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CDFA COVID-19 Recovery & Relief Update - January 19, 2021

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COVID-19 Recovery & Relief Update
January 19, 2021
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COVID-19 Recovery & Relief Update


Biden Pushes for $1.9T Coronavirus Relief Package
President-elect Joe Biden began lobbying Congress to quickly approve a $1.9 trillion COVID-19 aid plan to improve vaccine distribution, provide direct payments to Americans and bolster state and local government coffers. In a televised speech Thursday evening, Biden delivered a message that appeared tailored for Republicans and more fiscally moderate Democrats.

Senate Democrats Weigh Merging Coronavirus Relief and Infrastructure Into a Massive Multi-Trillion-Dollar Package
Senate Democrats are weighing whether to combine an infrastructure bill and coronavirus relief legislation into a single, massive multi-trillion-dollar package that could pass without Republican votes, two Democratic aides familiar with the discussions tell Business Insider.

It's Time to Make U.S. Disaster Policy More Equitable and Effective
All told, in 2020 the U.S. had 22 billion-dollar weather and climate disasters, six more than any previous year, NOAA announced on Jan. 8. Such disasters affect millions of Americans and are particularly devastating for low-income communities and communities of color. They destroy homes, schools, and businesses. They put lives at risk.

The Inflation Debate That's Roiling U.S. Markets Faces 2021 Test
They're still in the minority, but investors and economists who think America is in for a bout of inflation -- perhaps a serious one -- start the year with some fresh ammunition for their arguments. All this has pushed bond-market measures of expected inflation higher. The so-called breakeven rate on 10-year Treasuries climbed above 2% this past week to the highest in more than two years.

Even in Pandemic, Northern Kentucky Tri-ED Beats Project Targets
Northern Kentucky Tri-County Economic Development Corp., better known as Tri-ED, surpassed its goals for 2020, even with the coronavirus pandemic hitting the nation. Tri-ED supported 27 companies with expansions or new location announcements in 2020 that are expected to bring 1,563 jobs and $268 million in capital investment to Boone, Campbell, and Kenton counties.

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
The SBA, in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote initial access to capital, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.

Democrat-Run Congress Bolsters Odds of State, City Aid
A Democrat-controlled Congress will allow President-elect Joe Biden to push for another stimulus bill that would extend aid to states, cities and local transit agencies whose revenue was diminished after shutdowns to contain the virus sent the economy into the worst recession since World War II. Republicans have opposed such aid, characterizing it as a bailout for Democratic strongholds even though the impacts are being felt broadly across the country.

U.S. Senate Flip Puts $2T Infrastructure and Green Energy Stimulus Into Play
The reality of a Democrat-controlled US Senate following the Georgia run-off elections puts a massive wave of fiscal stimulus back on the table. This includes higher amounts of direct stimulus payments to individuals, and President-Elect Joe Biden's $2 trillion infrastructure and green energy plan.

Democrats Begin Laying Groundwork for Big Budget Plans
Democratic leaders began outlining a bold agenda for the coming year Wednesday as they prepared for their party's takeover of the Senate. Neera Tanden, Biden's pick to head the White House Office of Management and Budget, outlined priorities that include climate change, infrastructure, broadband access, small-business assistance, housing aid, and unemployment insurance.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners
Tuesday, February 9, 2021 - 2:00 PM Eastern
The first installment of the 2021 CDFA Federal Financing Webinar Series will cover the various forms of financing programs available to state and local governments through Treasury, HUD, and EDA for restoring local economies.

CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses
Tuesday, March 9, 2021 - 2:00 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.

State & Local Programs

New Funding Created for Businesses in Wheeling, IL TIF Districts
Journal & Topics | Jan. 7 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Tax Increment Finance (TIF) | COVID-19

Henry County Loan Program to Benefit Geneseo, IL Businesses
Geneseo Republic | Jan. 6 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EPA Revolving Loan Fund Grants

Empire State Development Announces 'Raising the Bar' Restaurant Recovery Fund
Niagara Frontier Publications | Jan. 5 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Health & Human Services (HHS)

CARES Act Provider Relief Fund
The Provider Relief Funds supports American families, workers, and heroic healthcare providers in the battle against the COVID-19 outbreak. HHS is distributing $175 billion to hospitals and...

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.

COVID-19 Headlines

1.1 Million PPP Loans Forgiven So Far Totaling Over $100B
U.S. SBA | Jan. 12 | Access to Capital | Disaster Recovery & Relief | Federal | Legislative | U.S. Small Business Administration (SBA) | COVID-19

U.S. Chamber of Commerce Urges Infrastructure Modernization Plan to Ensure Nation's Long-Term Economic Growth
Logistics Management | Jan. 12 | Disaster Recovery & Relief | Infrastructure Finance | COVID-19

‘It Was a Joke': Some Small Businesses Got $1 Relief Loans
New York Times | Jan. 11 | Access to Capital | Disaster Recovery & Relief | Federal | COVID-19

SBA Re-Opens PPP to Community Financial Institutions First
Street Insider | Jan. 11 | Access to Capital | Disaster Recovery & Relief | U.S. Small Business Administration (SBA) | COVID-19

New PPP Guidance Issued by SBA, Treasury
Journal of Accountancy | Jan. 7 | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA) | COVID-19

New Jersey Governor Signs Economic Recovery Legislation
Insider NJ | Jan. 7 | Brownfield Financing | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs) | Tax Credits | 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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