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CDFA COVID-19 Recovery & Relief Update - July 27, 2021

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COVID-19 Recovery & Relief Update
July 27, 2021
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COVID-19 Recovery & Relief Update

Features

EDA Announces American Rescue Plan Programs
U.S. Secretary of Commerce Gina M. Raimondo announced that the Department of Commerce's Economic Development Administration (EDA) will implement a series of programs, collectively called Investing in America's Communities, to equitably invest the $3 billion it received from President Biden's American Rescue Plan Act to help communities across the country build back better.

Legislators and Governors Battle Over Who Spends the Rescue Act Money
Most news reports about the $350 billion of American Rescue Plan Act money that is going to states and localities focus on the question of how to spend the money. But while that's a vital question, there's another pivotal area of debate: Who is going to spend the money? In a growing number of states, the legislatures and the governors have been at odds over who has the authority to make those critical decisions.

The SBA's PPP and RRF Are Done. Here Are 5 Other Grant Programs for Small Businesses.
The Small Business Administration officially closed its Paycheck Protection Program (PPP) to new loan applications at the end of May, and subsequently closed its Restaurant Revitalization Fund (RRF) grant program in early July, leaving small business owners with dwindling options for relief. But there are still some grant programs across the government that are still open, providing avenues for critical dollars for eligible small businesses.

From Relief to Recovery: What to Know
As the nation recovers from the pandemic, the strategic lens for small business support will shift from averting destruction to making strategic investments in entrepreneurship ecosystems and small business growth strategies. Those longer-term investments typically try to address one of three broader economic objectives: growing jobs, addressing racial disparities in asset ownership, and investing in underserved neighborhoods and commercial corridors.

New Data Shows a Small Fraction of Restaurant Revitalization Fund Recipients Ended Up with Chunk of Money
The SBA released data on who was able to receive money from the $28.6 billion Restaurant Revitalization Fund, and how much they got. Key findings include: just five percent of awardees received 40 percent of the Restaurant Revitalization Fund; one in 10 recipients were part of a franchise; and more than two out of three RRF recipients identified as businesses owned by women, veterans, or people of color.

How Governments Can Leverage Federal Funds to Partner With Local Nonprofits
The American Rescue Plan allows states and localities to funnel federal relief dollars to nonprofit organizations, which the National Council of Nonprofits says could be key to local economic recovery. State and local governments can use federal coronavirus relief funds to partner with nonprofit organizations in their communities, aiding local recovery efforts by expanding existing programs or creating new ones.

How COVID-Fueled Crowdfunding Can Revive Small Businesses
A pandemic-fueled boom in crowdfunding has small businesses flocking to capital-raising platforms that experts say could help many companies get back to normal — as long as small-business owners are able to launch effective campaigns. Regulation crowdfunding, in which companies raise capital from investors via government-monitored online platforms, has mushroomed in the last two years, going from approximately $100 million in 2019 to over $200 million in 2020.

Treasury Highlights Ways State and Local ARP Resources Can Help Communities Address Violent Crime
The U.S. Department of the Treasury today provided states and localities with additional guidance on how the State and Local Fiscal Recovery Funds included in the American Rescue Plan Act can be used to reduce and respond to violent crime – particularly gun violence – by investing in community policing, community violence interruption, and other programs that are proven to reduce crime.

Upcoming Events
CDFA Virtual Summer School

CDFA SSBCI Briefing
Friday, July 30, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.

State & Local Programs

Task Force Suggests Strategies to Move Arkansas' Economy Beyond COVID-19
Arkansas Business | Jul. 13 | Access to Capital | Disaster Recovery & Relief | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

Washington Commerce Department Awards Fourth Round of Small Business Relief and Recovery Grants
425 Business | Jul. 13 | Access to Capital | Disaster Recovery & Relief | State Finance Program | State Small Business Credit Initiative (SSBCI) | COVID-19

Hawaii Governor Vetoes Use of Federal Rescue Funds for Bonds or Reserves
The Bond Buyer | Jul. 7 | Bond Finance | Disaster Recovery & Relief | Economic Development | State Finance Program | COVID-19

Ohio Announces $155M in Business Assistance Programs
Governor of Ohio | Jun. 25 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | State Finance Program | COVID-19

Michigan Governor Whitmer Signs Bill to Release $2.2B in Aid
The Mining Journal | Jun. 24 | Access to Capital | Disaster Recovery & Relief | Economic Development | State Finance Program | COVID-19

Federal Financing Programs

Agency Seal U.S. Dept. of Treasury

Main Street Lending Program
The Main Street Lending Program supports lending to small and medium-sized businesses through loan participation.

