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CDFA COVID-19 Recovery & Relief Update - July 28, 2020

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COVID-19 Recovery & Relief Update
July 28, 2020
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COVID-19 Recovery & Relief Update

Spotlight

SBA Administrators to Speak on PPP, EIDL, 7(a), 504 Programs on Friday's CDFA Webinar
This Friday at 1 pm Eastern, CDFA will host top administrators from the SBA to discuss the current state of access to capital with special focus on the PPP, EIDL, 7(a), and 504 programs.

Small businesses are critical economic development drivers in urban centers, suburban enclaves, and rural cities, yet COVID-19 has left many struggling to identify and obtain the necessary capital to sustain the workforce and pay bills. The Small Business Administration is charged with administering several major financing programs aimed directly at supporting small businesses, such as the Paycheck Protection Program, the Economic Injury Disaster Loan Program, and SBA Disaster Loans.

During this webinar, administrators from the SBA will provide an analysis of its COVID-19 relief programs and discuss what we can learn about providing small businesses with access to capital.

>>> Click Here to Sign Up!

Features

Stimulus Negotiations: Republicans Release Opening Offer Without Payroll Tax Cut
Senate Majority Leader Mitch McConnell has unveiled the GOP's initial $1 trillion coronavirus relief proposal. Key points include more stimulus checks, no payroll tax cut, another round of PPP, extends unemployment benefits at a lower level, $16B for testing, enhanced employee retention tax credit, $105B in education funds, and more.

SBA Announces New Community Advantage Recovery Loan Program
The Small Business Administration (SBA) recently announced a new COVID-19 recovery program, the Community Advantage (CA) Recovery Loan Program, that allows eligible CA Lenders to provide technical and financial assistance to assist small businesses located in underserved areas, as defined by SBA. Loans can be approved through September 27, 2020, and must be fully disbursed no later than October 1, 2020.

Rural Hospitals Hang on as Pandemic Reaches Smaller Communities
As the COVID-19 pandemic battered large, metropolitan areas this spring, rural hospitals prepared to be next on the frontlines. But to ready their facilities for a potential surge in patients, those small hospitals had to forgo many of their most profitable operations.

FCC Tacks on Another $198M to Rural Health Care Program Funding
The Federal Communications Commission (FCC) has responded to the surge in demand for stronger telehealth infrastructure by padding its Rural Health Care Program with an extra $198 million in funding, putting total funding for the program at a record $802.7 million for 2020.

How COVID-19 Could Revive P3s in the U.S. Infrastructure Market
U.S. infrastructure has been badly hit by the COVID-19 outbreak, but there are hopes that the post-pandemic environment will see a refreshed approach to public-private partnership projects. Some point out that an opportunity may be arising from the crisis for the public and private sectors to work more efficiently together.

Municipal Revenues Steeply Decline in College Towns
Most students cleared out in March from the college towns around the nation that depend on them for their economic base, precipitating an economic dive that has been steeper than most other places around the nation. These thousands of college towns may be officially incorporated as cities, villages, or boroughs, but they all face common revenue shortfalls that range from a drastic drop in hotel occupancy taxes to another decline in water and sewer use.

Bipartisan Bill Introduced for Tax Credits to Food Distributors
Reps. Darin LaHood (R-Ill.) and Jimmy Panetta (D-Calif.) introduced a bill that would provide a tax credit to food and beverage distributors to cover the debt for products that were shipped off before the coronavirus pandemic. The legislation deals with the debt from products that have not yet been paid for but were sent to establishments before shutdowns of restaurants, bars, and other businesses.

Upcoming Events
CDFA Virtual Summer School

CDFA Federal Financing Webinar Series: Federal Recovery Resources from the SBA
July 31, 2020 - 1:00 - 3:00 PM Eastern
During this webinar, administrators from the SBA will provide a year-end analysis of its COVID-19 relief programs and discuss what we can learn about providing small businesses with access to capital.

State & Local Programs

Washington Dept. of Commerce Announces $20M Emergency Response Grants for Tribes
Washington State Dept. of Commerce | Jul. 24 | Access to Capital | Disaster Recovery & Relief | State Finance Program | Tribal Finance | COVID-19

Richardson, TX Plans to Offer $1M in Forgivable Loans to Its Collin County Business Owners
Community Impact Newspaper | Jul. 22 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Tennessee Governor Lee Announces Additional $115M For Local Governments To Support COVID-19 Response
The Chattanoogan | Jul. 22 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Roanoke, VA Small Business Center Offers Help With Small Business Loans
The Roanoke Times | Jul. 22 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | U.S. Small Business Administration (SBA) | COVID-19

The Minnesota Department of Agriculture Is Assisting Producers With Loan Repayments
KFGO | Jul. 22 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA) | Loan Guarantees | COVID-19

Monroe County, MI to Receive $1.2M for Minority Business Owners
The Monroe News | Jul. 22 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Funding Opportunities for Atlanta, GA Small Business Owners Still Impacted by COVID-19
Atlanta Small Business Network | Jul. 22 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Loan Guarantees | COVID-19

Morrison County, MN to Offer Business Assistance With CARES Funding
Morrison County Record | Jul. 22 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Bank of North Dakota Boosts Coronavirus Business Aid
The Bismarck Tribune | Jul. 22 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Treasury

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)

Community Advantage (CA) Pilot Program
The Community Advantage (CA) Pilot Program is a pilot program to increase SBA-guaranteed loans to small businesses in underserved areas.

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

How Opportunity Zones Can Help Accelerate Post-COVID Economic Resurgence: A Milken Institute Working Paper
Disaster Recovery & Relief | Economic Development | Opportunity Zones | Redevelopment | Resiliency
In a post-COVID world, it will be imperative to invest in our underserved communities' capacity to serve themselves, and in their resilience. Opportunity Zones are one tool to drive this effort. The Milken Institute has developed this state and local official training guide to help community leaders engage more effectively with the private sector and philanthropic partners to create new, lasting models for building local prosperity and community wealth.


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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