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CDFA COVID-19 Recovery & Relief Update - February 16, 2021

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COVID-19 Recovery & Relief Update
February 16, 2021
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COVID-19 Recovery & Relief Update

Spotlight

CDFA Releases Policy Priorities for the Biden-Harris Administration
Development Finance Solutions for Building Back Better: Policy Priorities for the Biden-Harris Administration outlines 18 key development finance policies, including reforms to Opportunity Zones. Built in collaboration with development finance agencies across the country and several key advocacy partners, this paper provides a roadmap for the new administration to use development finance solutions to address the numerous interconnected challenges facing the U.S. economy.

CDFA to Host Legislative Briefing on Wednesday, February 17
Join CDFA for an important legislative briefing about development finance policy priorities for the Biden-Harris Administration on Wednesday, February 17, 2021 at 1:00 PM Eastern. Topics to be discussed include re-introducing the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) and the State Small Business Credit Initiative (SSBCI) along with the latest developments on the American Rescue Plan and legislative actions on Capitol Hill.

Features

Sens. Peters, Stabenow Introduce Bill Reauthorizing State Small Business Credit Initiative
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.

Buttigieg Boosts Hopes For Tax-Exempt Refunding Bonds
Lawmakers, bond lawyers, and other proponents of tax-exempt refunding bonds are hopeful Congress will reinstate the instruments, bolstered by comments made by recently-confirmed Transportation Secretary Pete Buttigieg. Secretary Buttigieg has said reinstating tax-exempt advance refunding bonds holds promise as a source of relief for local governments.

SBA and Lenders Take More Steps to Improve Paycheck Protection Program
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.

Fact Sheet: Update on USDA Activities to Contain the COVID-19 Pandemic
The USDA is responding to President Biden's call for all parts of the federal government to contribute resources — facilities, personnel, and expertise — to contain the pandemic. The USDA is offering its personnel, facilities, cold chain infrastructure, public health experts, disaster response specialists, and footprint in rural areas and tribal communities across the country to help contain the pandemic and get the economy back on track.

Local Governments Welcome Introduction of Coronavirus Relief Package with Essential Aid
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.

Michigan Senators Push for More Small Business Relief
U.S. Senators Gary Peters and Debbie Stabenow reintroduced legislation to support lending to small businesses in Michigan and across the country that have been hardest hit by the Coronavirus pandemic. The Small Business Access to Capital Act would reauthorize and provide $10 billion in federal funding to the State Small Business Credit Initiative (SSBCI), which helps small businesses grow and create jobs.

U.S. Economy is Healing, but Congressional Budget Office Says Workers Have a Long Way to Go
The United States economy will return to its pre-pandemic size by the middle of this year, even if Congress does not approve any more federal money to aid the recovery, the Congressional Budget Office said on Monday. But it will be years before everyone thrown off the job by the coronavirus can return to work.

Upcoming Events
CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses

CDFA Legislative Briefing
Wednesday, February 17, 2021 - 1:00 PM - 2:00 PM Eastern
Join CDFA for an important legislative briefing discussing policy priorities for the Biden-Harris Administration. Topics discussed re-introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) and the State Small Business Credit Initiative (SSBCI) along with the latest developments on the American Rescue Plan and legislative actions on Capitol Hill.

Intro Tax Increment Finance WebCourse
March 24-25, 2021 - Daily: 12:00-5:00 PM Eastern
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

State & Local Programs

Chesapeake Economic Development Offers Extra $1M for Small Businesses
Virginia Business | Feb. 11 | Disaster Recovery & Relief | State Finance Program | COVID-19

Dayton, KY Offers 'Dining Dollars' for Local Restaurants
Fox 19 Now | Feb. 8 | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Florida A&M University Credit Union Announces $1M Microloan Program for Women, Minority Business Owners
WCTV | Feb. 7 | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

VCC Receives $1.5M from Wells Fargo Open for Business Fund to Support Diverse Small Businesses
Virginia Community Capital | Feb. 4 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal Federal Communications Commission (FCC)

COVID-19 Telehealth Program
The COVID-19 Telehealth Program will provide $200 million in funding to help health care providers provide connected care services to patients at their homes or mobile locations.

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

Distance Learning & Telemedicine Grants
The Distance Learning and Telemedicine program helps rural communities use the unique capabilities of telecommunications to connect to each other and to the world, overcoming the effects of...

Agency Seal U.S. Dept. of Treasury

Coronavirus Relief Fund
The Coronavirus Relief Fund provides for payments to State, Local, and Tribal governments navigating the impacts of COVID-19.

COVID-19 Headlines

Biden Stimulus Plan a 'Positive' for Munis, Says BlackRock's Carney
Bloomberg | Feb. 11 | Bond Finance | Legislative

Historic $1.9T Stimulus Plan Targets Minority Farmers and Supply Chain
Agri-Pulse | Feb. 10 | Disaster Recovery & Relief | Food Systems Finance | Social Finance | COVID-19

Wisconsin Agenda Filled with State Bond Deals, Local Disclosure Initiative
The Bond Buyer | Feb. 9 | Bond Finance | Disaster Recovery & Relief | COVID-19

A Way Virginia Can Really Help Small Businesses
The Washington Post | Feb. 8 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Harris, Yellen Work with Black Business Leaders on Recovery Plan
WENY | Feb. 6 | Disaster Recovery & Relief | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Social Finance | COVID-19

New Restaurant Owners Get Shut Out of PPP Loans Despite Financial Losses
The Washington Post | Feb. 6 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

EDA RLF Among COVID Business Resources Available in McKean County, PA
The Bradford Era | Feb. 3 | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EDA Revolving Loan Fund Grant Program

President Biden's COVID Relief Bill Brings $25B in Restaurant Aid
New York Post | Feb. 3 | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19

Five Small Businesses Seeing Relief with Loans Through the City of Charleston
NBC | Feb. 2 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19


Highlights from the Online Resource Database

How States Can Direct Economic Development to Places and People in Need
Disaster Recovery & Relief | Economic Development | Federal | Incentives | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF) | Community Development | Housing Finance | Infrastructure Finance | Urban Development
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 lack of effectiveness of place-based programs.

Relief for HUD Section 108 Borrowers Impacted by COVID-19
Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Housing Finance | Infrastructure Finance
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.


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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