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CDFA COVID-19 Recovery & Relief Update - November 24, 2020

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COVID-19 Recovery & Relief Update
November 24, 2020
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COVID-19 Recovery & Relief Update


Wayne County, MI Launches New Program to Promote Small Businesses
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.

Survey of Bankers Shows Concern About Farm Debt and Low Income
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.

Biden Team, Pushing Quick Stimulus Deal, Prepares for Renewed Recession
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.

Amid New Restrictions, Hospitality Industry Calls for Financial Relief
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.

Save America's Restaurants
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 Thanksgiving Without Pandemic Relief Deal
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.

Citi Foundation Provides $15M in Support to 30 CDFIs Across the U.S.
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.

Farm Finances Stabilized by Government Relief and Good Production
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.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

State & Local Programs

Washington Allocates $135M to Help Businesses, Workers Hit Hard by New COVID Restrictions
King 5 | Nov. 20 | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Maine to Financially Support Farmers, Producers Who Invest in E-Commerce
Penobscot Bay Pilot | Nov. 19 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

D.C. Mayor Announces $100M "Bridge Fund" to Support Hospitality, Entertainment, and Retail Industries
Mayor Muriel Bowser | Nov. 18 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | 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

Coronavirus Relief Fund
The Coronavirus Relief Fund provides for payments to State, Local, and Tribal governments navigating the impacts of COVID-19.

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.

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor