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CDFA COVID-19 Recovery & Relief Update - July 7, 2020

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COVID-19 Recovery & Relief Update
July 7, 2020
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COVID-19 Recovery & Relief Update


Congress Extends Small-Business Loan Program
The House agreed to extend for five weeks a popular pandemic relief loan program for small businesses. The move to extend the Paycheck Protection Program through Aug. 8, which allows small businesses to secure low-interest loans to help maintain their payrolls, came as Republicans and Democrats remained divided over how much additional federal assistance to provide to businesses and individuals affected by the coronavirus and the economic hardship it has caused.

Fed's $600B Main Street Lending Program Sees Lukewarm Interest
The government is offering to lend up to $600 billion to help small and midsize businesses weather the coronavirus-induced recession, but so far interest has been sparse. Under the Main Street Lending Program, commercial banks lend to companies and then sell all but a small portion of each loan to the Federal Reserve. The Treasury Department stands ready to cover the Fed's losses if companies fail to repay. More than two months after the program was announced, however, some bankers say they are still trying to decide whether to take part.

House Sends Massive Infrastructure Bill to the Senate
The bill, which passed in the House, 233-188, is massive in its scope with $1.5 trillion for priorities such as schools, hospitals, housing, broadband, drinking water, stormwater, the energy grid, and vehicle safety. The Moving Forward Act includes several bond financing provisions, makes the NMTC permanent, gives LIHTC a major boost, delays the phasedown of the ITC, and increases the Historic Tax Credit, among many other provisions.

IRS Notice Provides COVID-19 LIHTC Relief
The Internal Revenue Service today released an advance copy of proposed regulations concerning low-income housing tax credit (LIHTC) compliance issues, returning to a previous standard of required inspection of the lesser of the applicable Real Estate Assessment Center (REAC) number of 20 percent of the low-income units in the development.

USDA Food Box Program 25% Short of Its Forecasted Delivery
In mid-April, the Department of Agriculture (USDA) announced a novel plan to connect struggling farmers directly with families dealing with virus-related loss of income: The aptly named Farmers to Families Food Box program would pay distributors to purchase produce, dairy, and meat; package the food into boxes; and deliver those boxes to churches, schools, and food banks. As of July 1, the USDA is 10 million boxes and 25 percent short of its forecasted delivery.

Minority Business Development Agency Awards $10M in Federal Funding from CARES Act
The U.S. Department of Commerce, Minority Business Development Agency (MBDA) announced the deployment of $10 million in CARES Act funding to the network of MBDA Business Centers and national minority chambers of commerce. The grants will be used for education, training, and advising small and minority business enterprises in their recovery from the effects of the COVID-19 crisis.

HUD Extends Due Date for All Financial Statements Until Sept. 30
The U.S. Department of Housing and Urban Development (HUD) today announced that the Office of Housing approved an extension for all financial statements until Sept. 30. The extension applies to all submissions, both audited and unaudited. Any submission with a due date before Sept. 30 is affected.

Clean Energy Advocates Say Industry Can Lead Economic Recovery
Clean energy advocate groups in Wisconsin are encouraging direct economic stimulus funding along with policies from state and federal government to advance clean energy development and create jobs across numerous sectors of the economy, including construction, manufacturing, transportation, finance, and agriculture.

Is There Help on the Horizon with the Food Supply Protection Act?
The Food Supply Protection Act (FSPA – S. 3840) was introduced last month by Senate Agriculture Committee Ranking Member Senator Debbie Stabenow (D-MI). The FSPA has three main sections to address food bank infrastructure, partnerships to purchase and provide farm products excluded from the current CFAP 'Food Box' program, and processing capacity of small and mid-sized food processors.

Philadelphia, PA Businesses in High-Poverty Areas Awarded Less in Relief Funds
The City of Philadelphia distributed millions of dollars in aid for small businesses, but commercial corridors in high-poverty neighborhoods received less funding than their wealthier counterparts. Poorer corridors had more businesses awarded grants through the program, and the report notes that high-poverty neighborhoods "should be targets of future rounds of investment."

Upcoming Events
CDFA Virtual Summer School

CDFA-ARI Rural Finance Webinar Series: Access to Capital and Community Facilities
Wednesday, July 8, 2020 - 1:00 PM - 2:30 PM Central
During the fourth installment of the CDFA-ARI Rural Finance Webinar Series, join us for a discussion of community facilities resources and other accessible capital for rural community development.

CDFA-Bricker PACE Webinar Series: Focusing on Sustainability Using PACE
Tuesday, July 14, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will take a look at the use of PACE in the context of green and sustainability goals and metrics. How will PACE fit into a community's effort to drive a more sustainable economy while pushing economic development goals and objectives? How can PACE be a driver of green principles and strategies to make a community more environmentally friendly? Join industry leaders for a discussion that answers these questions and more.

CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EPA
July 17, 2020 - 1:00 - 3:00 PM Eastern
This webinar will focus on COVID-19 recovery assistance through the EPA by highlighting best practices, case studies, and mitigation tools that will allow your community to be more resilient in the face of natural disasters.

State & Local Programs

Small Towns, Big Challenges
The Brookings Register | Jul. 2 | Agriculture Finance | Disaster Recovery & Relief | Economic Development | Housing Finance | Local Finance Program | Rural Development | Tribal Finance | COVID-19

D.C. Accelerator Helps Diverse Group Of Entrepreneurs Launch, Grow and Deal With COVID
Forbes | Jun. 26 | Access to Capital | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Local Finance Program | COVID-19

How Fresno County, CA Pension Fund Is Helping Finance Its Recovery
Next City | Jun. 25 | Access to Capital | Disaster Recovery & Relief | Economic Development | Healthcare | Housing Finance | Local Finance Program | COVID-19

MEDC's Michigan Strategic Fund Provides Support for 3,100 Small Businesses
Detroit's Premier Business Journal | Jun. 24 | Brownfield Financing | Disaster Recovery & Relief | State Finance Program | Tax Increment Finance (TIF) | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Agriculture (USDA)

Coronavirus Food Assistance Program
The Coronavirus Food Assistance Program provides direct relief to producers who faced price declines and additional marketing costs due to COVID-19.

Agency Seal U.S. Dept. of Commerce (DOC)

EDA CARES Act Recovery Assistance
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) program, provides a wide-range of financial assistance...

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

Applying the Opportunity Zones Program in the Wake of the COVID-19 Pandemic
Disaster Recovery & Relief | Opportunity Zones
In light of the unprecedented economic challenges presented by the COVID-19 outbreak, taxpayers with short-term or long-term capital gain income generated in 2019, or in early 2020, can use the OZ program to invest the qualified gains in a QOF for a period of time. As some investors reevaluate their commitments to qualified opportunity zones ("QOZs") in light of the COVID-19 global pandemic, they may enjoy some level of favorable tax treatment in 2020 if they decide to liquidate their capital from the funds.

Economic Impacts of COVID-19 on Food and Agricultural Markets
Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance
COVID-19 disrupted nations around the world in 2019 and 2020. It continues to cause death and economic damage in many countries. The changes in lifestyle and measures to reduce the spread of COVID-19 have significantly altered economic activity, employment, food consumption, and workplace environments.

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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