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Treasury Issues Guidance to State & Local Govts for Coronavirus Relief Fund: Applications Due THIS Friday

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COVID-19 Recovery & Relief Update
April 14, 2020
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COVID-19 Recovery & Relief Update

Spotlight

The CARES Act Provides Assistance for State and Local Governments
This week, the U.S. Department of the Treasury issued guidance and application materials for eligible state and local governments that can apply for the newly created $150 billion Coronavirus Relief Fund, established through the CARES Act. Funding is available to help governments navigate the impact of the COVID-19 outbreak. Funds can be used for expenses incurred between March 20, 2020 and December 30, 2020.

All states, as well as local governments with a population of 500,000 or more, are eligible to apply for funding. Governments must submit completed applications no later than 11:59 PM EDT on April 17, 2020.

>>>View List of Eligible Units of Local Government
>>>View Coronavirus Relief Fund Application

Listen: COVID-19 Weekly Development Finance Briefing - April 10 (Free Recording)
During the April 10, 2020 Weekly COVID-19 Development Finance Briefing, Bruce Katz from Drexel University, Rachel Reilly from the Economic Innovation Group, and Katie Kramer from CDFA examined relief efforts run by local governments, philanthropic organizations, chambers, and other local entities to support main street.

Watch: CDFA's Legislative Briefing - April 8 (Free Recording)
During this Legislative Briefing, we discussed the latest information about the next stimulus act (Phase 4) from Congress and the urgent actions development finance agencies should take. We examined legislative reactions to the CARES Act, what we expect in Stimulus 4 provisions, legislative actions on tax-exempt bonds and small business access to capital, and more.

Subscribe Now to CDFA's New COVID-19 Recovery & Relief Update Newsletter!
CDFA is launching a weekly newsletter covering how development finance is addressing disaster relief and recovery with a special focus on the COVID-19 pandemic. Subscribe now to this free offering from CDFA to keep receiving this content in the future!

Features

COVID-19 Federal Rural Resource Guide
USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 outbreak. This resource matrix organizes funding opportunities identified in the CARES Act and other federal resources that can help support rural America.

Coronavirus Has Broken America's Food Supply
In the early days of the shutdown, pictures circulated of barren shelves at supermarkets (much of it wrongfully blamed on binge purchasing). Now, however, most objectionable food news comes in the form of crop dumping. America's producers have begun destroying excess, perishable crops that they can't bring to the market.

House Bill Seeks $2B to Expand Telehealth During Pandemic
House Health Subcommittee Chairwoman Anna G. Eshoo (D-CA) and Representative Don Young (R-AK) introduced H.R. 6474 "Healthcare Broadband Expansion During COVID-19 Act" which seeks to provide $2 billion for expanding telehealth and high-quality internet connectivity at public and nonprofit healthcare facilities, including mobile clinics and temporary health facilities deployed to respond to the coronavirus pandemic.

CDBG Flexibilities Included in the CARES Act
The CARES Act provides CDBG grantees with flexibilities that make it easier to use CDBG-CV grants and fiscal years 2019 and 2020 CDBG Grants for coronavirus response and authorizes HUD to grant waivers and alternative requirements.

750+ Orgs Calling on USDA to Provide Direct Aid to Farmers That Rely on Local Markets
The National Sustainable Agriculture Coalition and more than 750 farm and food system organizations from all across the country joined their voices in a letter to Secretary of Agriculture Sonny Perdue calling on the U.S. Department of Agriculture to work with urgency and creativity to provide direct aid to agricultural producers in a manner that redresses economic harm, advances equity, and fosters resilience in our farm and food system.

USDA Expands Provisions for Lenders to Offer Temporary Exceptions to Payment Deferrals
USDA is expanding upon the deferral flexibilities it announced on March 31, 2020. The expanded notice provides that guaranteed lenders may also approve and make covered loans under the provisions of Section 1102 of the CARES Act. Section 1102 pertains to the Small Business Administration's Paycheck Protection Program.

