COVID-19 Resource Center

Development finance has always been at the forefront of recovering from natural disasters and economic challenges. The CDFA COVID-19 Resource Center is a collection of financing programs and resources to address disaster relief and recovery.

As the situation surrounding COVID-19 evolves, small businesses and communities across the country will very quickly face liquidity challenges, job losses, and project stagnation. Credit will be tightening and small businesses will struggle to make payroll while communities will be forced to scale back or halt infrastructure development. Moreover, communities are facing difficulties financing critical infrastructure such as health facilities, broadband networks, and testing centers to address local COVID-19 demands.

Development finance agencies are uniquely positioned to solve these challenges through pragmatic solutions and adjustments to existing initiatives. CDFA developed this COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19.

Subscribe to CDFA's COVID-19 Recovery & Relief Update newsletter for regular updates on relief and recovery financing initiatives.

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-CDFA's COVID-19 Comprehensive Recovery Strategy

Based on the input of our 500+ members, CDFA has developed a set of policy proposals that would allow state and local governments, through development finance agencies, to be immediate problem solvers that can help alleviate the extreme economic challenges facing small businesses and communities to put America securely on the path to recovery.

Read the Comprehensive Recovery Strategy

Unlock Capital for Small Business Immediately

To support small businesses, Congress and the Administration should:

Reauthorize & Fund the State Small Business Credit Initiative
Temporarily Remove Match Requirements from Certain Federal Programs
Amend Existing Revolving Loan Funds

Pass Immediate Bond Financing Provisions

To support communities, Congress and the Administration should:

Pass the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA)
Create a Permanent Category of Disaster Recovery Bonds

Allocate Federal Funding Accordingly

CDFI Fund - $1 billion to address critical community lending needs
EDA - $500 million to seed new, flexible revolving loan funds and to provide direct technical assistance to communities hit hard by the crisis
HUD - $2 billion to address urban disaster recovery due to small business losses
USDA - $2 billion to address rural development stagnation and the loss of small businesses

-Weekly Development Finance COVID-19 Briefings

CDFA hosted weekly briefings about development finance COVID-19 news and resources. These one-hour phone calls featured legislative updates, news from our members, state and local financing strategies, and lessons learned from previous development finance responses to disasters.

CDFA's Weekly Development Finance COVID-19 Briefings were held every Friday at 1:00 PM (Eastern) through May 15, 2020:

-State Response Map

Click a state to view COVID-19 financing programs and related headlines.

-COVID-19 Recovery & Relief Resources

-Federal Resources

This report from Drexel University's Nowak Metro Finance Lab provides a guide to federal funding in the American Rescue Plan (ARP). The authors place a special emphasis on formula funds received by local anchors, competitive grants, and funds distributed to public authorities that city leadership can leverage to boost their recovery. They clarify which entities are responsible for applying for grant funds, when funding expires, and what role city and county leadership can play even when they will not be the primary applicant for funds.

The U.S. Department of Housing and Urban Development (HUD) granted an extension of the deadline for certain financial reports for owners of multifamily housing projects and residential care facilities due to the COVID-19 pandemic.

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced $450 million in Indian Housing Block Grants (IHBG) to Indian tribes across the country to respond to COVID-19. This funding will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities.

The SBA is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

On March 11, President Biden signed the American Rescue Plan Act of 2021, which provides an additional $1.9 trillion in new COVID relief funds. This includes funding of a $28.6 billion Restaurant Revitalization Fund (the "RRF"). The RRF will provide grants to eligible restaurants to help offset revenue losses. Additional details and further guidance are expected to be provided by the SBA.

It was nearly a year ago that the CARES Act was implemented, and $1.5 billion in supplemental funding was provided to EDA to help communities prevent, prepare for, and respond to coronavirus. Today, EDA is pleased to note that it has awarded more than $1 billion in CARES Act grants.

The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

The American Rescue Plan will provide $350 billion in payments to U.S. territories, states, and local and tribal governments as crucial assistance for budgets depleted by COVID-19. Of the amounts to be provided to states and local governments, states will receive 60 percent and local governments will receive 40 percent of the distributions.

The American Rescue Plan Act of 2021 is a critical step in getting the U.S. economy back on track, getting children back to school, getting COVID-19 vaccinations to all Americans, and pulling millions out of poverty. Provisions within the jurisdiction of the USDA will reduce hunger across the country, strengthen the food supply chain, invest in rural America, and provide long-awaited support to underserved, socially disadvantaged farmers.

The House approved the final version of President Biden's $1.9 trillion coronavirus relief bill on Wednesday, handing the new president a significant legislative victory as he works to stabilize an economy still struggling to rebound from the depths of the COVID-19 pandemic. The bill includes $10 billion to reauthorize the State Small Business Credit Initiative (SSBCI) - a top priority of CDFA.

View more Federal Resources

-State and Local Resources

Summary of State and Local Funding Sources in the American Rescue Plan

This table includes all the federal-to-local funding streams in the American Rescue Plan that reach cities and their residents. It does not include appropriations to Tribal Governments or Agency appropriations focused on program operations at the federal level with no further sub-allocation. It is a dynamic summary to be paired with the Federal Investment Guide produced by Accelerator for America, Drexel University, and the US Conference of Mayors.

How Should Local Leaders Use Their American Rescue Plan Funding?

Included in the American Rescue Plan Act is $350 billion for "Coronavirus State and Local Fiscal Recovery Funds." These funds will be deployed to state and local governments to mitigate the fiscal impact of the COVID-19 pandemic. For many cities and counties, this represents the largest positive fiscal jolt to their budgets in decades. The decisions made in the coming weeks will determine whether cities merely enjoy a brief stimulus or seed a new trajectory of inclusive economic growth.

