFA in Support of Industrial Development Bonds Legislation
The BDA is joining forces with the Council of Development Finance Agencies in support of the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA). The bill, sponsored by Reps. Stephanie Murphy (D-FL) and Darin LaHood (R-IL), would modernize the Internal Revenue Code as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

New York Fed Announces Start of Additional Secondary Market Corporate Credit Facility Purchases on June 16
The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin buying corporate bonds on June 16. The New York Fed also released additional Frequently Asked Questions regarding the purchase strategy for these eligible assets.

COVID-19 Likely to Result in Increased Entrepreneurship Rates
Despite the more than 40 million unemployment filings and anticipated millions of small business closures that will result due to COVID-19, previous economic downturns suggest that there may soon be ripe opportunities for business start-up activity.

HUD Provides Remaining $2.96B in CARES Act Funding for Homeless Populations
HUD Secretary Ben Carson announced the allocation of $2.96 billion in Emergency Solutions Grants (ESG) funding to support homeless Americans and individuals at risk of becoming homeless because of hardships such as job loss, wage reduction, or illness due to COVID-19.

IRS Extends Opportunity Zone Deadlines
In response to the COVID-19 pandemic, IRS Notice 2020-39 extends several deadlines and eases certain restrictions relating to the opportunity zone program and provides welcome relief for investors and qualified opportunity funds (QOFs).  

Upcoming Events
CDFA Virtual Summer School

CDFA-ARI Rural Finance Webinar Series: Access to Capital and Community Facilities
Wednesday, July 8, 2020 - 1:00 PM - 2:30 PM Central
During the fourth installment of the CDFA-ARI Rural Finance Webinar Series, join us for a discussion of community facilities resources and other accessible capital for rural community development.

CDFA-PFM Capital Markets Webinar Series: What Worries Your Municipal Advisor
Thursday, July 9, 2020 - 2:00 - 3:30 PM Eastern
This interview-style discussion will feature a round-robin of advisors divulging the capital markets trends they're following and offer some best practices on how to deal with them.

CDFA-Bricker PACE Webinar Series: Focusing on Sustainability Using PACE
Tuesday, July 14, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will take a look at the use of PACE in the context of green and sustainability goals and metrics. How will PACE fit into a community's effort to drive a more sustainable economy while pushing economic development goals and objectives? How can PACE be a driver of green principles and strategies to make a community more environmentally friendly? Join industry leaders for a discussion that answers these questions and more.

State & Local Programs

Louisiana House Approves Expanding Biz Tax Breaks for Covid-19 Recovery
Law 360 | Jun. 16 | Disaster Recovery & Relief | Food Systems Finance | Incentives | Legislative | State Finance Program | Tax Credits | COVID-19

Massachusetts Launches $36M Program to Expand Urban Access to Local Foods
WGBH | Jun. 11 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

New Jersey EDA Hopeful Most Applicants to Small Biz Program Will Get Grants
ROI-NJ | Jun. 10 | Access to Capital | Disaster Recovery & Relief | Opportunity Zones | Social Finance | State Finance Program | Microenterprise & Microloans | Entrepreneurial Financing | COVID-19

Waynesboro Council Creates Small-Business Loan Program
The Record Herald | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19 | HUD Community Development Block Grant (CDBG)

Bill to Assist Rural Hospitals in Financial Distress Becomes Law in Kentucky
Kentucky Today | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Healthcare | Revolving Loan Funds (RLFs) | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Alaska Hospitals Fear Long-Term Consequences of COVID-19 Financial Impact
KTOO | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Healthcare | State Finance Program | COVID-19

New Bern, NC Small Business Loan Applications Now Open
NewsChannel 12 | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

NJEDA Expands Micro Business Loan Program
NJEDA | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Member News | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal Federal Communications Commission (FCC)

COVID-19 Telehealth Program
The COVID-19 Telehealth Program will provide $200 million in funding to help health care providers provide connected care services to patients at their homes or mobile locations.

Agency Seal U.S. Dept. of Treasury

Commercial Paper Funding Facility
The Facility serves as a funding backstop for commercial paper issuers to support the flow of credit to households and businesses.

Coronavirus Relief Fund
The Coronavirus Relief Fund provides for payments to State, Local, and Tribal governments navigating the impacts of COVID-19.

COVID-19 Headlines

RESTAURANTS Act Introduced to Support Independent Restaurants Through New Revitalization Fund
U.S. Senator Roger Wicker | Jun. 18 | Disaster Recovery & Relief | Food Systems Finance | Legislative | COVID-19

Short-End Muni Yields Inch Higher as a Variety of New Deals Hit the Market
The Bond Buyer | Jun. 17 | Bond Finance | Disaster Recovery & Relief | COVID-19

Farm Aid Distributes $400K to Strengthen Farmers Impacted by COVID-19
Farm Aid | Jun. 16 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19

OFN Announces Grant for Citizen Potawatomi Community Development Corporation
The Shawnee News-Star | Jun. 16 | Community Development | Disaster Recovery & Relief | Tribal Finance | COVID-19

$10M Committed to Appalachian Growth Capital for Low-Interest Loan Fund
The Herald-Dispatch | Jun. 14 | Access to Capital | Community Development | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Rural Development | Revolving Loan Funds (RLFs) | Community Development Financial Institutions (CDFIs) | COVID-19

Municipal Bonds Swinging Back Up, If Modestly
Western Asset Management | Jun. 12 | Bond Finance | Disaster Recovery & Relief | COVID-19

5 Reasons Municipals Have Rarely Defaulted
Seeking Alpha | Jun. 11 | Bond Finance | Disaster Recovery & Relief | COVID-19

U. S. Dept. of Commerce Invests $500K To Develop Plan To Grow Disaster Resilient Economy In New Orleans East Opportunity Zones
STL News | Jun. 10 | Disaster Recovery & Relief | Opportunity Zones | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | COVID-19

Opportunity Zones Continue Development Through Pandemic
Spectrum News | Jun. 10 | Community Development | Disaster Recovery & Relief | Opportunity Zones | COVID-19

Who's Not Getting COVID-19 Aid? Native American Entrepreneurs Who May Need It Most
AZ Central | Jun. 9 | Access to Capital | Disaster Recovery & Relief | Tribal Finance | U.S. Small Business Administration (SBA) | Microenterprise & Microloans | COVID-19

Planning for a Smarter Post-Pandemic Food System in Rhode Island
Go Local Business | Jun. 9 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | COVID-19

Farmers Get Billions in Virus Aid, and Some Are Wary
The New York Times | Jun. 9 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19


Highlights from the Online Resource Database

CDFA - ARI Rural Finance Webinar Series: Building the Road to Recovery
Disaster Recovery & Relief | Rural Development | Webcasts
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we discussed the development finance tools that can support rural economies as they rebuild to be stronger than ever.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Rural Healthcare
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Healthcare | Infrastructure Finance | Rural Development
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we explored financing programs that support healthcare development and showcase successful projects that have increased access to healthcare for rural communities.


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

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  • BNY Mellon
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  • Business Oregon
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  • MuniCap, Inc.
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  • Wells Fargo Securities
  • Z. The Bond Buyer
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