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CDFA COVID-19 Recovery & Relief Update - May 19, 2020

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COVID-19 Recovery & Relief Update
May 19, 2020
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COVID-19 Recovery & Relief Update

Spotlight

CDFA Launches Federal Financing Webinar Series
The CDFA Federal Financing Webinar Series is an exclusive, eight-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the variety of federal programs available to finance economic development. The first webinar is this Friday, May 22, and will feature a discussion on CARES Act assistance available through the EDA.

Features

Fed's Municipal Liquidity Facility Open for Business
The Federal Reserve's short-term municipal note program is "open today" to states and local governments struggling with financial woes during the pandemic, though it was reiterated that the program is a last resort. During a GFOA roundtable Monday, Kent Hiteshew, who was recently hired by the Fed to help with municipal markets, said the Municipal Liquidity Facility is open.

SBA Releases Paycheck Protection Program Loan Forgiveness Application
The U.S. Department of Treasury's Small Business Administration (SBA) released the much anticipated Paycheck Protection Program (PPP) loan forgiveness application. PPP loan borrowers will submit this application to their lenders to request forgiveness of part or all of their PPP loans.

Advance Refunding Could Be Inserted into a Bipartisan HEROES Act
Reinstatement of advance refundings could be a relatively low-cost addition to the $3 trillion House-passed HEROES Act as congressional Democrats negotiate changes with Senate Republicans and the Trump administration, according to a leading Republican on the House Municipal Finance Caucus.

Municipal Liquidity Facility Adds $500B, Expands Issuers and Duration
The Federal Reserve Board recently announced that the Municipal Liquidity Facility will purchase up to an additional $500 billion in short-term notes issued by eligible government entities, in efforts to help states and municipalities with cash flow stresses resulting from the COVID-19 pandemic. The Board also expanded the number of entities eligible to participate in the MLF and revised eligibility requirements for short-term notes.

Oversight Commission: $500B Fund Meant for Relief has Lent Barely Any Money So Far
A $500 billion Treasury Department fund created by the Cares Act in March to help stabilize the economy has lent barely any money, according to an initial report issued by a new Congressional Oversight Commission.

IRS Aids State and Local Governments With Tax-Exempt Tender Bonds, Commercial Paper
Governmental bond issuers often seek to lessen the budgetary blow from spiking interest rates by purchasing their own tender bonds and commercial paper and holding them until the markets return to normal. Fortunately, the IRS has provided administrative relief to promote liquidity and stability in the tax-exempt tender bond and commercial paper markets in response to the COVID-19 pandemic.

Nonprofits & the Payroll Protection Program: You Can Now Apply Through IFF
Many nonprofits have been exploring loans from the Paycheck Protection Program (PPP). IFF knows you have questions about how the loan forgiveness process will work. That's why, with support from the John D. and Catherine T. MacArthur Foundation, IFF is pleased to share some PPP resources designed specifically for nonprofits.

$3T COVID-19 Relief Legislation Introduced, Includes Affordable Housing and Community Development Expenditures
House Democrats unveiled a $3 trillion COVID-19 relief bill, their proposal for "Phase 4" of pandemic relief legislation. The HEROES Act would provide nearly $1 trillion to state and local governments to avert layoffs and $200 billion in hazard pay for essential workers. It also includes $1,200 direct payments to individuals.

Transit Systems Ask for $33B More From Washington
A coalition of transit agencies and labor leaders repeated the call for roughly $33 billion in combined aid, on top of the $25 billion they received under the federal CARES Act. The new amount exceeds by $10 billion what the American Public Transportation Association sought in its letter to Congress.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EDA

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.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

State & Local Programs

Massachusetts Invests $56M to Combat Food Insecurity Amid Coronavirus
Mass Live | May. 17 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Marshall, TX Creates Revolving Loan Program to Assist Businesses Impacted by COVID-19
ArkLaTex | May. 15 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Lawmakers Approve Federal COVID-19 Funds for Alaskans, Small Businesses
State of Reform | May. 14 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Hawaii Department of Agriculture Offering More Aid to Farmers Impacted by COVID-19
Big Island Now | May. 14 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

New $1.5M Small Business Fund for Michigan, as Detroit Chamber Offers Restart Michigan Resources
DBusiness | May. 14 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

New Bern, NC Lends Helping Hand to COVID-19 Impacted Businesses
New Bern Sun Journal | May. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

California Bill Would Require Mortgage, Auto and PACE Forbearances and Restrict Payday Lending
Manatt | May. 14 | Disaster Recovery & Relief | Property Assessed Clean Energy (PACE) | State Finance Program | COVID-19

Pierz, MN Creates $5K Loan Program for Businesses Affected by COVID-19
Morrison County Record | May. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Federal Financing Programs

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.

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.

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

Economic Injury Disaster Loan (EIDL)
These loans of up to $2 million help meet financial obligations and operating expenses. Loan advances up to $10,000 are also offered.

Highlights from the Online Resource Database

Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020
Disaster Recovery & Relief | Economic Development | Housing Finance | Social Finance
The findings in this report primarily reflect the financial circumstances of families in the United States in late 2019, prior to the onset of COVID-19 and the associated financial disruptions. The survey also explored long-run financial circumstances, including returns to education, housing satisfaction, and retirement savings. It was authored by the Board of Governors of the Federal Reserve System.


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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