Legislative Analysis for Counties: American Rescue Plan Act of 2021 Members only

Community Development | Disaster Recovery & Relief | Economic Development | Legislative | Rural Development

As part of the American Rescue Plan's $362 billion in federal fiscal recovery aid for state and local governments, $65.1 billion is provided in direct aid to counties and an additional $1.5 billion for public land counties. This analysis by the National Association of Counties highlights key provisions for county governments.

Everything Cities Need to Know About COVID Relief

Community Development | Disaster Recovery & Relief | Rural Development | COVID-19

President Biden signed the American Rescue Plan Act into law on March 11. With the stroke of a pen, the President and Congress delivered historic, unprecedented and meaningful aid to America's 19,000 cities, towns, and villages with $65.1 billion of direct aid. This analysis provides a closer look at the direct aid to cities, towns, and villages.

The Pandemic is Pushing Cities to Rethink How to Drive Capital to Small Business

Access to Capital | Community Development | Disaster Recovery & Relief | Social Finance | COVID-19

An estimated 41 percent of Black-owned businesses closed over the same February to April of 2020. State and local governments are using an assortment of tools to push that money in the direction of the people and businesses hit hardest by the pandemic — which happen to be disproportionately Black, Indigenous, or other people of color.

How States Can Direct Economic Development to Places and People in Need Members only

To address local disparities and help struggling areas thrive, governments at all levels have spent billions of dollars on a range of geographically targeted, or "place-based," economic development programs — mostly in the form of financial incentives — designed to boost job creation and business investment, incentivize real estate development, or increase property values in specific places. The Pew Charitable Trusts performed a literature review of more than 100 studies to better understand the reasons for the lack of effectiveness of place-based programs.

State Tax and Economic Review, 2020 Quarter 2 Members only

Disaster Recovery & Relief | Economic Development

States saw steep declines in revenues in the second quarter of 2020, though some of this was caused by shifting revenues into the next quarter and next fiscal year. Consequently, most states ended the 2020 fiscal year uncertain about their fiscal bottom line. Many states cut spending, laid off or furloughed workers, or used federal aid or rainy-day funds, while they waited to see what their revenues would be after the July 15 income tax filing deadline.

State Tax Revenue During the COVID-19 Pandemic Members only

Disaster Recovery & Relief | Economic Development | State Finance Program

This dataset, compiled by the Urban Institute, examines the economic factors driving state tax collections during the COVID-19 pandemic based on data from US federal agencies like the Bureau of Economic Analysis, Bureau of Labor Statistics, and Federal Housing Finance Agency.

Local Data for Equitable Recovery

Disaster Recovery & Relief | Economic Development | Social Finance

Local Data for Equitable Recovery is a resource hub curated by the Urban Institute and the National Neighborhood Indicators Partnership (NNIP) that highlights how local communities can use data and information to respond equitably and effectively to long-standing disparities exacerbated by the COVID-19 health crisis.

Private Capital Public Good - Leveraging Impact Investing to Support a Just & Equitable Recovery

This policy paper from the U.S. Impact Investing Alliance outlines 12 specific policy recommendations and ideas with the potential to catalyze more impact investments to help address urgent social, economic, and environmental challenges.

View More Disaster Recovery & Relief Resources

-Additional Resources

-Headlines

Federal Investment Guide to the American Rescue Plan
Drexel University Nowak Metro Finance Lab | Apr. 6 | Disaster Recovery & Relief | Federal | COVID-19

View more Headlines

-Upcoming Events

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021
2:00 PM - 4:00 PM Eastern

Certain property and project types have not taken full advantage of PACE, however, during this workshop we’ll explore what is being done to advance the goals in these market areas.

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.

CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021
2:00 PM - 3:30 PM Eastern

During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 20, 2021
2:00 PM - 4:00 PM Eastern

It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021
2:00 PM - 3:30 PM Eastern

During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

View more Upcoming Events

-Webcasts

One Year into the Pandemic: New Evidence on How Small Businesses are Faring

Access to Capital | Disaster Recovery & Relief | Webcasts

The Urban Institute hosted this discussion about how small businesses are faring one year after the start of widespread economic shutdowns due to the pandemic. The webinar explored the disconnect between the fall in business activity and revenues, and generally positive small business credit and debt patterns. It also discussed what roles governments and philanthropic entities should play, including what work is needed to ensure businesses historically excluded from access to capital can have a prosperous future.

National SSBCI 2.0 Call - March 26, 2021

SSBCI was signed into law as part of the American Rescue Plan Act of 2021. CDFA hosted this National SSBCI 2.0 Call serving as an interface between Treasury and stakeholders during the rulemaking process. On March 26, 2021, we discussed insights and recommendations to Treasury and our understanding of what resources need to be developed.

2021CDFARuralDevelopmentFinanceWebinarSeries:Financing DisasterResiliencyinRuralCommunities

During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts discussed the variety of financing tools available from federal, state, and local sources to encourage investment resilient infrastructure.

National SSBCI 2.0 Call - March 11, 2021

SSBCI was signed into law as part of the American Rescue Plan Act of 2021. CDFA hosted this National SSBCI 2.0 Call with interested stakeholders on March 11, 2021, to discuss SSBCI 2.0. We discussed key SSBCI 2.0 questions and timelines. We also discussed CDFA's plans for SSBCI education and future engagement. Several states spoke about their efforts to re-launch SSBCI programming.

CDFA - Ice Miller Broadband Financing Series: Financing Tools for Broadband Projects

COVID-19 has highlighted the need for broadband and the gaps in broadband access. As part of our collaboration with Ice Miller, this video is designed to provide a review of the various approaches to expanding broadband access and how to assess which approach best accommodates community needs and capabilities.

View more Webcasts