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CDFA Legislative and Federal Affairs Update - August 4, 2020

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Legislative and Federal Affairs Update
August 4, 2020
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Legislative and Federal Affairs Update

Legislative Features

Coronavirus Relief Talks Stuck on Scope of Aid
Negotiations on a coronavirus relief bill have yet to enter the policy give-and-take stage as Republicans remain focused on a short-term measure that Democrats say is worthless and delaying progress toward a much-needed broader aid package.

Second Stimulus Package: Negotiations Continue In Congress
The second stimulus proposal from the Senate Republicans, the HEALS Act, includes multiple smaller pieces of legislation. These components would provide another round of direct stimulus payments to Americans, extend unemployment benefits, freeze Medicare premiums, offer more PPP funding, and extend liability shields for businesses facing COVID-19-related lawsuits. The House released its second stimulus proposal, the HEROES Act, in May.

Where $521 Billion in Paycheck Protection Program Loans Went
The government disclosed detailed information about hundreds of billions of dollars in Paycheck Protection Program (PPP) aid to small businesses suffering from the economic effects of the coronavirus pandemic. Here's a look at where it went.

Independent Restaurant Owners Want $120B To Get Them Through COVID
Congressional Republican leaders unofficially revealed their vision for the next set of coronavirus economic relief packages, which calls for a second round of PPP loans, an enhanced employee retention tax credit, and deductions employers can take for testing and buying personal protective equipment for staff.

Retailers Ask Senators to Support Healthy Workplace Tax Credit
The National Retail Federation urged the Senate to approve legislation introduced in the chamber this week that would create a new tax credit intended to ease the cost of steps taken to make stores and other workplaces safe during the coronavirus pandemic.

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.

Milken Institute Makes Case for an Infrastructure Predevelopment Fund
According to the Milken Institute, we need to invest in the technical capacity to help communities reform broken public procurement systems that fail to create the incentives for making projects shovel-ready in a timely fashion as well as for optimal life-cycle asset management.

Young Farmers and Farmers of Color Shut Out of COVID Federal Assistance
Across the country, young farmers, first-generation farmers, and farmers of color say they have been left out of coronavirus relief for the agricultural industry. The oversight, which they say has left them on an unstable financial footing, threatens to cut off a promising growth area of small-scale farms and younger farmers against a wider backdrop of consolidation and aging of American agriculture.

Bailout Pleas Renewed for Restaurants, Airlines as Cash Runs Out
The airline, defense, and restaurant industry groups escalated their pressure on Congress and the Trump administration to provide additional pandemic relief as lawmakers tackle another round of stimulus for the U.S. economy. Congress is working on additional aid packages as the coronavirus outbreak continues. It's not clear whether the Senate would join such an effort to extend payroll protections for airlines.

Senators Wicker, Bennet Introduce American Infrastructure Bonds Act
The American Infrastructure Bonds Act of 2020 would create a new class of "direct-pay" taxable municipal bonds to help struggling governments finance critical public projects in the wake of the coronavirus pandemic. The senators' proposed bonds would improve upon the model of Build America Bonds that were issued after the 2008 financial crisis to attract more investment in public infrastructure.

Upcoming Events
CDFA Federal Financing Webinar Series

CDFA-PFM Capital Markets Webinar Series: Today's Bond Regulatory Environment
August 20, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, experts will analyze how recent regulatory actions will impact how banks buy bonds and how deals are priced.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Federal Features

EPA Announces $6B in New Funding for Water Infrastructure Projects
The U.S. Environmental Protection Agency announced the 2020 notice of funding availability under its Water Infrastructure Finance and Innovation Act (WIFIA) program, including funding for the new State infrastructure financing authority WIFIA (SWIFIA) program.

Housing and Civil Rights Groups Denounce Effort to Eliminate AFFH
A coalition of affordable housing and civil rights leaders are condemning the Trump administration's plans to eliminate a tool aimed at addressing systemic racism and segregation in the nation's communities. The move comes after HUD announced it is terminating the Obama administration's Affirmatively Furthering Fair Housing (AFFH) regulation issued in 2015.

CDFI Fund Awards $3.5B in NMTC Allocation to 76 Community Development Entities
The CDFI Fund has released its calendar year 2019 awards for the New Markets Tax Credit (NMTC) program. The round of funding awarded over $3.5 billion in NMTC allocation to 76 community development entities.

USDA Seeking Public Comment on OneRD Guarantee Loan Initiative Regulatory Reforms
USDA is seeking public comment on a series of regulatory reforms known collectively as the OneRD Guarantee Loan Initiative. Under the initiative, USDA will eliminate duplicative processes and launch a single platform for four key loan programs: Water and Waste Disposal Loan Guarantees Program; Community Facilities Guaranteed Loan Program; Business and Industry Guaranteed Loan Program; and the Rural Energy for America Guaranteed Loan Program.

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.

EXIM Approves $97.2M Working Capital Loan Guarantee for "Made in the USA" Aircraft Exports, 800 Jobs
The Export-Import Bank of the United States Board of Directors, in another application of EXIM's COVID-19 economic recovery measures to support U.S. businesses and American jobs during the global pandemic, today unanimously approved a $97.2 million working capital guarantee that will support approximately $211.4 million in export sales and an estimated 800 U.S. jobs.

Long-Awaited Guidance Issued on the Business Interest Expense Deduction Limitation
The Internal Revenue Service (IRS) released the long-awaited final regulations under IRC section 163(j) that contain some good news for manufacturers and other taxpayers. Upon preliminary review of the 575-page final regulations, it appears the IRS generally was responsive to taxpayer comments.

USDA Seeks Feedback to Launch Program to Create High-Wage Jobs in Rural Communities
Under the Rural Innovation Stronger Economy (RISE) program, USDA intends to make grants available to help eligible entities establish jobs accelerators and Innovation Centers to support the rural workforce by helping rural communities identify and maximize local assets and connect to regional opportunities, networks, and industry clusters.

EDA Invests $3.3M to Rebuild Airport Hangar Buildings Damaged by Hurricanes in Carteret County, NC
Economic Development Administration (EDA) is awarding a nearly $3.3 million grant to the Carteret County-Beaufort Airport Authority in Beaufort to rebuild airport hangar buildings damaged and destroyed by Hurricanes Florence and Dorian.

Federal Financing Clearinghouse Spotlight

CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More

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

Technology and Innovation Deployment Program
The Technology and Innovation Deployment Program funds efforts to accelerate the implementation and delivery of new innovations and technologies that result from highway research and development to...

Agency Seal U.S. Dept. of Treasury

Primary Dealer Credit Facility
This loan facility provides credit to primary dealers in exchange for a broad range of collateral for term funding with maturities up to 90 days.

Agency Seal U.S. Environmental Protection Agency (EPA)

Brownfields Multipurpose (MP) Grants
Multipurpose (MP) Grants provide funding to conduct a range of eligible assessment and cleanup activities at one or more brownfield sites in a target area.

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.

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


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CDFA National Sponsors

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  • Fifth Third Bank
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  • Stern Brothers
  • Stifel Nicolaus
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  • Wells Fargo Securities
  • Z. The Bond Buyer
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