The Council of Development Finance Agencies (CDFA) and our joint coalition of partners are urging Congress to reauthorize funding for the State Small Business Credit Initiative (SSBCI) Program, as well as include Bond Finance Provisions in the Stimulus. Please take a moment to add your name to our Sign-On Letters.

>>> Bond Provisions Sign-On Letter
>>> SSBCI Reauthorization Sign-On Letter

Agricultural businesses are now eligible for SBA's Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA's EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act.

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.

In the short term, governments at all levels are facing acute shortfalls because they have extended the due dates for many types of taxes. On top of that, investors have pulled huge sums of money out of the municipal bond markets. Longer-term, a recession will mean lower revenues for city and state governments overall. All those factors may make it a tough time for cities to sell bonds, says Katie Kramer, Vice President at CDFA.

On April 30, the Federal Reserve Board announced an expansion of the Main Street Loan Program and updated terms to the program's original offerings. The program is now comprised of the Main Street New Loan, Main Street Expanded Loan, and Main Street Priority Loan Facilities. When the program opens, the Board will facilitate $600B in loans to small and medium-sized businesses.

The Alabama Senate passed the Investing in Alabama's Future Act, Senate Bill 242, authorizing the Alabama Public School and College Authority to sell and issue $1.25B in bonds for capital improvements for the support of public education. The Act provides funds for capital improvements for the public schools, the Alabama Community College System, and public institutions of higher education.

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.

At a time when survival and recovery are at the top of mind for Louisiana's small businesses, Louisiana Main Street invited Stephanie Hartman, Small Business Services Director at Louisiana Economic Development and Carla Holland, Director of the Louisiana Small Business Development Centers, to present via conference call the services each organization can provide to small and micro-businesses around the state.

Sen. Tim Scott and eight of his colleagues sent a letter to the Department of the Treasury and the Internal Revenue Service, making 10 requests for modification of rules concerning the opportunity zones (OZ) incentive due to the COVID-19 pandemic.

Weekly Development Finance COVID-19 Briefing
Every Friday through May 29, 2020 - 1:00 PM Eastern

CDFA-Bricker PACE Webinar Series: PACE 101 - The Basics of PACE Financing
Tuesday, May 12, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern

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