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CDFA COVID-19 Recovery & Relief Update - March 30, 2021

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COVID-19 Recovery & Relief Update
March 30, 2021
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COVID-19 Recovery & Relief Update


American Rescue Plan Provides Massive Funding to Tribes for Small Business Credit Support and Investments
Tucked in Title III, Section 3301, of the American Rescue Plan Act is the resurrection of the State Small Business Credit Initiative (SSBCI) program. Included in this resurrection is the addition of tribal governments to the SSBCI, with a direct appropriation of $500 million for tribal governments to begin economic recovery for tribal small businesses, including tribal-owned and tribal member-owned businesses.

HUD Makes Historic $450M Investment to Provide COVID-19 Relief Funding to Native American Communities
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced $450 million in Indian Housing Block Grants (IHBG) to Indian tribes across the country to respond to COVID-19. This funding will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities.

Senate Clears PPP Bill, Extending Loan Applications Through May
The Senate voted 92-7 on March 25 to extend the Paycheck Protection Program to the end of May. The vote cleared the measure that would extend the program, which is due to expire on March 31. The House passed the bill 415-3 earlier this month, and it next heads to President Joe Biden for his signature.

SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
The SBA is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

U.S. EDA Marks Milestone: $1B in CARES Act Grants Awarded
It was nearly a year ago that the CARES Act was implemented, and $1.5 billion in supplemental funding was provided to EDA to help communities prevent, prepare for, and respond to coronavirus. Today, EDA is pleased to note that it has awarded more than $1 billion in CARES Act grants.

About the COVID-19 Relief Restaurant Revitalization Fund
On March 11, President Biden signed the American Rescue Plan Act of 2021, which provides an additional $1.9 trillion in new COVID relief funds. This includes funding of a $28.6 billion Restaurant Revitalization Fund (the "RRF"). The RRF will provide grants to eligible restaurants to help offset revenue losses. Additional details and further guidance are expected to be provided by the SBA.

Everything Cities Need to Know About COVID Relief
President Biden signed the American Rescue Plan Act into law on March 11. With the stroke of a pen, the President and Congress delivered historic, unprecedented and meaningful aid to America's 19,000 cities, towns, and villages with $65.1 billion of direct aid. This analysis provides a closer look at the direct aid to cities, towns, and villages.

Legislative Analysis for Counties: American Rescue Plan Act of 2021
As part of the American Rescue Plan's $362 billion in federal fiscal recovery aid for state and local governments, $65.1 billion is provided in direct aid to counties and an additional $1.5 billion for public land counties. This analysis by the National Association of Counties highlights key provisions for county governments.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment
State & Local Programs

How Should Local Leaders Use Their American Rescue Plan Funding?
Brookings | Mar. 23 | Community Development | Disaster Recovery & Relief | Economic Development | Federal | State Finance Program | COVID-19

Federal Financing Programs

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

Public Works and Economic Adjustment Assistance Programs
The Public Works and Economic Adjustment Assistance Program supports the construction or rehabilitation of essential public infrastructure and facilities needed to generate or retain private sector...

Agency Seal U.S. Dept. of Treasury

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)

SBA Disaster Assistance Loans
SBA offers low-interest long-term loans for physical and economic damage caused by declared disasters, including COVID-19.

COVID-19 Headlines

SBA Issues Interim Final Rule to Implement the Modifications to PPP
JD Supra | Mar. 26 | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

SBA Eyes Early April to Begin Restaurant Revitalization Fund Rollout
Journal of Accountancy | Mar. 25 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19

USDA Devotes $6B to Help Small, Disadvantaged Farmers Hurt by Pandemic
Reuters | Mar. 24 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

Highlights from the Online Resource Database

National SSBCI 2.0 Call - March 26, 2021
Access to Capital | Disaster Recovery & Relief | Economic Development | Legislative | State Small Business Credit Initiative (SSBCI) | Webcasts
SSBCI was signed into law as part of the American Rescue Plan Act of 2021. CDFA hosted this National SSBCI 2.0 Call serving as an interface between Treasury and stakeholders during the rulemaking process. On March 26, 2021, we discussed insights and recommendations to Treasury and our understanding of what resources need to be developed.

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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