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CDFA COVID-19 Recovery & Relief Update - August 11, 2020

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COVID-19 Recovery & Relief Update
August 11, 2020
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COVID-19 Recovery & Relief Update

Features

President Signs Executive Orders To Extend COVID-19 Economic Relief
President Trump has signed executive orders to extend economic relief after lawmakers were unable to reach an agreement on a new stimulus package. The orders include extending enhanced unemployment benefits and the federal eviction moratorium, imposing a payroll tax holiday, and further suspending federal student loan payments.

HUD Awards $472M to Public Housing Authorities to Help Keep Residents Housed
HUD announced $472 million in CARES Act funding to help low-income families during the coronavirus pandemic. This funding can be used by Public Housing Authorities to help families assisted by Housing Choice Vouchers and Mainstream vouchers prevent, prepare for, and respond to the coronavirus. The funding, made available by the CARES Act, will be awarded to Public Housing Authorities across the Nation.

Small Businesses Got Emergency Loans, but Not What They Expected
The SBA's disaster relief program allows for loans of up to $2 million. But now they're capped at $150,000 — and agency officials are saying little about why. For nearly 70 years, the Small Business Administration's disaster relief program has helped companies recover from catastrophes including wildfires, hurricanes, and earthquakes. But it has never faced anything like the coronavirus crisis.

SBA Issues Additional PPP Loan Forgiveness Guidance
The SBA has published additional guidance regarding the forgiveness of Paycheck Protection Program (PPP) loans. The new FAQs clarify previous SBA guidance, provisions of the CARES Act, and the PPP loan forgiveness application.

Amid Pandemic, Baltimore's Black-owned Businesses Struggle, but Some Are Finding New Support
At a time when many businesses are struggling because of the pandemic, Black business owners, in particular, are wrestling with how to keep going. There's a long history of discrimination in this country in access to capital and loans, and today, the rules and structure of the federal Paycheck Protection Program made it difficult for many Black businesses to get the assistance, analysts have found.

Minnesota Gets S&P Warning As It Plots Fixes to Coronavirus-Driven Budget Hole
Minnesota's top rating from S&P Global Ratings is at risk over its COVID-19 budget hole and how the state might close the potential three-year, $7 billion gap. S&P moved the outlook on the state's AAA rating to negative from stable this week in a report ahead of a $1.2 billion new money and refunding general obligation sale set for next week.

EDA Invests $35.5M in CARES Act Funding to Capitalize RLF in Pennsylvania
The Economic Development Administration is awarding $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.

Many Restaurants Have Closed, Others Aren't Sure How Long They Can Weather Coronavirus
As the pandemic drags on, many businesses have outlasted federal financial relief and initial enthusiasm to adapt to a stay-at-home way of life. Recovery appears further away than many restaurants believe they can hold on. The restaurant industry already had a reputation as a challenging market with low margins and high turnover. The latest survey by the Colorado Restaurant Association found that 56% of restaurant members fear that if coronavirus conditions don't improve, they'll permanently close within three months.

Upcoming Events
CDFA Federal Financing Webinar Series

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

State & Local Programs

$10M Available to Support Pennsylvania's Food System
The Shippensburg News-Chronicle | Aug. 6 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

New Mexico Provides Loan Incentives to Assist Four Albuquerque Manufacturers
Area Development | Aug. 4 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Alamance County, NC Announces Recovery Loan Program
Alamance Chamber | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Westchester County, NY IDA Approves Financial Assistance for Small Businesses and Not-For-Profits
NYREJ | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

New York Forward Loan Helped Me Keep the Doors Open, Owner Says
Newsday | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19 | Case Studies

MEMA Launches COVID-19 Relief Program
WLBT3 | Aug. 4 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

MaineHousing COVID-19 Rental Relief Program Expands
News Center Maine | Aug. 4 | Disaster Recovery & Relief | Housing Finance | State Finance Program | COVID-19

Grant Program Opening for Louisiana Businesses Affected by COVID-19
Gueydan Journal | Aug. 4 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Tulare County, CA Small Business COVID Relief Fund Taking Applications
The Recorder | Aug. 4 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

NMFA Small Business Recovery Loan Fund
NMFA | Aug. 4 | Access to Capital | Disaster Recovery & Relief | State Finance Program | COVID-19

Over $2.3M Awarded Through New York Forward Loan Fund
New York State | Aug. 4 | Agriculture Finance | Disaster Recovery & Relief | Education | Food Systems Finance | Revolving Loan Funds (RLFs) | State 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

An Infrastructure Stimulus Plan for the COVID-19 Recession
Access to Capital | Disaster Recovery & Relief | Economic Development | Energy Finance | Green Finance | Infrastructure Finance | Water Finance
This Brookings Institute brief uses historical data and the earliest indicators from the COVID-19 downturn to make the case for a people-first approach to federal infrastructure stimulus. The total cost of these programs would range from $167 billion to $327 billion.


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

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  • BNY Mellon
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  • Business Oregon
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  • Ice Miller LLP
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  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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