The feds plan to audit all large coronavirus relief loans amid an outcry over big companies getting help at the expense of struggling small businesses. The US Small Business Administration will review all Paycheck Protection Program loans worth more than $2 million before forgiving the debt, Treasury Secretary Steven Mnuchin said Tuesday. Loans from the $659 billion program can be forgiven if the recipients don't lay off workers.

The Council of Development Finance Agencies (CDFA) is pleased to congratulate Rex Draughn as the newest graduate of the prestigious Development Finance Certified Professional (DFCP) program. A new graduate, Mr. Draughn joins the ranks of other graduates who have invested in their professional development and are ready to tackle the complexities of the development finance industry.

As the pandemic shifts longstanding food supply chains, many agriculture businesses face difficulty shifting customer bases from restaurants and institutions to individual consumers, and many agricultural operations enjoyed little relief from the CARES Act. But in this latest round of changes to the CARES Act, qualifying small agricultural operations can finally access EIDL loans up to $2M.

The FCC has announced a third group of healthcare providers to receive funding from the COVID-19 Telehealth Program. The FFC also announced plans to distribute as much as $9B through the Universal Service Fund to establish 5G wireless broadband connectivity in rural parts of the country, giving healthcare providers and consumers a better foundation for telehealth and mobile health.

Since the coronavirus crisis emerged in late January, Moody's has revised downward nine of its 18 industry outlooks globally. Most of its outlook changes are within the transportation sectors of airports, toll roads, and seaports where demand has dropped precipitously. All of Moody's regional sector outlooks for airports are negative. Its utilities outlooks are largely stable.

Petroleum producers and their allies in Congress are pressing the Federal Reserve for easier terms on loans and other aid the bank is throwing as a life preserver to ailing U.S. companies. They are asking for more flexible deadlines and more forgiving conditions on money being offered to businesses struggling to stay afloat during the coronavirus pandemic and economic slump. The Fed will help buy corporate bonds for the first time in its history as part of its response to COVID-19.

Bridge loans to Arkansas businesses from a program created to stem job losses caused by the COVID-19 pandemic have helped retain almost 2,500 full-time jobs and about 1,000 part-time jobs, Gov. Asa Hutchinson said Friday. The governor is adding another $1M to the Quick Action Loan Guaranty Program from his Quick Action Closing Fund that is used to recruit and retain jobs.

The CARES Act provides an "employee retention tax credit" to employers that suspend operations due to a government order or that suffer a financial downturn. The credit is a dollar-for-dollar refundable tax credit for any wages paid to eligible employees from March 12, 2020, through December 31, 2020. This article provides some clarity on the scope of the tax credit.

President Trump signed a nearly $500 billion interim coronavirus bill on Friday that includes additional money for the small-business loan program, as well as more funding for hospitals and testing. The bill includes over $320 billion for the Paycheck Protection Program, $60 billion in loans and grants for the SBA's disaster relief fund, $75 billion for hospitals, and $25 billion for testing.

Weekly Development Finance COVID-19 Briefing
Every Friday through May 29, 2020 - 1:00 PM Eastern

CDFA-ARI Rural Finance Webinar Series: Tools, Programs, and Opportunities Within Rural America
Wednesday, May 6, 2020 - 1:00 PM - 2:30 PM Central

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern

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