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CDFA COVID-19 Recovery & Relief Update - September 8, 2020

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COVID-19 Recovery & Relief Update
September 8, 2020
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COVID-19 Recovery & Relief Update

Spotlight

New Federal Eviction Moratorium Covers Most Renters Through the End of the Year
Most renters who can't afford to pay rent will be protected from eviction under an order issued Tuesday, a move that comes as state and local bans imposed at the beginning of the pandemic are expiring. The order, issued by the Centers for Disease Control and Prevention, is meant as a supplement to state and local bans, saying ones with tougher regulations will remain in place.

Features

Treasury Releases New CRF Guidelines Impacting Counties
The U.S. Department of Treasury's Office of Inspector General (OIG) released updated guidance outlining new requirements for recipients of the Coronavirus Relief Fund. The new guidance comes after a July 2 memorandum was released stating that OIG is responsible for monitoring and oversight of the receipt, disbursement, and use of CRF payments.

Where to Prioritize Emergency Rental Assistance to Keep Renters in Their Homes
As states and localities allocate emergency rental assistance funds to help renters avoid losing their homes, local leaders must decide where to prioritize their resources. To help inform those decisions, the Urban Institute has developed the Emergency Rental Assistance Priority Index.

Healthcare Still Waiting on $121B in COVID-19 Financial Relief
So far, about $291B of COVID-19 financial relief for the healthcare industry has been disbursed or committed, leaving about $121 billion still up for grabs, the Committee for a Responsible Budget recently reported. At least $412B has been authorized by Congress, the Federal Reserve, and the Administration to go to healthcare stakeholders to offset the massive revenue hits caused by the COVID-19 pandemic.

Pandemic Bringing New Attention to Community-Based Nonprofit Lenders
The coronavirus pandemic and the renewed focus on systemic economic inequality in our country are bringing new attention and support to community-based nonprofit lenders. Around 300 community development financial institutions (CDFIs) made more than $7 billion in Paycheck Protection Program loans to help small businesses, many of which had been left out previously.

Two-Thirds of New York State Restaurants in Danger of Closing by End of the Year
The New York State Restaurant Association recently released a survey that shows rather alarming results: nearly two-thirds of restaurants say they are likely to close by the end of the year if they don't receive financial assistance.

Steps for Ag Lenders to Mitigate Climate Risk and Finance Resilience
Farmers in the U.S. are facing severe challenges including poor economic conditions, extreme weather, and disruptions from COVID-19. These risks also impact farmers' financial partners, including agricultural lenders. While some of these risks are difficult to anticipate and plan for, there are growing opportunities and resources available for farmers and their lenders to better understand their vulnerabilities related to climate change — and take steps to build resilience.

Why Senate Republicans and the White House Can't Agree on Badly-Needed COVID Aid
U.S. Senators left Washington this week without taking action on another round of legislation to respond to the continuing COVID-19 crisis. Why has this proven so difficult? It has to do with divisions among Republicans.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA Brownfields Financing Webinar Series: Brownfields and Opportunity Zones
September 10, 2020 - 1:00 PM Eastern
Join CDFA as we closely examine the current regulations of Opportunity Zones, how communities are preparing themselves for Opportunity Zone investments, and how this tool can fit into the capital stack of a brownfield site in your community.

CDFA Federal Financing Webinar Series: Resources for Resilient Infrastructure from the DOE
September 11, 2020 - 1:00 - 3:00 PM Eastern
The final webinar of this series will focus on how communities can take advantage of financing from the Department of Energy to secure and modernize their critical energy systems.

CDFA // BNY Mellon Development Finance Webcast Series: Understanding The Municipal Liquidity Facility
Tuesday, September 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts will discuss the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive option for issuers.

State & Local Programs

With $10M Grant From CARES Act, NJEDA Announces Phase 2 of Small Business Loan Program
ROI-NJ | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Economic Development | State Finance Program | U.S. Economic Development Administration (EDA) | COVID-19 | Disaster Relief

Washington County, WI Board to Vote on Creating Microloan Program
GMToday | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | COVID-19

'Sustain State College' Aims to Provide Support for Residents and Businesses
StateCollege.com | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

City of Providence, RI Announces Additional Resources for Small Businesses Impacted by COVID-19
City of Providence | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19

MAEDS Awarded $825K to Help Businesses Impacted by COVID
The Miami News-Record | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | U.S. Economic Development Administration (EDA) | COVID-19

Columbia, MO Micro Business Loan Application to Launch Sept. 15
Missourian | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Boston Local Development Corporation Receives $693K CARES Grant
Charlestown Patriot-Bridge | Sep. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Montana Launches Loan Program as Unemployment Remains High
NBC Montana | Sep. 3 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Santa Maria, CA Contributes Funds for Grants to Small Businesses
Santa Maria Times | Sep. 3 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Treasury

Main Street Lending Program
The Main Street Lending Program supports lending to small and medium-sized businesses through loan participation.

Municipal Liquidity Facility
The Municipal Liquidity Facility supports lending to help state, city, and county governments manage cash flow pressures.

Agency Seal U.S. Small Business Administration (SBA)

Paycheck Protection Program (PPP)
PPP is a forgivable loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Highlights from the Online Resource Database

Financing Resilient Agriculture
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance
There are several existing agricultural lender initiatives that can inform the development of lending programs or products for resilient agriculture. This report derives five key lessons from these initiatives, including the need to understand the financial benefits of and barriers to resilient agricultural practices, design loan structures and requirements that correspond with the financial characteristics of those practices, utilize loan support to launch initial products, collect data on financial and environmental performance to show results and adjust credit rating processes, and consider other forms of support farmers may need to ensure successful practice adoption.


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

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  • MuniCap, Inc.
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  • Stern Brothers
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  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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