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CDFA COVID-19 Recovery & Relief Update - July 21, 2020

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COVID-19 Recovery & Relief Update
July 21, 2020
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COVID-19 Recovery & Relief Update

Spotlight

CDFA Receives Grant from Robert Wood Johnson Foundation to Unlock Lending for Communities of Color
The Council of Development Finance Agencies is excited to announce a new initiative exploring the market demand and feasibility of a national loan guarantee program with a focus on serving communities of color affected by COVID-19. The study is made possible by a $145,000 grant from the Robert Wood Johnson Foundation.

Features

Congress Set for Showdown on Coronavirus Relief Legislation
A fight over the next round of coronavirus aid is coming to a head as lawmakers prepare to race the clock to get a deal. Congress faces multiple hurdles to getting an agreement including the growing pull of the November election, a tight schedule, and significant policy differences.

Congress Considers Additional Support for Tax-Exempt Issuers and State and Local Infrastructure Projects
Two bills from the House of Representatives (H.R.2, the Moving Forward Act, and H.R.3967, the Municipal Bond Market Support Act) and two from the Senate (S.4203, the American Infrastructure Bonds Act, and S.4129, the Lifting Our Communities through Advance Liquidity ("LOCAL") for Infrastructure Act) could have significant effects on state and local government bond issuers and developers of infrastructure if enacted.

Bailout Pleas Renewed for Restaurants, Airlines as Cash Runs Out
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.

Appropriations Committee Releases FY21 Transportation-Housing & Urban Development Funding Bill
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.

PPP Data Errors Raise Questions About Effectiveness of Stimulus
A Bloomberg News analysis shows that the data for Paycheck Protection Program loans totaling more than $521 billion released on July 6 is riddled with anomalies. Although the maximum PPP loan for a one-person enterprise is $20,833, more than 75,000 loans listing one job retained have higher amounts — including 154 showing $1 million or more.

PPP Loans: Who Got What And How Well Did The Loans Perform?
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?

Wells Fargo Launches $400M Small Business Recovery Effort
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.

DoorDash Will Match Loans to Black-Owned Businesses
DoorDash's loan program aims to help improve Black-owned businesses' access to capital by matching funds from Kiva, a nonprofit lending company. DoorDash has established a $150,000 revolving loan fund to support the program, the company said.

Four Months In, Still Lots of Questions About the Coronavirus' Impact on the Economy
From the beginning, much uncertainty surrounded the coronavirus pandemic. But almost four months after stay-at-home orders started, economists agree on little about the shape of the recovery, the timing, and where things stand right now.

Upcoming Events
CDFA Virtual Summer School

CDFA Food Systems Finance Webinar Series: Neighborhood Revitalization Through Food Systems Finance
Thursday, July 30, 2020 - 2:00 PM Eastern
This installment of the CDFA Food Systems Finance Webinar Series will illustrate the many positive impacts that result from financing food systems at a neighborhood scale, with speakers to showcase the versatility of projects and financing approaches.

CDFA Federal Financing Webinar Series: Federal Recovery Resources from the SBA
July 31, 2020 - 1:00 - 3:00 PM Eastern
During this webinar, administrators from the SBA will provide a year-end analysis of its COVID-19 relief programs and discuss what we can learn about providing small businesses with access to capital.

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

State & Local Programs

Fort Lauderdale Emergency Business Investment Program
City of Fort Lauderdale Community Redevelopment Agency | Jul. 16 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Pennsylvania Redevelopment Assistance Capital Program (RACP) Grant Applications Now Available
Pennsylvania Office of the Budget | Jul. 16 | Access to Capital | Community Development | Disaster Recovery & Relief | State Finance Program | COVID-19

Ohio Microlender Launches $10M Ohio COVID-19 Loan Fund
BizJournal | Jul. 13 | Access to Capital | Disaster Recovery & Relief | Member News | Revolving Loan Funds (RLFs) | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Larimer County Small Business Recovery Loan Fund Reaches $5M Goal
Loveland Reporter-Herald | Jul. 12 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Georgia Senators Secure $12M in CARES Act Funding
Albany Herald | Jul. 11 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

Pennsylvania Announces $10M in Funds for the Food System
The Bradford Era | Jul. 10 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

MVEDC Is Now Valley Partners; Launches New Loan Fund
The Business Journal | Jul. 10 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Member News | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19 | EDA Revolving Loan Fund Grant Program

Covid-19 Relief Program Created for Black-Owned Businesses in Humboldt County, CA
KRCR 7 | Jul. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Social Finance | COVID-19

Cleveland and Cuyahoga County, OH Officials Pour $18M Into COVID-19 Rental Assistance Program
19 News | Jul. 8 | Disaster Recovery & Relief | Housing Finance | Local Finance Program | COVID-19

PIDC's Restart Philadelphia Fund Is Now Open!
PIDC | Jul. 7 | Local Finance Program | COVID-19

Economic Recovery Grant Application Is Now Available
Vermont Agency of Commerce and Community Development | Jul. 7 | Access to Capital | Disaster Recovery & Relief | Economic Development | State Finance Program | COVID-19

Loan Portfolio Guaranty Program
Louisiana Economic Development | Jul. 7 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

$1.5M Loan Program for Minority and Women-Owned Businesses Launched in Connecticut
New Haven Independent | Jul. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Social Finance | Case Studies | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Education (DoED)

Education Stabilization Fund Discretionary Grants
Congress set aside 1% of the $30.75 billion allotted to the Education Stabilization Fund through the CARES Act for grants to States with the highest coronavirus burden. The Department will make these...

Agency Seal U.S. Dept. of Health & Human Services (HHS)

CARES Act Provider Relief Fund
The Provider Relief Funds supports American families, workers, and the heroic healthcare providers in the battle against the COVID-19 outbreak. HHS is distributing $175 billion to hospitals and...

Agency Seal U.S. Dept. of Treasury

Main Street Lending Program
The Main Street Lending Program supports lending to small and medium-sized businesses through loan participation.

Highlights from the Online Resource Database

Paycheck Protection Program Loan Data
Access to Capital | Disaster Recovery & Relief
The SBA, in consultation with the Treasury Department, released detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made through July 6, 2020. Click here to be redirected to the online data repository.


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
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  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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