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 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.

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 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.

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.

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.

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.

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.

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.

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-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central

CDFA Federal Financing Webinar Series: Recovery Resources from the USDA
Friday, June 19, 2020 - 1:00 - 3:00 PM Eastern

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.

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