CDFA COVID-19 Recovery & Relief Update - March 2, 2021
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| Spotlight |
SSBCI Included in American Rescue Plan Passed by U.S. House of Representatives
The U.S. House of Representatives has passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package to support COVID-19 recovery and relief. This bill includes $10 billion to reauthorize the State Small Business Credit Initiative (SSBCI) - a top legislative priority of CDFA and a key tenet of our Policy Priorities for the Biden-Harris Administration.
CDFA to Host Webinar on Federal Capital Access Tools for Preserving Small Businesses
COVID-19 has left many small businesses – critical economic development drivers in urban centers and rural towns alike – struggling to identify and obtain capital to retain employees and pay bills. Many have been forced to lay off workers or close altogether. During the March 9 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.
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| Features |
The Pandemic is Pushing Cities to Rethink How to Drive Capital to Small Business
An estimated 41 percent of Black-owned businesses closed over the same February to April of 2020. State and local governments are using an assortment of tools to push that money in the direction of the people and businesses hit hardest by the pandemic — which happen to be disproportionately Black, Indigenous, or other people of color.
Biden's $1.9T Relief Plan Enters Three-Week Congress Dash
Democrats began the final push for President Joe Biden's $1.9 trillion economic-relief bill this week, dropping any pretense of bipartisanship to quickly pass the package before an earlier round of benefits runs out. The House plans to vote as soon as Friday on Democrats' stimulus package, setting up a Senate vote as soon as next week.
Biden-Harris Administration Announces Changes to PPP to Further Promote Equitable Access to Relief
The Biden-Harris administration has made delivering equitable relief to hard-hit small businesses a top priority. The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. These efforts will extend much-needed resources to help small businesses survive, reopen, and rebuild.
Sen. Tester: Successful Small Business Relief Program Must Be Included in Upcoming COVID Package
During a Senate Banking Committee hearing, U.S. Senator Jon Tester underscored the need to include funding in the upcoming COVID-19 relief package for the State Small Business Credit Initiative (SSBCI)—a program that was massively successful in helping Montana's main street businesses recover from the last economic crisis. Currently, President Biden's COVID-19 relief proposal includes $10 billion for the program.
California Gov. Newsom, Legislative Leaders Announce Immediate Action Agreement for Relief
Governor Gavin Newsom, Senate President pro Tempore Toni G. Atkins, and Assembly Speaker Anthony Rendon announced that they have reached an agreement on a package of immediate actions that will speed needed relief to individuals, families, and businesses suffering the most significant economic hardship from the COVID-19 Recession.
SBA Reaches $200B Milestone in Economic Injury Disaster Loan Program to Small Businesses and Non-Profits
The U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided small businesses, non-profits, and agricultural businesses a total of $200 billion in emergency funding. SBA is still accepting COVID-19 EIDL loan applications as the deadline to apply has been extended to Dec. 31, 2021.
The Economy Needs an Infrastructure Bill
U.S. businesses say the economy badly needs a climate-focused infrastructure bill by the end of this year, as warnings about the cost of inaction grow more dire. The U.S. Chamber of Commerce sent a letter to Congress pushing for bipartisan legislation by July 4 that will address climate change, promote fiscally and environmentally responsible policies, and create middle-class jobs.
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| Upcoming Events |
CDFA Rural Development Finance Webinar Series: Financing Disaster Resiliency in Rural Communities
Tuesday, March 23, 2021 - 2:00 PM - 3:00 PM Eastern
During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts will discuss the variety of financing tools available from federal, state, and local sources to encourage investment in resilient infrastructure.
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| State & Local Programs |
Kansas Gov. Kelly Forgives $5M in COVID-19 Hospitality Business Loans
KSNT | Feb. 23 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19
California Gov. Gavin Newsom Signs $7.6B Coronavirus Relief Package
CBS News | Feb. 23 | Access to Capital | Disaster Recovery & Relief | State Finance Program | Tax Credits | COVID-19
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| Federal Financing Programs |
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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
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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