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CDFA Legislative and Federal Affairs Update - May 5, 2020

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Legislative and Federal Affairs Update
May 5, 2020
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Legislative and Federal Affairs Update

Legislative Features

Take Action! Help Get SSBCI Funding Restored by Signing CDFA's Letter to Congress
The Council of Development Finance Agencies (CDFA) and our joint coalition of partners are urging Congress to reauthorize funding for the State Small Business Credit Initiative (SSBCI) Program. Please take a moment to add your name to our Sign-On Letter.

Neal Says Muni Provisions Will Be Included With State and Local Aid
House Ways and Means Committee Chairman Richard Neal reaffirmed Wednesday his support for reinstating Build America Bonds and the use of private activity bonds as part of a larger package of aid to state and local governments.

President Trump Signs $484B 'Phase 3.5' Stimulus Package Into Law
President Trump signed a nearly $500 billion interim coronavirus bill on Friday that includes additional money for the small-business loan program, as well as more funding for hospitals and testing. The bill includes over $320 billion for the Paycheck Protection Program, $60 billion in loans and grants for the SBA's disaster relief fund, $75 billion for hospitals, and $25 billion for testing.

Senators Want Federal Innovation Centers to Help State and Local Governments
A group of 16 democratic senators wrote a letter to congressional leadership urging them to relax regulations that prevent two federal innovation hubs from quickly partnering with state and local governments. The senators called for $50 million for the USDS for new technologists to help state and local governments and a reduction in restrictions on working with state and local governments.

House Republicans Introduce Bill to Extend Opportunity Zone Program
Representative Denver Riggleman (R-VA) and five cosponsors have introduced a bill dubbed The Opportunity Zone Extension Act (H.R. 6513) that would extend the opportunity zone program from 2026 to 2030, allowing investors additional time to invest in qualifying communities.

Senators to Introduce Opportunity Zone Data Mandate Bill
The original Senate authors of the opportunity zone tax incentives plan to introduce a bill to reinstate requirements for the Treasury Department to collect data on and disclose the tax breaks' progress—a provision lawmakers took out of the 2017 tax law before its passage. Sens. Cory Booker (D-N.J) and Tim Scott (R-S.C.) will file a bill the week of May 6 that both includes and builds upon the data reporting requirements in their earlier bill.

House Bill Seeks $2B to Expand Telehealth During Pandemic
House Health Subcommittee Chairwoman Anna G. Eshoo (D-CA) and Representative Don Young (R-AK) introduced H.R. 6474 "Healthcare Broadband Expansion During COVID-19 Act" which seeks to provide $2 billion for expanding telehealth and high-quality internet connectivity at public and nonprofit healthcare facilities, including mobile clinics and temporary health facilities deployed to respond to the coronavirus pandemic.

Democrats Support Another $250M for Hospitals, Governments
Hospitals would receive another $100 billion in federal emergency grants and an additional $150 billion would go to state and local governments under a fast-evolving plan by congressional leaders to supplement the CARES Act even before they tackle the CARES Act 2.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

Federal Features

IRS Concludes That Employer Expenditures Eligible for PPP Loan Forgiveness Are Not Deductible
A question debated since the passage of the CARES Act has been whether an employer can claim a tax deduction for the corresponding qualifying expenditures. On April 30 the IRS addressed this question in Notice 2020-32, which concludes that where an employer obtains forgiveness of an amount of a PPP loan, the employer may not claim a tax deduction for the eligible expenditures resulting in such forgiveness.

HUD Allocates Second Wave of Relief Funds, Over Half a Billion Dollars
HUD Secretary Ben Carson today announced his Department will allocate $685 million in COVID-19 relief funding to help low-income Americans residing in public housing. The funding, made available by the CARES Act legislation President Trump signed into law on March 27, 2020, will be awarded to Public Housing Authorities (PHAs) across the Nation.

Fed Expands Main Street Lending Program
The Federal Reserve is expanding its emergency Main Street lending program, now giving larger companies and ones with more debt the opportunity to tap into funds meant to limit the damage from the coronavirus crisis. The Main Street program, which has yet to launch, will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue. Previously, the program was limited to companies with up to 10,000 employees and $2.5 billion in revenue.

IRS Significantly Expands Employee Retention Tax Credit FAQ
On April 29, 2020, the IRS provided guidance on the employee retention credit (ERC), by significantly expanding upon a list of "frequently asked questions" (FAQ) posted on its website. The FAQ now includes 94 questions covering an array of topics, including the determination of eligible employers and qualified wages, and how the credit interacts with other relief provisions provided by the CARES Act and FFCRA.

Federal Communications Commission Unveils More Telehealth Grants, New Rural 5G Fund
The FCC has announced a third group of healthcare providers to receive funding from the COVID-19 Telehealth Program. The FFC also announced plans to distribute as much as $9B through the Universal Service Fund to establish 5G wireless broadband connectivity in rural parts of the country, giving healthcare providers and consumers a better foundation for telehealth and mobile health.

Dept. of Education Awards $65M to Create and Expand Public Charter Schools
The U.S. Secretary of Education announced today $65M in new grant awards that will fund the creation and expansion of more than 100 high-quality public charter schools in Opportunity Zones across America. Through the Expanding Opportunity through Quality Charter Schools Program (Charter Schools Program, or CSP), more students will have the opportunity to move off waitlists into schools of their choice.

CDBG Flexibilities Included in the CARES Act
The CARES Act provides CDBG grantees with flexibilities that make it easier to use CDBG-CV grants and fiscal years 2019 and 2020 CDBG Grants for coronavirus response and authorizes HUD to grant waivers and alternative requirements.

USDA Expands Provisions for Lenders to Offer Temporary Exceptions to Payment Deferrals
USDA is expanding upon the deferral flexibilities it announced on March 31, 2020. The expanded notice provides that guaranteed lenders may also approve and make covered loans under the provisions of Section 1102 of the CARES Act. Section 1102 pertains to the Small Business Administration's Paycheck Protection Program.

Federal Financing Clearinghouse Spotlight

CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More

Agency Seal Appalachian Regional Commission (ARC)

Business Development Revolving Loan Fund
The primary objective of the ARC RLF program is saving and creating private-sector jobs. Projects are expected to support specific types of economic activities planned or underway in the area.

Agency Seal Delta Regional Authority (DRA)

DRA Local Development Districts
As front-line project managers, the local development districts within the DRA footprint provide technical assistance, application support and review, and other services to DRA and those entities in...

Agency Seal Denali Commission

Village Infrastructure Protection (VIP) Program
Village Infrastructure Protection (VIP) Program to assist rural Alaskan communities that are threatened by erosion, flooding and permafrost degradation. The goal of the VIP Program is to mitigate the...

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.


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

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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