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CDFA COVID-19 Recovery & Relief Update - April 28, 2020

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COVID-19 Recovery & Relief Update
April 28, 2020
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COVID-19 Recovery & Relief Update

Spotlight

COVID-19 Weekly Development Finance Briefing - April 24 (Free Recording)
During the April 24, 2020 Weekly COVID-19 Development Finance Briefing, listeners were given updates from SBA and HUD on early statistics for the PPP and EIDL programs, as well as additional actions taken by both agencies such as payment forgiveness and CDBG flexibility.

Features

More Small Business Loans Are on the Way. Here's What You Need to Know
Another $310B is being added to the federal government's Paycheck Protection Program so that lenders can offer more forgivable loans to small businesses. The loans don't have to be paid back if they're immediately used to meet pre-crisis payroll expenses, and they are worth applying for if your business did not receive funds during the last round of loans.

Federal Communications Commission Unveils More Telehealth Grants, New 5G Fund for Rural America
The FCC has announced a third group of healthcare providers to receive funding from the COVID-19 Telehealth Program. The FFC has also announced plans to distribute as much as $9B through the Universal Service Fund to establish 5G wireless broadband connectivity in rural parts of the country, giving healthcare providers and consumers a better foundation for telehealth and mHealth.

COVID-19 Philanthropic Response and Recovery Funds for the Food & Agriculture System
Sustainable Agriculture and Food Systems Funders (SAFSF) is tracking COVID-19 philanthropic response and recovery funds that focus on the food and agriculture system. This is a working list and funds will continue to be added as members of our network and others share information. 

President Trump Signs $484B 'Phase 3.5' Stimulus Package Into Law
President Trump signed a nearly $500 billion interim coronavirus bill on Friday that includes additional money for the small-business loan program, as well as more funding for hospitals and testing. The bill includes more than $320 billion for the Paycheck Protection Program, $60 billion in loans and grants for the SBA's disaster relief fund, $75 billion for hospitals, and $25 billion for coronavirus testing.

Quick Guide to CDBG Eligible Activities to Support Coronavirus and Other Infectious Disease Response
The Quick Guide to CDBG Eligible Activities to Support Infectious Disease Response provides grantees with information on implementing CDBG funds in a coordinated effort with local health authorities before undertaking any activity to support state or local pandemic response. Grantees may use CDBG funds for a range of eligible activities that prevent and respond to the spread of infectious diseases such as the coronavirus.

Next Coronavirus Aid Package May Not Pass Congress Until June as Battle Lines Harden
The battle lines are hardening over Washington's next legislative response to the coronavirus crisis, with top Democratic lawmakers calling for another big spending package while the leading Senate Republican is urging restraint — especially when it comes to more aid for state and local governments.

Senators Want Federal Innovation Centers to Help State and Local Governments
A group of 16 democratic senators wrote a letter to congressional leadership urging them to relax regulations that prevent two federal innovation hubs from quickly partnering with state and local governments. The senators called for $50 million for the USDS for new technologists to help state and local governments and a reduction in restrictions on working with state and local governments.

Tools for Multifamily HUD Insured Loans in Light of COVID-19
Like other areas of commercial lending, loans insured by HUD are facing changes in light of the COVID-19 outbreak. This article focuses on HUD-insured loans for multifamily properties, such as those under Sections 223(f) and 221(d)(4) programs.

Congressional Budget Office Estimates CARES Act Cost at $1.8T
The Congressional Budget Office revised its cost estimate of the massive CARES Act passed last month to $1.8 trillion - slightly less than the $2.2 trillion informally projected at the time by the White House. The CBO says the difference is due to scorekeeping on $454 billion provided to back trillions of dollars in guaranteed loans by a Federal Reserve emergency lending facility.

COVID-19 and Startups: The Ugly, Bad, and Good
It's not hard to see the economic devastation being visited upon America's small businesses. It's a bit more difficult to perceive the economic harm being done to startups—young, technology-driven companies working especially in software and life sciences. But, as a new report from the Startup Genome makes clear, many startups are struggling just as much as other small companies.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA-ARI Rural Finance Webinar Series: Tools, Programs, and Opportunities Within Rural America
Wednesday, May 6, 2020 - 1:00 PM - 2:30 PM Central
During the second installment of the CDFA-ARI Rural Finance Webinar Series, we will continue to explore what responses and resources are available to reduce the impact of the COVID-19 crisis on rural America.

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

State & Local Programs

Alaska Gov. Dunleavy Plans $300M for Small Business Aid, but It Won't Be Quick
Anchorage Daily News | Apr. 27 | Access to Capital | Disaster Recovery & Relief | State Finance Program | U.S. Small Business Administration (SBA) | COVID-19

Arkansas Bridge Loans Help Save an Estimated 3,500 Jobs, Another $1M Added to State Program
ABC 7 | Apr. 27 | Access to Capital | Disaster Recovery & Relief | State Finance Program | Loan Guarantees | General Loan Programs | COVID-19

Charlotte, NC Offers $10,000 Loans to Small Businesses
Charlotte Observer | Apr. 24 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Haywood Strong & Recovery Small Business Microloans
Haywood Chamber of Commerce | Apr. 24 | Disaster Recovery & Relief | Local Finance Program | COVID-19

The One Buncombe Fund
One Buncombe Fund | Apr. 24 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

San Diego County, CA Approves $5M in Small Business Loans for Unincorporated Areas
NBC 7 San Diego | Apr. 23 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | 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

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.


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
  • 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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