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.
-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
EDA Announces American Rescue Plan Programs
| Jul. 22 |
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.
CDBG CV Broadband Quick GuideMembers only Login
Jun. 30 |
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.
SBA Administrator Issues Statement on the Closure of Paycheck Protection Program
| Jun. 1 |
U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees employed and helping businesses come back stronger than ever.
SBA Rolls Out $100M Grant Program to Help Small Businesses Recover from COVID Fallout
| May. 27 |
The 'Community Navigator Pilot' Program will offer grants of $1 million to $5 million to eligible organizations to provide counseling, networking and to serve as an informal connection to agency resources to help rural and urban small businesses recover from the economic devastation wrought by the COVID-19 pandemic.
Fact Sheet: Coronavirus State and Local Fiscal Recovery FundsMembers only Login
May. 20 |
The $350 billion Coronavirus State and Local Fiscal Recovery Funds provide substantial flexibility for each jurisdiction to meet local needs—including support for households, small businesses, impacted industries, essential workers, and the communities hardest hit by the crisis. These funds also deliver resources that recipients can invest in building, maintaining, or upgrading their water, sewer, and broadband infrastructure.
In First 11 Days, Treasury Distributes $105.3B through Coronavirus State and Local Fiscal Recovery Funds
U.S. Department of the Treasury
| May. 20 |
The U.S. Department of the Treasury announced that it has distributed $105.3 billion to more than 1,500 recipients through the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021. This $105.3 billion distribution is part of the $350 billion allocated in emergency funding for state, local, territorial, and Tribal governments.
U.S. Department of the Treasury Launches the Coronavirus State and Local Fiscal Recovery Funds Program
Ballard Spahr LLP
| May. 19 |
The U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds Program, which will provide $350 billion in emergency funds to eligible entities including state, local, territorial, and tribal governments. Eligible entities may use Coronavirus State and Local Fiscal Recovery Funds to stabilize revenue downturns and address budget shortfalls.
USDA Invests $92M in Grants for Local, Regional Food Producers Affected by the Pandemic
View more Federal Resources
| May. 5 |
The USDA announced $92.2 million in competitive grant funding under the 2018 Farm Bill's Local Agriculture Market Program (LAMP). The LAMP grants are funded through the Farmers Market program as part of USDA's Pandemic Assistance for Producers Initiative. These grants support the development, coordination, and expansion of direct producer-to-consumer marketing, local and regional food markets and enterprises, and value-added agricultural products.
-State and Local Resources
COVID-19 Complicates Housing AffordabilityMembers only Login
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.
Coronavirus State and Local Fiscal Recovery Funds: Five Things Governments Need to Know
The U.S. Department of the Treasury published its interim final rule to implement the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Recovery Fund. The American Rescue Plan Act created the $350 billion recovery funds. To support governments in using money distributed from the recovery funds, the interim rule provides critical guidance regarding eligible uses of funds.
How Cities, States, and Tribes Can Boost Entrepreneurship via the American Rescue Plan
The COVID-19 crisis has put thousands of small businesses, from high-growth startups to Main Street employers, out of business. Importantly, the economic impacts of COVID-19 have not been equal. Minority-owned businesses and very small businesses are disproportionately concentrated in the industries most heavily impacted by the COVID-19 crisis such as restaurants, retail stores, and personal services.
American Rescue Plan Act - Local Relief Frequently Asked QuestionsMembers only Login
After the American Rescue Plan Act was signed into law by President Biden on March 11, 2021, it guaranteed direct relief to all 19,000 cities, towns, and villages in the United States. NLC has identified frequently asked questions about the Coronavirus Local Fiscal Recovery Fund grants, and has provided answers based on available information to help cities prepare while Treasury develops official guidance.
How States Can Avoid Costly Pitfalls While Rebuilding Their Economies
An unexpected decrease in revenue is one of the most challenging budget situations that state governments can face, as recent experiences grappling with the impact of the pandemic show. Policymakers are also feeling pressure to get their economies back on track. If economic development incentives are part of a state's recovery strategy, leaders should reduce fiscal risk, make informed policy decisions, and revisit programs for relevancy.
Summary of State and Local Funding Sources in the American Rescue PlanMembers only Login
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.
Everything Cities Need to Know About COVID Relief
View More Disaster Recovery & Relief Resources
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.
One Year into the Pandemic: New Evidence on How Small Businesses are Faring
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.
National SSBCI 2.0 Call - March 11, 2021
View more Webcasts
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.