CDFA COVID-19 Recovery & Relief Update - June 9, 2020
Sign on to Help Communities Recover by Extending, Expanding the New Markets Tax Credit
The New Markets Tax Credit (NMTC) Coalition is once again organizing a sign-on letter in support of an NMTC extension. This letter also calls for additional funds to communities to recover from the COVID crisis. Please sign your organization onto this letter in support of additional NMTCs to address the COVID-19 crisis.
Food Banks, Other Programs Slow to Receive COVID Relief Funds
The Cares Act directed $850 million for food banks, but less than $300 million has been sent out so far despite unprecedented demand as the number of people served at food banks has increased by more than 50 percent from a year ago. Funding for other key programs to address the economic devastation from the coronavirus has also been moving out slowly or not at all.
President Signs Bill to Ease Guidelines on PPP Loans
President Trump signed a bill to give recipients of government small business loans during the coronavirus more flexibility in how they spend the money. The measure eases the conditions small businesses have to meet to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic.
Main Street Lending Program to Roll Out Shortly
During a Senate hearing, Federal Reserve Chairman Jerome Powell announced that Federal Reserve anticipates launching the Main Street Lending Program near the end of May. Continue reading for details about the Program, including who is eligible, and the terms of the Program. Note that this alert is mostly catered to borrowers.
USDA Implements Immediate Measures to Help Rural Residents, Businesses, Communities
USDA Rural Development has taken several immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak. Rural Development will keep its customers, partners, and stakeholders continuously updated as more actions are taken to better serve rural America.
Federal Reserve Expands MLF Program to Allow More Issuers to Participate
The Federal Reserve is expanding the number and types of local governments eligible to use its short-term muni note program. The central bank said it would allow all U.S. states to be able to have at least two cities or counties eligible to directly issue notes to its Municipal Liquidity Facility program regardless of population.
Local Washington EDC Helps Connect Local Food Hubs with USDA Contracts
Through the Washington Procurement Technical Assistant Center program, the Thurston Economic Development Council has been able to aid local food hubs bidding for USDA contracts with the new Farmers to Families Food Box Program. Other similar technical assistance programs exist around the country to help small business owners access government contracting opportunities.
Recent Crises Add to Struggles for Black-Owned Restaurants
Stephanie Hart has owned and operated her Brown Sugar Bakery in Chicago's Grand Crossing neighborhood on the South Side for 16 years. Her thoughts on the PPP aid, though, are emblematic of the struggles faced by many black-owned restaurants today. Difficulty accessing capital is just one of the factors that put these restaurants at a disadvantage compared to their white-owned counterparts.
USDA Farmers to Families Food Box Program Reaches 5 Million Boxes Distributed
U.S. Secretary of Agriculture Sonny Perdue announced that the U.S. Department of Agriculture's Farmers to Families Food Box Program has distributed more than five million food boxes in support of American farmers and families affected by the COVID-19 pandemic.
Illinois Fed Deal Bodes Well for Future Transactions
The Federal Reserve's first short-term note deal with the state of Illinois is a good start to the federal program that could jump-start its use with more local governments. Tuesday afternoon, Illinois became the first issuer to use the Fed's $500 billion Municipal Liquidity Facility and as a large issuer, that could bode well for the program's short future.
Small Banks and Small Businesses Were a Good Combination for PPP Loans
Banks with less than $10 billion in assets issued about 60% of loans in the first round of the PPP, according to the Small Business Administration. Bigger banks have bounced back during the ongoing second round of the program, but weeks after many customers already had secured loans through small banks.
CDFA Federal Financing Webinar Series: Recovery Resources from the USDA
Friday, June 19, 2020 - 1:00 - 3:00 PM Eastern
During this webinar, experts from multiple USDA offices will dive into how the department has tailored its many financing programs to assist with the recovery while noting what we can learn from the pandemic to better prepare rural America for tomorrow.
|State & Local Programs
Resilience Fund Set to Help South Tahoe, CA Businesses; City Invests $100K
Tahoe Daily Tribune | Jun. 5 |
Logansport, IN to Offer Loans to Small Businesses Hurt by COVID-19
Pharos-Tribune | Jun. 4 |
Lewiston, ME Council Passes Emergency Business Loan Program
Sun Journal | Jun. 4 |
Jackson County, IA to Offer Loans to Small Businesses
Bellevue Herald-Leader | Jun. 4 |
Applications for NJEDA's $45M COVID-19 Small Business Aid Program Open June 9
NJBiz | Jun. 4 |
Colorado Coronavirus Relief Package Introduced
Denver Post | Jun. 4 |
Richmond, VA City Council Mulls More Help for Restaurants
Richmond Bizsense | Jun. 4 |
|Federal Financing Programs
|Highlights from the Online Resource Database
CARES Act Suggestions for State, Local, Tribal, and Territorial Elected Officials
Access to Capital | Community Development | Disaster Recovery & Relief | Housing Finance | Infrastructure Finance | Resiliency | Urban Development
The National League of Cities, National Low Income Housing Coalition, and National Alliance to End Homelessness, and Mayors & CEOs for U.S. Housing Investments prepared this guide for elected officials to help maximize federal resources made available under the CARES Act to reduce housing instability and homelessness resulting from COVID-19.
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 firstname.lastname@example.org
Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
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