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.

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.

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.

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.

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.

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.

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.

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.

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.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central

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.

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