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CDFA COVID-19 Recovery & Relief Update - March 16, 2021

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COVID-19 Recovery & Relief Update
March 16, 2021
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COVID-19 Recovery & Relief Update

Features

American Rescue Plan Passed; Small Business Credit Initiative Included as $10B Program
The U.S. House of Representatives last week passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package to support COVID-19 recovery and relief. The bill includes $10 billion to reauthorize the State Small Business Credit Initiative (SSBCI), according to the Council of Development Finance Agencies (CDFA). The SSBCI is one of CDFA's top legislative priorities.

President Biden Signs American Rescue Plan to Provide Almost $2T in COVID-19 Relief
President Joe Biden signed the first major legislative achievement of his young presidency on Thursday, March 11, moving to get a $1.86 trillion COVID-19 aid package into law as quickly as possible.

$350B Slated for State, Local Governments as President Signs American Rescue Plan
The American Rescue Plan will provide $350 billion in payments to U.S. territories, states, and local and tribal governments as crucial assistance for budgets depleted by COVID-19. Of the amounts to be provided to states and local governments, states will receive 60 percent and local governments will receive 40 percent of the distributions.

'Huge Victory': Black Farmers Hail $5B in New COVID Relief Law to Redress Generations of Racism
A major provision in President Joe Biden's $1.9 trillion COVID-19 relief bill sets aside $10.4 billion for agriculture support, with about half of that amount set aside for farmers of color. The American Rescue Plan also allocates extra federal funds to farmers who were "subjected to racial or ethnic prejudice because of their identity as members of a group."

Independent Restaurants Lobbied Hard for Targeted Relief — Now, They're Finally Getting It
With the approval of the American Rescue Plan, independent restaurant operators will finally see some targeted relief money, to the tune of $28.6 billion. For the Independent Restaurant Coalition, the vote capped a grueling, year-long effort to seek direct grants for the hospitality industry that in the past 12 months has shed 2 million jobs, lost an estimated $240 billion in revenue, and seen 110,000 establishments close.

Transit Agencies Praise COVID-19 Relief Bill
The American Rescue Plan includes a $30.5-billion life preserver thrown to the nation's public transit agencies, whose budgets have been blown to bits in the wake of steep ridership losses due to the COVID-19 pandemic. Transit agencies across the nation are giving thanks for the infusion of money, which will help them maintain service levels and facilities essential for getting essential workers to and from work.

What's in the American Rescue Plan Act for Agriculture?
The Senate passed, on a party-line vote, the $1.9 trillion COVID-19 relief package (The American Rescue Plan Act of 2021). Combined, the nutrition and agricultural provisions are estimated at $22.7 billion.

Treasury Department to Invest $9B in Minority Communities
The Biden administration unveiled a plan on Thursday to invest $9 billion in minority communities, taking an initial step in fulfilling its promise to ensure that those who have been hit hardest by the pandemic have access to loans as the economy recovers. The Treasury Department said it was opening the application process for its Emergency Capital Investment Program.

15 Provisions for Healthcare Providers in the American Rescue Plan
The American Rescue Plan provides $500 million to the secretary of the Department of Agriculture until Sept. 30, 2023 for need-based grants to facilities that primarily serve rural areas and that target and bolster certain aspects of the COVID-19 response efforts.

SBA Extends Deferment Period for All COVID-19 EIDL and Other Disaster Loans Until 2022
The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA Food Systems Finance Webinar Series: Financing Food-Centered Redevelopment
Tuesday, April 13, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how investing in food-centered redevelopment can restore local food systems infrastructure, catalyze additional neighborhood development, and protect healthy, sustainable communities.

CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment
Tuesday, May 11, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will cover how development finance agencies can leverage financing from the federal government to support housing projects in their communities.

State & Local Programs

WEDC Awards $249K in Grants to Milwaukee, WI Entrepreneurship Programs
Milwaukee Business Times | Mar. 10 | Community Development | Disaster Recovery & Relief | Local Finance Program | Social Finance | COVID-19

How New York is Allocating Its $100B in Relief Funding
WKTV | Mar. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | COVID-19

Microloans Help Minnesota Small Town Businesses Stay Open
The Free Press | Mar. 4 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

New Mexico Signs Two Pandemic Recovery Bills Into Law
Albuquerque Journal | Mar. 3 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | Tax Credits | COVID-19

Federal Financing Programs

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.

Municipal Liquidity Facility
The Municipal Liquidity Facility supports lending to help state, city, and county governments manage cash flow pressures.

Agency Seal U.S. Small Business Administration (SBA)

Paycheck Protection Program (PPP)
PPP is a forgivable loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Highlights from the Online Resource Database

National SSBCI 2.0 Call - March 2021
Access to Capital | Disaster Recovery & Relief | Economic Development | Legislative | State Small Business Credit Initiative (SSBCI) | Webcasts
This National SSBCI 2.0 Call took place on March 11, 2021. We discussed what we know about SSBCI 2.0 and heard early reactions from states about their approaches.


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

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  • NW Financial Group, LLC
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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