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