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CDFA COVID-19 Recovery & Relief Update - October 27, 2020

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COVID-19 Recovery & Relief Update
October 27, 2020
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COVID-19 Recovery & Relief Update

Features

Dow Falls More Than 650 Points as COVID-19 Cases Rise, Stimulus Hopes Fade
Stocks were down badly on Monday as U.S. daily coronavirus cases hit record highs and investors dealt with the likelihood that stimulus negotiations will not produce a bipartisan relief deal before Election Day. The Dow Jones Industrial Average closed with a loss of just more than 650 points after losing more than 900 points earlier in the day.

Big Ideas for Small Business
This report provides a five-step roadmap towards a more inclusive, dynamic, and productive small-business sector. The authors break down the five steps into ten major policy recommendations with detailed policy proposals. The report was authored by the Drexel University Nowak Metro Finance Lab and the Yale Institution for Social and Policy Studies.

Senate Fails to Pass $500B COVID-19 Stimulus Package as Relief Talks Continue
The Senate on Wednesday failed to pass a $500 billion COVID-19 stimulus package as relief negotiations drag on less than two weeks before Election Day. The bill would have given a federal boost to weekly unemployment benefits, sent $100 billion to schools, and allocated funding for testing and vaccine development.

Fed Will Wait to Decide on MLF Extension
Municipal market conditions at the end of this calendar year will determine whether the Federal Reserve and Treasury decide to continue to operate the Fed's Municipal Liquidity Facility beyond Dec. 31. That was the message delivered by Kent Hiteshew, deputy associate director of the Fed's Division of Financial Stability.

Infrastructure, Energy Investments Urgently Needed to Create U.S. Jobs
Despite a deep partisan divide, two worries appear to be top-of-mind for voters across the political spectrum — large-scale unemployment and the COVID-19 pandemic. The two problems are intertwined, of course, since the coronavirus crisis has plunged the U.S. economy into a major recession.

Assessment of County Needs in Economic Recovery from COVID-19
County leaders have witnessed firsthand the impacts of the COVID-19 pandemic on their neighbors and constituents and are well-informed on needs arising in their local communities. This report outlines what county leaders have identified as primary concerns, priority actions, and resources needed to create equitable long-term economic recovery.

Chicago, IL Turns to Scoop and Toss, Tax Hikes, and Job Cuts to Manage Coronavirus Wounds
Chicago's fix for a $1.2 billion 2021 budget shortfall and remaining 2020 COVID-19 pandemic tax wounds count on $948 million of relief through a $1.7 billion refinancing and restructuring of general obligation and Sales Tax Securitization Corporation debt.

USDA Announces Fourth Round of the Farmers to Families Food Box Program
The U.S. Department of Agriculture (USDA) announced it has authorized $500 million for a fourth round of purchases for the USDA Farmers to Families Food Box Program. USDA is issuing solicitations for the fourth round to existing Basic Ordering Agreement (BOA) holders and expects to award contracts by Oct. 30 for deliveries of food boxes from Nov. 1 through Dec. 31, 2020.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern
CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

Federal Financing Programs

Agency Seal U.S. Dept. of Commerce (DOC)

Public Works and Economic Adjustment Assistance Programs
The Public Works and Economic Adjustment Assistance Program supports the construction or rehabilitation of essential public infrastructure and facilities needed to generate or retain private sector...

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. Small Business Administration (SBA)

SBA Disaster Assistance Loans
SBA offers low-interest long-term loans for physical and economic damage caused by declared disasters, including 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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