COVID-19: The Wake-Up Call The Energy Sector Needed
New technology is making it easier, more effective and affordable to use renewable energy, and the costs associated with installing those technologies, such as solar and batteries are decreasing. And most industry players recognize the need to change and evolve in order to remain relevant, or are at least are starting to, with a little nudge from COVID-19. 

Several Large New Issues Price in a Stabilizing Muni Market
The municipal market rallied by as much as 10 basis points, several large new issues priced and ICI reported $1.5 billion of outflows, down dramatically from the previous week's $20 billion. The market appears to be moving toward some semblance of normal conditions as the new-issue pricings and moderating bid volume create a more stable tone.

L.U.V.: Is it Real?
The L.U.V. acronym refers to the potential shape of any prospective recovery in the equity markets. Most pundits have dismissed the "V" pattern that indicates a rapid decline with a relatively rapid recovery. "L" represents a rapid descent with a relatively long recovery. The "U" shape recovery appears to be where consensus is building. The sharp decline is followed by a somewhat longer stabilization period, followed by a relatively rapid ascent to a better place.

TruFund Launches $5M COVID-19 Relief Fund to Support Disadvantaged Minority and Women-Owned Businesses
TruFund Financial Services, Inc. launches a $5 million small business emergency relief fund to help curb job loss and permanent business closure as a result of COVID-19. Businesses started prior to August 2019 located in Alabama, Louisiana, New York, Northern New Jersey, and Texas with a demonstrated economic injury from COVID-19 are eligible for assistance.

Economic Relief to Tribes and Tribal Small Businesses Under the CARES Act
This alert provides a summary of certain economic relief that tribes and tribal small businesses may be eligible to receive under the recently enacted CARES Act.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA-ARI Rural Finance Webinar Series: COVID-19 Response Resources for Local Leaders
Wednesday, April 15, 2020 - 1:00 PM - 2:30 PM Central
During the first installment of the CDFA-ARI Rural Finance Webinar Series, we will explore the immediate response and resources at the state, local, and national levels that local leaders can use to reduce the impact of this crisis.

CDFA Food Systems Finance Webinar Series: Disaster Recovery for the Food System
Thursday, April 16, 2020 - 2:00 PM Eastern
During the first installment of the CDFA Food Systems Finance Webinar Series, we will explore creative financing efforts being launched to support our local food economies during this time of unprecedented crisis.

State & Local Programs

Harris County, TX Launches Small Business Economic Assistance Loan Program, Begins Process of Creating COVID-19 Relief Fund
Community Impact Newsletter | Apr. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Microenterprise & Microloans | COVID-19

Where Illinois Small Businesses Can Get Financial Help
Illinois Policy | Apr. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | State Finance Program | COVID-19

Minnesota Disaster Recovery Loan Program Now Available to Farmers for COVID-19 Damages
West Central Tribune | Apr. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Rural Development | State Finance Program | General Loan Programs | COVID-19 | Programs | Ag Finance | State Rural Financing Program

Applications Now Available for Fresno, CA COVID-19 Relief Loans
The Business Journal | Apr. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Microenterprise & Microloans | General Loan Programs | COVID-19

Missouri Receives $13.6M to Support COVID-19 Response Efforts
KRCG | Apr. 7 | Access to Capital | Disaster Recovery & Relief | Housing Finance | Infrastructure Finance | Social Finance | State Finance Program | COVID-19 | Transportation | Health

Federal Financing Programs

Agency Seal U.S. Dept. of Agriculture (USDA)

Business & Industry Loan Guarantees Program
USDA's Business & Industry Loan Guarantees Program bolsters the availability of private credit by guaranteeing loans for rural businesses.

Agency Seal U.S. Dept. of Transportation (DOT)

CARES Act Airport Grants
Title XII of Division B of the CARES Act provides approximately $10 billion to support U.S. airports experiencing severe economic disruption caused by the COVID-19 public health emergency. This...

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

Economic Injury Disaster Loan
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury...


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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