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CDFA COVID-19 Recovery & Relief Update - December 8, 2020

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COVID-19 Recovery & Relief Update
December 8, 2020
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COVID-19 Recovery & Relief Update


Bipartisan Coronavirus Relief Package Hits Snags Over Details
After making a big splash last week and injecting a sense of optimism into long-delayed coronavirus relief talks, a bipartisan $908 billion plan is hung up over the specifics of aid to states and localities and liability protections for businesses. Sources familiar with the talks said those two issues were the main sticking points holding up the introduction of the bill's text, after a three-hour conference call on Sunday.

Should Local Taxpayers Help Their Neighbors' COVID-Crushed Businesses?
Cities and counties are stepping in to try to preserve their communities' jobs and economies. It looks like it's helping. But the programs need to be designed to prevent mischief and protect taxpayers. These programs need to be carefully structured so that they make effective use of the funds they disburse while protecting the taxpayers' interests.

IRS Guidance Clarifies Non-Deductibility of PPP-Funded Expenses Where Loan Forgiveness is Reasonably Expected
Paycheck Protection Program (PPP) borrowers have been waiting for additional guidance since April on the deductibility of PPP-funded expenses. The IRS expanded upon this guidance by addressing the situation where a PPP loan has not yet been forgiven by the end of the tax year in which such expenses were incurred.

Bipartisan Group of Lawmakers Announce $908B Stimulus Plan, Aiming to Break Logjam
This week has seen a flurry of stimulus talks on Capitol Hill. A bipartisan group of lawmakers introduced a coronavirus aid proposal worth about $908 billion on Tuesday, aiming to break a months-long partisan impasse over emergency federal relief for the U.S. economy amid the ongoing pandemic. The new plan came amid a flurry of congressional jostling about the shape of economic relief.

Inflation Fears Heat up in Bond Market as ‘Reflation Story' Gains Ground
A powerful concoction made up of stimulus hopes, vaccine progress, and a patient Federal Reserve is powering inflation expectations to their highest levels in months. Worries around renewed price pressures have spilled over into the bond market, sending long-term Treasury yields to multiweek highs, amid hopes that a Senate bipartisan coronavirus aid proposal on Tuesday and a COVID-19 vaccine will allow the economy to begin returning to normal in 2021.

More Than Half of Emergency Small-Business Funds Went to Larger Businesses, New Data Shows
More than half of the money from the Treasury Department's coronavirus emergency fund for small businesses went to just 5 percent of the recipients, according to data on more than 5 million loans that was released by the government in response to a Freedom of Information Act request and lawsuit.

Building Resilient Rural Places: Strategies from Local Leaders to Strengthen Rural Assets, Diversity, and Dynamism
As the COVID-19 pandemic tests the resilience of rural economies in real-time, this five-part research series argues that our attention should not be focused on an outdated, inaccurate image of rural America, but rather on understanding, sustaining, and investing in the hyperlocal strategies already working to bring growth and equity to increasingly diverse and dynamic rural areas.

Creating Lasting Change through Community Leadership
This piece from the Urban Institute examines how the students, parents, community organizers, and local leaders in Camden, NJ, Perry County, KY, and Hayward, CA are using data to make their communities better for themselves, for their neighbors, and for future generations through the Promise Neighborhoods program.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

CDFA-PFM Capital Markets Webinar Series: Mitigating Default Risk with Bond Guarantee Programs
December 17, 2020 - 2:00 - 3:30 PM Eastern
During the final installment of this year's CDFA-PFM Capital Markets Webinar Series, let's talk about bond guarantee programs and how they can be a solution for long-term recovery.

State & Local Programs

CFFA Launches New Small Business Loan Program
Columbus-Franklin County Finance Authority | Dec. 3 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | COVID-19

The 10 COVID-19 Relief Bills Colorado Lawmakers Recently Passed
The Denver Post | Dec. 2 | Disaster Recovery & Relief | Food Systems Finance | Legislative | State Finance Program | Tax Credits | COVID-19

Federal Financing Programs

Agency Seal Federal Communications Commission (FCC)

Connected Care Pilot Program
The Connected Care Pilot Program will provide up to $100 million from the Universal Service Fund (USF) over a three-year period to selected applicants to support the provision of connected care...

Agency Seal U.S. Dept. of Treasury

Municipal Liquidity Facility
The Municipal Liquidity Facility supports lending to help state, city, and county governments manage cash flow pressures.

Agency Seal U.S. Small Business Administration (SBA)

Paycheck Protection Program (PPP)
PPP is a forgivable loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll.

COVID-19 Headlines

There Are More than 221K PPP Stories in Illinois. Some Got Millions. One got $73.
Chicago Tribune | Dec. 7 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

A Third of Oregon's PPP Funding Went to 1.6% of Loan Recipients
The Oregonian | Dec. 4 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Highlights from the Online Resource Database

The Municipal Liquidity Facility: How It Works
Bond Finance | Disaster Recovery & Relief
The Municipal Liquidity Facility is a Federal Reserve program created in April as a new financing source for state and local governments. This MLF factsheet was produced by the Pew Charitable Trusts in October 2020.

Charlotte-Mecklenburg 2020 State of Housing Instability & Homelessness Report
Community Development | Disaster Recovery & Relief | Economic Development | Housing Finance | Social Finance | Urban Development
The 2020 Housing Instability & Homelessness Report Series is a collection of reports by UNC that utilizes local data to provide informative and actionable research to engage a variety of stakeholders including elected officials, policymakers, funders, service providers, people with lived experience, media outlets, and the general community. This report is for the Charlotte-Mecklenburg area.

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


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