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CDFA COVID-19 Recovery & Relief Update - May 12, 2020

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COVID-19 Recovery & Relief Update
May 12, 2020
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COVID-19 Recovery & Relief Update

Spotlight

EDA CARES Act Recovery Assistance Now Available
Applications are now being accepted for EDA CARES Act Recovery Assistance. Please see the Notice of Funding Opportunity and apply today!

Features

Demand for Small-Business Loans Cools
When the federal government relaunched its small business aid program on April 27 with an additional $310 billion, lenders and business advocates warned the money would dry up within a few days. Nearly two weeks later, about 40% of the money remains available, according to figures released by the Small Business Administration, even as small businesses continue to suffer from the fallout of the coronavirus pandemic.

USDA Secretary Statement on EIDL Becoming Available to U.S. Agricultural Businesses
U.S. Department of Agriculture Secretary Sonny Perdue today applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration (SBA)'s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.

Economic Downturn Threatens Cities' Plans to Sell Housing Bonds
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.

Airports Ask For More Money From the Feds; Less Money for the Highway Trust Fund
The airport industry says it will need at least $10 billion more from the government to weather the precipitous drop in revenue caused by COVID-19. Meanwhile, on the surface much less traffic means much less money for the Highway Trust Fund, complicating an already tricky surface transportation reauthorization process.

Transit Agencies Say They'll Need Second Round of Stimulus
Transit agencies are asking for nearly $24 billion more in federal help after projecting continued losses through 2021.

The Saving Our Street Act: a $125B Plan to Help the Smallest Businesses
A new bill from Sen. Kamala Harris and Rep. Ayanna Pressley aims to help fix the disparity of small businesses accessing capital. The Saving Our Street Act would allocate grants of up to $250,000 to businesses that have fewer than 10 employees. The SOS Act designates 75 percent of its funds to business and nonprofit owners from underrepresented groups, such as people of color, women, and veterans.

HUD Increases and Expands Flexibility of Funds for Public Housing Authorities to Fight COVID-19
Secretary Ben Carson today announced the allocation of $380 million in supplemental administrative fee funding to all Public Housing Authorities (PHA), including Moving to Work (MTW) PHAs. The two months of additional funding may be used for traditional administrative fees as well as for new costs related to protecting assisted families and employees throughout this coronavirus pandemic.

Committee-Approved Water Legislation Would Increase Federal Funding
The Senate Committee on Environment and Public Works passed its bipartisan America's Water Infrastructure Act of 2020 and Drinking Water Infrastructure Act of 2020 Wednesday morning, voting 21-0. AWIA authorizes $17 billion in new federal spending to invest in water infrastructure as municipalities grapple with coronavirus' impact on their water systems.

Upcoming Events
Weekly Development Finance COVID-19 Briefing

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

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.

State & Local Programs

City of San Marcos, TX Now Accepting Applications for COVID-19 Response Funding
Community Impact Newspaper | May. 11 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19 | HUD Community Development Block Grant (CDBG)

Microloan Program to Help Fluvanna County, VA Businesses Impacted by COVID-19
CBS19 News | May. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | COVID-19

Honolulu County, HI to Launch $25M COVID-19 Relief Program
Pacific Business News | May. 8 | Disaster Recovery & Relief | Local Finance Program | Public-Private Partnership (P3) Financing | COVID-19

Western Kentucky Loan Program Launched for Small Businesses Impacted by COVID-19
WPSD Local ^ | May. 7 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

North Branch, MI Creates Revolving Loan Fund to Help Local Businesses
County News Review | May. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

NACOLG Unveils Small Business Loan Program for Northwest Alabama
Times Daily | May. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Maysville, KY Creates Small Biz Loan Program
The Ledger Independent | May. 6 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Cumberland, MD OKs $106K Small Business Relief Fund
Cumberland Times-News | May. 6 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Oberlin, OH Council Approves $25K in Coronavirus Relief Loans
The Chronicle | May. 6 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Dept. of Housing & Urban Development (HUD) | Revolving Loan Funds (RLFs) | COVID-19 | HUD Community Development Block Grant (CDBG)

REDC Offering Emergency COVID Loans to Rutland County Businesses
Rutland Herald | May. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Sarasota, FL Approves COVID-19 Grant Program for Small Businesses
Your Observer | May. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Dallas, TX Launches Grant, Low-Interest Loan Program to Help Small Businesses During COVID-19 Pandemic
Fox 4 | May. 5 | Access to Capital | Disaster Recovery & Relief | State Finance Program | General Loan Programs | COVID-19

Dane County, WI Adds $10M to Small Business COVID-19 Support Program
NBC 15 | May. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Grand Rapids, MN Economic Development Authority Offers Loan Program
Herald Review | May. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | General Loan Programs | COVID-19

Federal Financing Programs

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 U.S. Dept. of Treasury

Commercial Paper Funding Facility
The Facility serves as a funding backstop for commercial paper issuers to support the flow of credit to households and businesses.

Coronavirus Relief Fund
The Coronavirus Relief Fund provides for payments to State, Local, and Tribal governments navigating the impacts of COVID-19.

Highlights from the Online Resource Database

COVID-19 Weekly Briefing - Capital Solutions: Realigning Assets, Evaluating Risk
Access to Capital | Disaster Recovery & Relief | Economic Development | Organizational Management | Resiliency | Social Finance | Webcasts
During the May 8, 2020 Weekly COVID-19 Development Finance Briefing, panelists discussed realigning assets to address the COVID-19 crisis, evaluating the risk of not doing anything versus the risk of losing capital, capital solutions that are working locally, and doing the most with the capital you have.


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
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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