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CDFA COVID-19 Recovery & Relief Update - June 9, 2020

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COVID-19 Recovery & Relief Update
June 9, 2020
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COVID-19 Recovery & Relief Update


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. 

Upcoming Events
CDFA Virtual Summer School

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

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 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Logansport, IN to Offer Loans to Small Businesses Hurt by COVID-19
Pharos-Tribune | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Lewiston, ME Council Passes Emergency Business Loan Program
Sun Journal | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Jackson County, IA to Offer Loans to Small Businesses
Bellevue Herald-Leader | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Applications for NJEDA's $45M COVID-19 Small Business Aid Program Open June 9
NJBiz | Jun. 4 | Access to Capital | Disaster Recovery & Relief | Member News | State Finance Program | COVID-19

Colorado Coronavirus Relief Package Introduced
Denver Post | Jun. 4 | Disaster Recovery & Relief | Food Systems Finance | Healthcare | Housing Finance | Legislative | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Richmond, VA City Council Mulls More Help for Restaurants
Richmond Bizsense | Jun. 4 | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | COVID-19

Federal Financing Programs

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

Business & Industry Loan Guarantees Program
USDA's Business & Industry Loan Guarantees Program bolsters the availability of private credit by guaranteeing rural business loans.

Agency Seal U.S. Dept. of Transportation (DOT)

CARES Act Airport Grants
The CARES Act authorized the distribution of $10 billion to airports experiencing severe economic disruption caused by COVID-19.

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Working Capital Loan Guarantee Program
Working Capital Loan Guarantees can empower exporters to unlock cash flow and take on new business abroad. Exporters can borrow more with the same collateral, secure performance, bid bonds needed to...

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 info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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