The airline, defense, and restaurant industry groups escalated their pressure on Congress and the Trump administration to provide additional pandemic relief as lawmakers tackle another round of stimulus for the U.S. economy. Congress is working on additional aid packages as the coronavirus outbreak continues. It's not clear whether the Senate would join such an effort to extend payroll protections for airlines.

The CDFI Fund has released its calendar year 2019 awards for the New Markets Tax Credit (NMTC) program. The round of funding awarded over $3.5 billion in NMTC allocation to 76 community development entities.

For fiscal year 2021, the legislation provides $158.3 billion in base budgetary resources. The bill includes $75.9 billion in discretionary funding. The bill provides a total of $107.2 billion in total budgetary resources for DOT, $50.6 billion for HUD, and an additional $300 million for the Neighborhood Reinvestment Corporation.

The Small Business Administration (SBA) released details about Paycheck Protection Program (PPP) loans. The data doesn't cover all PPP loans—just those over $150,000. That still includes more than 660,000 loans valued at more than $429 billion, about 84% of the $510 billion in PPP loans that have been issued. The data begs three questions: 1) Who got what? 2) Where did they get it from? and 3) How well did the loans perform?

USDA is seeking public comment on a series of regulatory reforms known collectively as the OneRD Guarantee Loan Initiative. Under the initiative, USDA will eliminate duplicative processes and launch a single platform for four key loan programs: Water and Waste Disposal Loan Guarantees Program; Community Facilities Guaranteed Loan Program; Business and Industry Guaranteed Loan Program; and the Rural Energy for America Guaranteed Loan Program.

Wells Fargo unveiled details of an approximately $400M effort to help small businesses impacted by the ongoing COVID-19 pandemic remain open, retain employees and rebuild. The Open for Business Fund's initial grants will allocate $28M to CDFIs aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of the industry, according to the National Bureau of Economic Research.

In order to better identify and align itself with its mission and impact across the region, what was once the Mahoning Valley Economic Development Corp. is now Valley Economic Development Partners. Additionally, last week, it was announced that Valley Partners would receive a $5M EDA grant drawn from the Coronavirus Aid, Relief and Economic Security, or CARES, Act which will be used to create a new fund – the Valley Partners Revolving Loan Fund.

CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EPA
July 17, 2020 - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Financing Small Business Recovery After COVID-19
Tuesday, July 21, 2020 - 1:00 PM Eastern

CDFA Food Systems Finance Webinar Series: Neighborhood Revitalization Through Food Systems Finance
Thursday, July 30, 2020 - 2:00 PM Eastern

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The CDFI Fund has released its calendar year 2019 awards for the New Markets Tax Credit (NMTC) program. The round of funding awarded over $3.5 billion in NMTC allocation to 76 community development entities.

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