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CDFA COVID-19 Recovery & Relief Update - May 26, 2020

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COVID-19 Recovery & Relief Update
May 26, 2020
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COVID-19 Recovery & Relief Update


CDFA Mobilizes Coalition of Partners to Urge Congress to Reauthorize Funding for SSBCI
The Council of Development Finance Agencies and our broad coalition of partners have asked Congress to reauthorize funding for the State Small Business Credit Initiative (SSBCI) in the next stimulus. You can sign the letter by visiting the CDFA Outreach Center.


New York Federal Reserve Releases Municipal Liquidity Facility Application, Form Documents
On May 18, 2020, the New York Federal Reserve released additional information regarding the Municipal Liquidity Facility (MLF) program, including (i) a sample application to the MLF program and (ii) multiple form documents including a note purchase agreement, a note purchase commitment, a continuing disclosure undertaking, and Eligible Issuer certifications.

Vermont Economic Recovery and Relief Package
On May 20, Governor Phil Scott announced his proposal for a $400 million economic relief and recovery package, using funds from the $1.25 billion the state received from the Federal CARES Act. The two-phase proposal will start with $310 million for immediate relief to the most impacted sectors and businesses to be followed by $90 million for long-term recovery efforts.

IRS Allows Employers to Claim Tax Credit for Paying Furloughed Employees' Health Premiums
Employers that qualify for the CARES Act's employee retention credit may treat health plan expenses paid to furloughed employees as qualified wages for purposes of the retention credit. Qualified employers that do not pay wages to laid off or furloughed employees but continue health coverage for those employees may treat the associated health plan expenses as qualified wages, the IRS said.

Help for Restaurants Could Be on the Way as House Considers New Bills
Rep. Earl Blumenauer (D-Ore.) introduced a bill that aims to help restaurants ride out the pandemic as they face a future of limited dining capacity, public fear and rising costs to cover masks, gloves, and cleaning products. The Restaurants Act would create a $120 billion grant program to help independent restaurants survive a potentially long period when they may earn only a fraction of their former revenue.

Farming Support to States Act Responds to Unmet Need of Agriculture
U.S. Senators Tammy Baldwin (D-WI), Susan Collins (R-ME) and Angus King (I-ME) along with Representatives Xochitl Torres Small (D-NM) and Dusty Johnson (R-SD) introduced the Farming Support to States Act, to provide state departments of agriculture with access to immediate, flexible funding to aid in responding to urgent and emerging issues in the food and agriculture supply chain caused by the COVID-19 pandemic.

$50M Venture Fund Focused on Minority and Women-Operated Sustainability Businesses
GameAbove Capital is a new $50 million private venture fund focused on minority and women-operated businesses engaged in sustainability-related products and services. This gap-closing fund is being launched in part to provide further stability for companies during these uncertain times due to the impacts of the coronavirus and to add further value to enterprises successfully engaged in environmental solutions and sustainability.

3 Updated Sources of COVID-19 Financial Assistance for Agriculture
As financial disruptions from COVID-19 grow, federal government agencies have announced new sources of financial assistance for the agricultural industry. This includes $19B allocated in the CARES Act to assist farmers and ranchers maintain the integrity of the United States food supply chain and ensure consumers have access to food.

How $659B in PPP Loans Are Being Spread Across Lenders, States, and Industries
In PPP Small Business Loans, Insider Intelligence looks at how different lenders fared at implementing the PPP during its first round by examining the available data on PPP lenders' approval patterns and providing insights into how loans were spread across top lenders, geographies, and industries.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA-PFM Capital Markets Webinar Series: Impacts of COVID-19 on the Bond Market
Thursday, June 4, 2020 - 3:00 - 4:30 PM Eastern
During the first installment of the CDFA-PFM Capital Markets Webinar Series, we will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

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

Pierz City, MN Creates $5K Loan Program for Businesses Affected by COVID-19
Morrison County Record | May. 20 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

While Food Supply Chains Snap, a Solution Is on the Table
The Hill | May. 20 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Grant Program Established to Help Livingston, NJ Businesses Reopen
TAP Into Livingston | May. 19 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Marshall, TX Utilizes COVID Relief Funds to Create New Small Business Loans Program
The Marshall News Messenger | May. 19 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

State Funding for Assisted Living Facilities to Provide COVID-19 Economic Relief
JD Supra | May. 19 | Access to Capital | Disaster Recovery & Relief | Social Finance | State Finance Program | COVID-19 | Health

Federal Financing Programs

Agency Seal U.S. Dept. of Treasury

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

Primary Dealer Credit Facility
This loan facility provides credit to primary dealers in exchange for a broad range of collateral for term funding with maturities up to 90 days.

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.

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


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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
  • McCarter & English, 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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