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CDFA COVID-19 Recovery & Relief Update - April 21, 2020

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COVID-19 Recovery & Relief Update
April 21, 2020
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COVID-19 Recovery & Relief Update

Spotlight

Take Action: Ask Congress to Include Bond Provisions in Next Stimulus
CDFA has begun a targeted letter-writing campaign to ensure that MAMBA and Disaster-Area Recovery Bonds are included in the stimulus. We ask that industry stakeholders send letters to the House and Senate members to support CDFA's Modernizing Agricultural and Manufacturing Bonds Act and Disaster-Area Recovery Bonds.

Listen: COVID-19 Weekly Development Finance Briefing - April 17 (Free Recording)
During the April 17, 2020 Weekly COVID-19 Development Finance Briefing, panelists discussed the latest movements in the capital markets. Speakers included Mike Decker with the Bond Dealers of America, Eric Kazatsky with Bloomberg Intelligence, Tom Jacobs of Moody's, and Ken Neighbors from McGuireWoods.

Features

Dems Reach Deal with GOP, Treasury on Phase 3.5 Stimulus; $310B to Paycheck Protection Program
The emerging agreement has been expected to send about $310 billion more to the Paycheck Protection Program, which last week ran out of its initial $350 billion. The deal is also anticipated to include $75 billion in aid for hospitals, $60 billion for the Small Business Administration's Economic Injury Disaster Loan Program and $25 billion to expand virus testing across the U.S.

IRS Extends Like-Kind and Qualified Opportunity Zone Deadlines
The 45-day and 180-day requirements for investing in QOZs and like-kind properties were causing concern for taxpayers given the current state of the country as a result of the coronavirus pandemic. In recognition of this, the IRS extended the deadline to July 15, 2020 for several types of returns or other filing obligations which were due to be performed on or after April 1, 2020, and before July 15, 2020.

How Energy Markets Stack Up in a Global Pandemic and What's Ahead
Almost every market in the world is seeing unprecedented shifts in the era of COVID-19. Energy markets are no exception, undergoing unparalleled price changes and demand shifts. While these drastic changes may be short term, they can still point to existing shortcomings and strengths in the energy sector.

Understanding The Federal Reserve's Main Street Lending Program
On April 9, 2020, the Federal Reserve created the Main Street Lending Program, providing small and mid-sized businesses access to liquidity. The Program requires the establishment of two new loan facilities: (i) the Main Street New Loan Facility, which is intended to help facilitate new loans to businesses; and (ii) the Main Street Expanded Loan Facility, which is intended to help facilitate the extension of already existing loans. 

Ginnie Mae Releases New COVID-19 Pass-Through Assistance Program
Ginnie Mae released its promised Pass-Through Assistance Program related to COVID-19 (PTAP/C19). Under the program, Ginnie Mae will provide pass-through payments to single-family issuers who request assistance if they are facing a temporary liquidity shortfall directly attributable to the national COVID-19 emergency.

Coronavirus-Related Tax Relief For The Real Estate And Agricultural Industries
Through various mechanisms, the federal government has issued several forms of tax relief to real estate and agricultural businesses impacted by the current COVID-19 pandemic. This discussion is intended to serve as a high-level summary for professionals in the real estate and agricultural industries seeking tax relief.

How COVID-19 Is Changing Cities' Approach to Homelessness
Reported data is starting to reveal that African-American communities are among the populations most vulnerable to infection and death from COVID-19. And as the outbreak progresses, it's sure to highlight a range of inequalities in American society. But for advocates for the homeless in New Orleans and around the country, it was clear from the beginning that unhoused people were in particular danger.

States and Cities Are Helping Businesses Survive. Here Are the Best Programs.
As the coronavirus pandemic continues to disrupt the lives and operations of millions of American business owners, more state and local governments are offering funding programs to help companies stay afloat. These resources are independent of the federal loans and grants for small businesses offered through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

U.S. to Buy Milk and Meat as Part of $15.5B Farm Aid
The Trump administration would like to make purchases of milk and meat products as part of a $15.5 billion initial aid package to farmers rattled by the coronavirus, said Agriculture Secretary Sonny Perdue.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Wednesday, 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

LA County, CA Creates $28M Small Business Coronavirus Relief Fund
Patch | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Public-Private Partnership (P3) Financing | Case Studies | COVID-19

Baltimore, MD and Goldman Sachs Announce $10M in Small Business Loans
Business Journal | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Public-Private Partnership (P3) Financing | Case Studies | COVID-19

Assistance Available for Minnesota Farmers to Combat the COVID-19 Pandemic
Owatonna People's Press | Apr. 16 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | General Loan Programs | COVID-19

Loans Now Available for Louisville, KY Residents, Businesses Affected by COVID-19 Pandemic
WDRB | Apr. 16 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Pennsylvania Gov. Announces Loan Deferrals for Businesses Impacted by COVID-19
ABC 27 News | Apr. 16 | Access to Capital | Disaster Recovery & Relief | Resiliency | State Finance Program | COVID-19

Preston, MN EDA Local Emergency Revolving Loans
Fillmore County Journal | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EDA Revolving Loan Fund Grant Program

New Orleans Business Alliance Fund for 'Gig Workers' Income Relief Reaches $640K
NOLA | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Public-Private Partnership (P3) Financing | Case Studies | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Treasury

Commercial Paper Funding Facility
The Federal Reserve Board established the Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range...

Coronavirus Relief Fund
Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak. The CARES Act established the $150...

Main Street Lending Program
The Main Street Lending Program will support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. The Program will operate...

Highlights from the Online Resource Database

CDFA - ARI Rural Finance Webinar Series: COVID-19 Response Resources for Local Leaders
Disaster Recovery & Relief | Rural Development
During the first installment of the CDFA-ARI Rural Finance Webinar Series, we explored the immediate response and resources at the state, local, and national levels that local leaders can use to reduce the impact of this crisis.

Report to Congress on Federal Reserve's Municipal Liquidity Facility
Bond Finance | Disaster Recovery & Relief
This report to Congress examines the Board of Governors of the Federal Reserve's establishment of the Municipal Liquidity Facility (MLF) to help facilitate access to credit and liquidity so that state, city, and county governments are better able to manage the period of dislocations related to the COVID-19 pandemic.

COVID-19 Rebirth Using Proven Tools
Access to Capital | Community Development | Disaster Recovery & Relief | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits
This white paper looks at how 5 successful programs can be used to finance the recovery from COVID-19. The 5 programs are C-PACE and R-PACE, State Historic Tax Credits, State Opportunity Zones Programs, State New Markets Tax Credits, and Solar and Energy Tax Credits (ITCs).


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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