Municipal Liquidity Facility
The Municipal Liquidity Facility supports lending to help state, city, and county governments manage cash flow pressures.

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

Paycheck Protection Program (PPP)
PPP is a forgivable loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll.

COVID-19 Headlines

Morgan Stanley Awards $21.7M to Opportunity Finance Network to Support Equitable Recovery in Underserved Communities
Bloomberg | Jul. 13 | Access to Capital | Community Development | Disaster Recovery & Relief | Rural Development | Social Finance | COVID-19

The American Rescue Plan Can Be a Lifeline for Business Districts
The Brookings Institute | Jul. 12 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

Many in America Are Still Hungry, but Federal Legislation Could Help Combat the Problems
Richmond Times-Dispatch | Jul. 8 | Disaster Recovery & Relief | Food Systems Finance | Incentives | Legislative | Tax Credits | COVID-19

Wildfire Recovery: Federal Assistance to Individuals and Households Tops $160M
FEMA | Jul. 7 | Disaster Recovery & Relief | Federal | COVID-19

Additional COVID Relief Funding Targets Farmers, Ag Businesses
Marshall Independent | Jul. 2 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | COVID-19

SBA Announces Closure of Restaurant Revitalization Fund Program
SBA | Jul. 2 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Small Business Administration (SBA) | COVID-19

SBA Cancels Grants to Minority-Led Restaurants After Discrimination Lawsuit
Next City | Jun. 25 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Social Finance | U.S. Small Business Administration (SBA) | COVID-19

The Potential of the Proposed Rural Partnership Program
The Brookings Institution | Jun. 24 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

USDA Designates 23 Tennessee Counties as Primary Natural Disaster Areas
Southern Sentinel | Jun. 23 | Agriculture Finance | Disaster Recovery & Relief | Federal | U.S. Dept. of Agriculture (USDA) | COVID-19

HUD Takes Additional Steps to Free up Long-Awaited Disaster Recovery Funds for Puerto Rico and USVI
HUD | Jun. 22 | Access to Capital | Community Development | Disaster Recovery & Relief | Federal | Infrastructure Finance | Legislative | U.S. Dept. of Housing & Urban Development (HUD) | COVID-19

Will Biden Deliver for Rural America? The Promise of the American Rescue Plan
The Brookings Institution | Jun. 22 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Federal | Rural Development | COVID-19


Highlights from the Online Resource Database

CDBG CV Broadband Quick Guide
Disaster Recovery & Relief | Housing Finance | Infrastructure Finance
This CDBG-CV Broadband Quick Guide summarizes some of the ways Community Development Block Grant CARES Act (CDBG-CV) grantees can help narrow the digital divide through the provision of broadband infrastructure and services to communities in need due to the coronavirus. The Guidebook describes and provides examples of how CDBG and CDBG-CV funds can be used for eligible activities to support broadband access.

COVID-19 Complicates Housing Affordability
Bond Finance | Disaster Recovery & Relief | Economic Development | Housing Finance | Social Finance
This research from Fitch Ratings examines how the COVID-19 pandemic has complicated housing affordability. Issues that led to the persistent housing unaffordability preceded COVID-19. The pandemic caused an economic contraction felt among millions of Americans of many economic strata, and housing insecurity has only worsened for the most vulnerable.

Using State and Local American Rescue Plan Resources to Address Violent Crime
Community Development | Disaster Recovery & Relief | Social Finance
This guidance from the Treasury Department examines how states and localities can use the State and Local Fiscal Recovery Funds included in the American Rescue Plan Act to reduce and respond to violent crime – particularly gun violence – by investing in community policing, community violence interruption, and other programs that are proven to reduce crime.


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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