Announcing the 2021 CDFA Food Systems Finance Webinar Series
CDFA is excited to announce the 2021 CDFA Food Systems Finance Webinar Series! This is a free online series showcasing how traditional development finance tools – such as bonds, tax increment finance, tax credits, revolving loan funds, and more – are being used to support equitable local and regional food system development. Each installment will explore how the development finance toolbox is used to generate investment for different focus areas, food-centered redevelopment, fintech, entrepreneurs, and more.
New Stimulus Bill Includes $29B in Direct Restaurant Aid
A landmark COVID-relief bill earmarking $28.6 billion in direct aid to restaurants is heading for quick ratification in the House of Representatives and then on to President Biden's desk. The version of the $1.9 trillion American Rescue Plan Act passed by the Senate bumped up the funds reserved for restaurants by about $3.6 billion and calls for distributing the money in grants of up to $5 million for restaurants in need, or $10 million to operations with multiple locations.
Black Farmers May Finally Get the Help They Deserve
With support from the USDA, the Emergency Relief for Farmers of Color Act, which would provide direct relief payments to help socially disadvantaged farmers pay off loan debts, with some provisions from the Justice for Black Farmers Act, was incorporated into the COVID relief bill. It now includes $4 billion for direct relief payments that will help farmers of color recover from the pandemic and pay off their USDA farm loan debts, along with $1 billion to be used in part for addressing the longstanding inequality in access to USDA programs.
Bipartisan Bill Introduced to Increase Access to Healthy Foods, Eliminate Food Deserts
U.S. Sen. Mark R. Warner (D-VA), joined by Sens. Jerry Moran (R-KS), Bob Casey (D-PA), and Shelley Moore Capito (R-WV), introduced the Healthy Food Access for All Americans (HFAAA) Act. The legislation aims to expand access to affordable and nutritious food in areas designated as "food deserts" by the USDA. It would grant tax credits or grants to food providers who service low-access communities and attain a "Special Access Food Provider" (SAFP) certification through the Treasury Department.
Legislation Introduced to Expand & Strengthen Local Meat Processing Capabilities
Reps. Chellie Pingree (D-Maine) and Jeff Fortenberry (R-Neb.), joined by Sens. John Thune (R-S.D.) and Jeff Merkley (D-Ore.), introduced bipartisan, bicameral legislation to support small meat and poultry processors. The Strengthening Local Processing Act will increase options for local livestock and poultry producers and assist smaller facilities as they adapt to the COVID-19 pandemic and expand to meet consumer demand.
New Mexico Signs Two Pandemic Recovery Bills Into Law
Gov. Michelle Lujan Grisham signed into law two new stimulus measures, authorizing a fresh round of financial relief for New Mexico low-income workers, restaurants, and small businesses. The bill authorizes a four-month tax holiday for restaurants, breweries, food trucks, and other dining establishments. The tax holiday would technically be a gross receipts tax deduction for restaurants, allowing them to retain tax payments.
How a Food Business Incubator is Building Black Economic Strength in Minnesota
Gene Gelgelu made a down payment on a building in St. Paul, Minnesota, accomplishing two goals: combating gentrification in the increasingly popular Hamline-Midway neighborhood and laying the first steps of what will become the Little Africa Market and Food Business Incubator. African Economic Development Solutions — a nonprofit dedicated to building wealth in African immigrant communities — is one of the 20 organizations from around the country that received a total of $3 million in grant money from the Healthy Food Financing Initiative (HFFI).
How Biden's New PPP Guidelines Could Help Small Restaurants Qualify for More Aid
President Joe Biden announced that he'd be tweaking the Paycheck Protection Program in an effort to target underserved borrowers, independent contractors like food delivery workers, and struggling solo-proprietors. This policy shift comes as a Small Business Administration report shows that while aid is now being distributed more equitably than previously — with the hard-hit hospitality industry benefiting in particular — stark disparities still exist.
Eastern Iowa Meat Processors Awarded TIF, Tax Benefits for Planned Expansions
The Iowa Economic Development Authority Board has awarded tax benefits to two Iowa meat processing companies that plan to expand to help meet the increasing demand for locally sourced products. Building projects planned by the two companies represent more than $18.6 million in capital investment and create 63 jobs, nearly half of which will pay over $17 an hour.
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