CDFA is pleased to announce that Senators Gary Peters (D-MI) and Debbie Stabenow (D-MI) have introduced a bill to reauthorize the State Small Business Credit Initiative (SSBCI) in the U.S. Senate as S. 258. CDFA has worked closely with these offices to stress the importance of recapitalizing state programs that had expired in 2017 to bring immediate support to small businesses hurt by the COVID-19 coronavirus pandemic.

Chairman of the House Ways and Means Subcommittee on Select Revenue Measures, Mike Thompson, and the entire Democratic membership of the Committee announced the introduction of the GREEN Act. The bill would extend the Solar Investment Tax Credit (ITC) and Renewable Electricity Production Tax Credit (PTC). The extension of both the ITC and PTC are important components of CDFA's Policy Priorities for the Biden-Harris Administration.

The National Association of Counties, National League of Cities, and The U.S. Conference of Mayors welcomed the U.S. House Oversight and Reform Committee's State and Local Coronavirus Fiscal Recovery Funds legislation - to be considered as part of a comprehensive COVID-19 federal package. The bill includes $350 billion in critical aid to state, local, and territorial governments.

Investment in opportunity zones (OZs) by qualified opportunity funds (QOFs) tracked by Novogradac has surpassed another milestone: $15 billion. Three years after the passage of legislation creating the OZ incentive, investment continues to grow. The latest data – a reported equity raise of $15.16 billion by QOFs being tracked by Novogradac on Dec. 31, 2020 – continues a steady trend since tracking began in May 2019.

The U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better. The Administration is working with the Agency to increase equitable access to underserved small businesses, to assure the integrity of the program, and to promote the rapid and efficient distribution of funds.

To address local disparities and help struggling areas thrive, governments at all levels have spent billions of dollars on a range of geographically targeted, or "place-based," economic development programs — mostly in the form of financial incentives — designed to boost job creation and business investment, incentivize real estate development, or increase property values in specific places. The Pew Charitable Trusts performed a literature review of more than 100 studies to better understand the reasons for the lack of effectiveness of place-based programs.

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The following questions and answers document describes actions that can be taken by HUD and communities to assist Section 108 business borrowers experiencing economic distress as a result of coronavirus.

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