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CDFA COVID-19 Recovery & Relief Update - October 6, 2020

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COVID-19 Recovery & Relief Update
October 6, 2020
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COVID-19 Recovery & Relief Update

Spotlight

Slimmer Coronavirus Aid Package Introduced in House
House Democrats unveiled a $2.2 trillion pandemic relief package as part of a last-ditch attempt to secure new aid before the November 3 elections. Even as talks resumed between Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on a potential compromise, Democrats sought to increase the public pressure by offering their revised wish list that Republicans have said is still too costly.

Features

U.S. to Start Forgiving PPP Loans After Borrowers Complained
The SBA will begin forgiving loans granted to small-business owners under the Paycheck Protection Program, following banks' and borrowers' complaints that the process had been bogged down. Business advocates, banks, and lawmakers have raised concerns that the process of turning the loans into grants is too complex and slow under the $670 billion federal program.

House Approves Legislation to Send Cybersecurity Resources to State, Local Governments
The State and Local Cybersecurity Improvement Act, which has bipartisan support, would create a $400 million grant program at the Department of Homeland Security to provide financial resources for state and local governments to defend against and respond to cyberattacks.

Fed's Bullard Breaks With Peers on Fiscal Aid, Says It Can Wait
The U.S. economy should continue to recover from the coronavirus-induced recession even if Congress puts off consideration of additional fiscal stimulus to 2021, Federal Reserve Bank of St. Louis President James Bullard said.

Is More COVID-19 Relief On the Way for Transit?
A study of 10 cities finds that more than three million households would lose access to jobs, and more than 1.4 million businesses would lose access to workers and customers, were transit agencies to implement the deep service cuts they say would be necessary without additional relief.

Coronavirus Rating Action Tracker for Structured Finance and Covered Bonds
This is Fitch's Coronavirus Rating Action Tracker For Structured Finance and Covered Bonds, data as of 30 September 2020. Fitch's tracker monitors all public structured finance and covered bonds rating actions taken after 1 March. The Data tab includes line-by-line data for every transaction / program that was reviewed since the start of the pandemic.

NACo Analysis of the Updated HEROES Act
On September 28, the U.S. House of Representatives unveiled a $2.2 trillion coronavirus response package as part of a final effort to secure new aid before the November 3 election. The bill (H.R. 8406) is an updated version of the $3.4 trillion HEROES Act (H.R. 6800) the U.S. House passed in May and could receive a vote on September 30.

What the New HEROES Act Would Mean for Restaurants
After months, Congress has again decided to negotiate a new federal economic relief package. House Democrats introduced their proposal, a new version of the HEROES Act. The $2.2 trillion proposal would provide another round of stimulus checks and increased unemployment benefits. In a new move, it would also incorporate $120 billion in grants for restaurants, bars, and food trucks.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA-PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
October 8, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers will discuss the viability of how private activity bond deals can fit into complex capital stacks.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

State & Local Programs

Interest Rates Lowered for Lake Champlain-Lake George, NY Business Loan Program
The Post Star | Oct. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Microenterprise & Microloans | COVID-19

$850K in COVID-19 Recovery Loans Available for Charleston, SC Small Businesses
News Radio 94.3 WSC | Oct. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Federal Financing Programs

Agency Seal Federal Communications Commission (FCC)

COVID-19 Telehealth Program
The COVID-19 Telehealth Program will provide $200 million in funding to help health care providers provide connected care services to patients at their homes or mobile locations.

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

Coronavirus Food Assistance Program
The Coronavirus Food Assistance Program provides direct relief to producers who faced price declines and additional marketing costs due to COVID-19.

Agency Seal U.S. Dept. of Treasury

Coronavirus Relief Fund
The Coronavirus Relief Fund provides for payments to State, Local, and Tribal governments navigating the impacts of COVID-19.


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

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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