With more restrictions coming from the state as COVID-19 case numbers increase, it's hard not to worry about what could happen to a favorite restaurant or shop. A new tool from Wayne County will help connect shoppers with small businesses. Using $50,000 from the coronavirus relief bill approved by the federal government earlier this year, Wayne County has an online marketing tool for small businesses across the county to help shoppers connect with local merchants for their holiday spending.

A fall survey of ag lenders shows concern about farm income and debt levels, but most bankers expect credit will be available to farmers next year. Nearly 8 in 10 lenders expressed concern about reduced farm income because of low prices. The survey found 87 percent of lenders noted that farmers depended heavily on direct government payments in 2020, which were made to offset economic damage from trade disputes and to make up for the economic impact of the coronavirus.

Advisers to President-elect Biden are planning for the increasing likelihood that the United States economy is headed for a "double-dip" recession early next year. They are pushing for Democratic leaders in Congress to reach a quick stimulus deal with Senate Republicans, even if it falls short of the larger package Democrats have been seeking.

Leaders of the state's hospitality industry are appealing to Minnesota Governor Tim Walz, calling for a $200 million emergency grant fund and other measures to help businesses "already on the financial precipice" due to the COVID-19 pandemic and government shutdowns. Beyond calls for the creation of a $200 million emergency grant fund, the letter details seven other proposed steps that could be taken to help the hospitality industry, including loan programs, tax credits and reductions, and waived regulatory fees.

American cities have sought to keep restaurants in business during the coronavirus pandemic by allowing indoor dining, and a growing number of municipalities and states have imposed curfews on restaurants and bars. A fresh round of federal aid could help keep restaurants in business during the winter months while protecting public health.

Congress heads home for a week-long Thanksgiving holiday recess without passing any sort of compromise coronavirus relief bill as the U.S. death toll passes 250,000 and millions of Americans remain on unemployment. But there is some hope that renewed talks could see some kind of coronavirus relief aid in the coming weeks, even with little time remaining on the legislative calendar before the end of the year.

The Citi Foundation named 30 Community Development Financial Institutions (CDFIs) that will collectively receive $15 million to support their efforts to provide small businesses with the vital resources needed to sustain their operations and support economically vulnerable households impacted by COVID-19. The CDFIs, which will each receive $500,000 in unrestricted funding, were selected through an open Request for Proposals application process based on their strong track record of serving small businesses owned by people of color and underserved individuals and communities.

According to the Federal Reserve Bank of Minneapolis' third-quarter agricultural credit conditions survey, increasing farm commodity prices and COVID-related government programs have put farmers in a pretty good spot financially. According to the lenders surveyed, farm incomes dropped from summer to fall in the third quarter this year to a similar degree as the same quarter in 2019.

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern