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CDFA COVID-19 Recovery & Relief Update - January 5, 2021

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COVID-19 Recovery & Relief Update
January 5, 2021
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COVID-19 Recovery & Relief Update


COVID Vaccines and $600 Payments: Key Provisions in the $900B Stimulus Bill
The new COVID-19 stimulus package has been signed into law. The $900B emergency relief bill includes funds to help small businesses, health providers, and schools, as well as individuals facing unemployment, eviction, and food insecurity.

NACo Legislative Analysis: Year-End COVID-19 Relief and Omnibus Spending Package
Congress has passed a massive legislative package containing both appropriations for Fiscal Year 2021 and additional COVID-19 relief. NACo's analysis highlights relevant components of the year-end spending deal for county governments, outlining both the COVID-19 relief and omnibus spending package provisions of significance for county policy priorities.

How COVID-19 Changed the Housing Conversation in 2020
As cities look ahead to COVID-19 vaccinations and the eventual reopening of society, they have a lot to consider about how the events of this year have illuminated deep problems in housing systems, and in some cases, they have shown a path forward to a better future.

Minority-Owned Companies Waited Months for PPP Loans, Data Shows
According to data analyzed by The Associated Press, thousands of minority-owned small businesses were at the end of the line in the government's coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program.

Will Restaurants Survive Winter with New Loans from U.S. Government?
A new iteration of the paycheck protection loan program for small businesses has special provisions for long-suffering independent restaurants that have had to revamp their business models just to stay alive throughout the coronavirus pandemic. But even with more generous terms, many independent restaurateurs fear the loans could fail to carry them through the winter.

New Round of PPP Loans Includes Additional Changes to Program
The Consolidated Appropriations Act of 2021 provides changes to the SBA's Paycheck Protection Program. The legislation gives new life to the PPP by extending the program, which had previously expired, and creating an option for a "second draw" for PPP borrowers. The legislation also introduces changes to PPP loans that will impact both new and existing PPP borrowers.

How State and Local Governments Fared in the Coronavirus Relief Bill
The biggest consolation prize for state and local governments in the $900 billion emergency coronavirus relief bill agreed by Congress is an additional year to spend leftover CARES Act funds. The deadline for spending the $150 billion Coronavirus Relief Fund is extended through the end of 2021 but without any new flexibility for how to use the money such as covering revenue shortfalls.

Treasury Yields Hold Steady After Congress Approves Coronavirus Relief Deal
Treasury yields were flat on Tuesday after Congress passed a $900 billion COVID-19 relief package. The yield on the benchmark 10-year Treasury note was little changed at 0.935%, while the yield on the 30-year Treasury bond dipped slightly to 1.671%. Bond yields move inversely to prices.

What's In the New COVID-19 Relief Package for Agriculture?
After months of negotiations, Congress passed a COVID-19 stimulus package with much-needed financial relief for agricultural producers, funding for food assistance programs, enhancements to the Paycheck Protection Program, and funding for enhanced broadband access, as well as additional financial resources for agricultural research and farmer stress assistance programs, among others.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

State & Local Programs

The New Jersey Economic Recovery Act of 2020 Explained
JD Supra | Dec. 29 | Brownfield Financing | Disaster Recovery & Relief | Food Systems Finance | Legislative | State Finance Program | Tax Credits | COVID-19

Pennsylvania Initiates Transfer of $145M to Support Businesses Adversely Affected by COVID-19
Office of Gov. Tom Wolf | Dec. 23 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | State 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 Commerce (DOC)

Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge
This $25 million national competition is designed to support the development, creation, or expansion of programs that accelerate technology-based economic development in pursuit of vibrant,...

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
Working Capital Loan Guarantees can empower exporters to unlock cash flow and take on new business abroad. Exporters can borrow more with the same collateral, secure performance, bid bonds needed to...

Highlights from the Online Resource Database

State Tax Revenue During the COVID-19 Pandemic
Disaster Recovery & Relief | Economic Development | State Finance Program
This dataset, compiled by the Urban Institute, examines the economic factors driving state tax collections during the COVID-19 pandemic based on data from US federal agencies like the Bureau of Economic Analysis, Bureau of Labor Statistics, and Federal Housing Finance Agency.

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


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