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CDFA COVID-19 Recovery & Relief Update - May 5, 2020

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COVID-19 Recovery & Relief Update
May 5, 2020
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COVID-19 Recovery & Relief Update

Spotlight

COVID-19 Weekly Development Finance Briefing - May 1 (Free Recording)
During the May 1, 2020 Weekly COVID-19 Development Finance Briefing, listeners heard how four prominent leaders in impact investing are responding to both the economic crisis and the public health crisis, learned about the types of solutions and partnerships they are actively engaged in, and how philanthropic impact investors can realign their strategies to help with recovery efforts.

Features

IRS Concludes That Employer Expenditures Eligible for PPP Loan Forgiveness Are Not Deductible
A question debated since the passage of the CARES Act has been whether an employer can claim a tax deduction for the corresponding qualifying expenditures. On April 30 the IRS addressed this question in Notice 2020-32, which concludes that where an employer obtains forgiveness of an amount of a PPP loan, the employer may not claim a tax deduction for the eligible expenditures resulting in such forgiveness.

HUD Allocates Second Wave of Relief Funds, Over Half a Billion Dollars
HUD Secretary Ben Carson today announced his Department will allocate $685 million in COVID-19 relief funding to help low-income Americans residing in public housing. The funding, made available by the CARES Act legislation President Trump signed into law on March 27, 2020, will be awarded to Public Housing Authorities (PHAs) across the Nation.

Fed Expands Main Street Lending Program
The Federal Reserve is expanding its emergency Main Street lending program, now giving larger companies and ones with more debt the opportunity to tap into funds meant to limit the damage from the coronavirus crisis. The Main Street program, which has yet to launch, will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue. Previously, the program was limited to companies with up to 10,000 employees and $2.5 billion in revenue.

Senators Urge USDA to Target Relief to Local Farmers in Finalized Coronavirus Food Assistance Program
U.S. Sens. Sherrod Brown (D-OH), Susan Collins (R-ME), and Debbie Stabenow (D-MI) led a group of bipartisan senators in urging the USDA to target COVID-19 relief provisions to reach local farmers in the new Coronavirus Food Assistance Program (CFAP). USDA created CFAP to administer relief Congress provided in the CARES Act, but USDA has not announced specific details on how this relief will be targeted to local farmers.

Neal Says Muni Provisions Will Be Included With State and Local Aid
House Ways and Means Committee Chairman Richard Neal reaffirmed Wednesday his support for reinstating Build America Bonds and the use of private activity bonds as part of a larger package of aid to state and local governments.

IRS Significantly Expands Employee Retention Tax Credit FAQ
On April 29, 2020, the IRS provided guidance on the employee retention credit (ERC), by significantly expanding upon a list of "frequently asked questions" (FAQ) posted on its website. The FAQ now includes 94 questions covering an array of topics, including the determination of eligible employers and qualified wages, and how the credit interacts with other relief provisions provided by the CARES Act and FFCRA.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern
During this installment of the CDFA-Bricker PACE Webinar Series, learn about the basic principles of PACE financing from experts from across the field including the origins and laws of PACE financing, current market trends, and eligible technologies including energy efficiency and alternative energy technologies.

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

State & Local Programs

North Carolina Passes $1.6B COVID-19 Relief Package
ABC 15 News | May. 3 | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | COVID-19

Little Rock, AR Earmarks $500K for Loans to Small Businesses
Arkansas Online | May. 3 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Northwest Arkansas Arts and Culture Bridge Fund
Northwest Arkansas Council | Apr. 30 | Access to Capital | Crowdfunding | Disaster Recovery & Relief | Social Finance | State Finance Program | COVID-19

Louisiana Main Street Collaborates With Other DFAs To BringTraining And Financial AssistanceTo State's Small And Local Businesses
My New Orleans | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Historic Preservation | State Finance Program | Urban Development | Microenterprise & Microloans | General Loan Programs | COVID-19

Cleburne, TX COVID-19 Relief Funds Available
Cleburne Times Review | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

Aurora, IL Launches $1.4M Loan Program to Help Small Businesses Impacted by COVID-19
WSPY News | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | U.S. Dept. of Agriculture (USDA) | General Loan Programs | COVID-19 | HUD Community Development Block Grant (CDBG)

North Carolina Senate's COVID-19 Recovery Package Includes $125M for Small Businesses
 Watauga Democrat | Apr. 30 | Access to Capital | Disaster Recovery & Relief | State Finance Program | General Loan Programs | COVID-19

Humboldt Area Foundation in CA Commits $2M to Coronavirus Loan Program For Nonprofits and Small Businesses
Local Coast Outpost | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Emergency Business Loan Program to Be Offered in MN by Redwood County EDA
Redwood Falls Gazette | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Agriculture (USDA)

Business & Industry Loan Guarantees Program
USDA's Business & Industry Loan Guarantees Program bolsters the availability of private credit by guaranteeing rural business loans.

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 Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
Working Capital Loan Guarantees can empower exporters to unlock cash flow and take on new business abroad. Exporters can borrow more with the same collateral, secure performance, bid bonds needed to...


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

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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