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CDFA COVID-19 Recovery & Relief Update - September 29, 2020

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COVID-19 Recovery & Relief Update
September 29, 2020
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COVID-19 Recovery & Relief Update


How Much is COVID-19 Hurting State and Local Revenues?
As in other economic downturns, the pandemic has reduced state and local revenues, but this time is different. This Q&A examines the fiscal impact that COVID-19 has had on state and local governments and is drawn from the Brookings Institute's paper, "Fiscal Effects of COVID-19."

Restaurant Owners Seek Help From Congress
Restaurant owners took their case for more pandemic relief to Congress, asking a House panel to quickly approve tax credits to retain workers and update equipment before they are forced out of business during the economic downturn.

Fed's Bostic Says Temporary Disruptions Could ‘Become Permanent'
The U.S. economy's recovery from the virus-induced recession will get much harder, with more permanent job losses unless there's additional fiscal support, Federal Reserve Bank of Atlanta President Raphael Bostic said.

Racial Equity Firm Funding Grocery Store, Restaurant in Michigan
Rende Progress Capital selected two more loan recipients to receive funding from its RACE4Progress COVID-19 small business relief fund. The firm's loan committee selected a pair of Latinx-owned businesses to receive undisclosed sums from its RACE4Progress loan fund created to help "excluded entrepreneurs" grapple with the economic impact of COVID-19.

Thousands in Federal Funding Helping Michigan Communities Fill COVID-19 Shortfall
After months of bracing for financial challenges amid the coronavirus pandemic, local communities are getting a big boost in federal funds to help fill in any budget shortfalls. Cities and townships across St. Clair County, as well as the county itself, are receiving thousands through the Michigan Treasury.

Washington State Launches Economic Recovery Dashboard
This tool uses a variety of data sources to track Washington state's economic recovery and resiliency. It displays the latest available data on employment, businesses, government assistance programs, and consumer behavior, helping monitor the economic impact of COVID-19 across the state.

Study Sees Fiscal Risks in Plan for New Florida Toll Roads
A "Monte Carlo" feasibility study of Florida's proposal to build three major toll roads concludes that the plan is financially risky and that there's little data demonstrating a need for them. The 330 miles of new roads will run through highly environmentally sensitive areas of the state and run the risk of encouraging sprawl, says the Sept. 16 multi-part study by Cornell Consulting.

Tennessee Awards $55M in Relief to Agriculture and Forestry Businesses
Tennessee has allocated $55 million in federal coronavirus relief funds for agriculture and forestry businesses in the state. The funds were provided to businesses in the form of grants through a newly established Coronavirus Agricultural and Forestry Business (CAFB) Fund to help stabilize the food supply chain and agribusiness economy.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA-PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
October 8, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers will discuss the viability of how private activity bond deals can fit into complex capital stacks.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

State & Local Programs

Washington Announces New COVID Relief Funds to Support Nonprofits Helping Youth
Washington State Department of Commerce | Sep. 23 | Community Development | Disaster Recovery & Relief | Social 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 the 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 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.

Agency Seal U.S. Small Business Administration (SBA)

Community Advantage (CA) Pilot Program
The Community Advantage (CA) Pilot Program is a pilot program to increase SBA-guaranteed loans to small businesses in underserved areas.

Highlights from the Online Resource Database

Regenerative Agriculture and COVID-19 Capital Needs
Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance
Traditional sources of capital ranging from philanthropy to private equity to banking institutions have demonstrated a strong interest in investing in a more diversified, resilient food system. To better understand and capture the capital needs of current operators in the regenerative value chain during the COVID-19 pandemic, Croatan Institute and Thread Fund conducted original research focused on the livestock and grain sectors in the spring and early summer of 2020.

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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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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