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
Higher Loan Limit Now Available for USDA Guaranteed Farm Loans
USDA Farm Service Agency
| Oct. 4 |
The U.S. Department of Agriculture (USDA) is announcing a higher loan limit will be available for borrowers seeking a guaranteed farm loan starting Oct. 1, 2021, from $1.776 million to $1.825 million. In addition, FSA will permit a second Disaster Set-Aside for COVID-19 and a second DSA for natural disasters for those who had an initial COVID-19 DSA. Requests for a COVID-19 DSA or a second DSA must be received no later than May 1, 2022.
USDA to Launch Loan Guarantee Initiative to Strengthen America’s Food Supply Chain
| Oct. 4 |
As part of the Administration's efforts to address food systems challenges arising from the pandemic as well as those going back decades, USDA announced plans for another $100 million in funding from the American Rescue Plan Act. The funding would leverage hundreds of millions more in lending through community and private sector lenders to expand meat and poultry processing capacity and finance other food supply chain infrastructure.
SBA Raises COVID Disaster Loan Cap to $2M, Makes Other Highly-Anticipated Changes
Dallas Morning News
| Sep. 10 |
Complaints about the SBA's COVID-19 disaster loan program have made their way up the ladder and led to major changes, including boosting how much money business owners can get. The agency announced significant updates to its Economic Injury Disaster Loan program, which provides low-interest loans to businesses that were hurt by the COVID-19 pandemic. It's intended for companies with 500 or fewer employees.
USDA Provides $700M in Grants to Farm and Food Workers Impacted by COVID-19
| Sep. 7 |
USDA announced that $700 million in competitive grant funding will be available through the new Farm and Food Workers Relief grant program to help farmworkers and meatpacking workers with pandemic-related health and safety costs. Additionally, to recognize the essential role and costs borne by front-line grocery workers, $20 million of this amount has been set aside for at least one pilot program to support grocery workers and test options for reaching them in the future.
A Transparent Look at How Governments Are Spending $350B in ARPA Funds
| Sep. 1 |
States and territories, as well as cities and counties with populations of more than 250,000, will soon be delivering the first of seven annual Recovery Plan Performance Reports to the U.S. Treasury, and those reports are required to be posted on "publicly facing" websites. The reports are unlikely to reveal much about actual performance but will give an initial view of how states and localities are spending the $350 billion in the American Rescue Plan Act.
SBA Opens Supplemental Grant Applications for Shuttered Venue Operators Grant Awardees
| Aug. 30 |
The U.S. SBA announced it will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program. Per the Economic Aid to Hard-Hit Small Businesses, Non-profits and Venues Act, SVOG supplemental awards are to be provided to those who received an initial grant and have illustrated a 70% loss when comparing 2021's first-quarter revenues to the same in 2019.
Community Investment Explorer Tool 2.0Members only Login
View more Federal Resources
Aug. 24 |
Developed by the Federal Reserve Bank of St. Louis, the newly enhanced Community Investment Explorer (CIE) 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. This interactive tool allows users to find out where capital is going, how equitably is it being distributed, and for what purpose is it serving.
-State and Local Resources
A Better Way to Spend COVID Relief Funds
Cities are currently grappling with how they should prioritize competing programs, initiatives, and ideas. SLFR funds are a once-in-a-generation opportunity and cities have to contend with balancing relief and recovery. While we can't observe the processes in every city, we pull out four emblematic examples that are at the forefront of emerging models of local recovery.
Disaster Resiliency and Recovery Resources: A Guide for Rural CommunitiesMembers only Login
USDA Rural Development (RD) developed this guide as a resource for rural communities seeking disaster resiliency and recovery assistance. The recent National Climate Assessment (NCA) identifies that more frequent and extreme weather and climate-related events, as well as changes in average climate conditions, are expected to continue to damage infrastructure, ecosystems, and social systems that provide essential benefits to communities.
The American Rescue Plan Can Be a Lifeline for Business Districts
Even before the COVID-19 pandemic, many small businesses in rural downtowns to urban commercial corridors already faced serious challenges, including decades of disinvestment, limited access to capital and broadband, brain drain, and competition from big-box and online retail. The American Rescue Plan Act —and particularly, its $350 billion in state and local funding—offers a lifeline for these struggling Main Streets.
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
View More Disaster Recovery & Relief Resources
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.
SSBCI Learning Series - Module III
October 22, 2021
1:00 PM Eastern
The third module of the SSBCI Learning Series will cover Collateral Support Program and Loan Participation Program. It will also discuss insights on engaging financial institutions and FinTech, as well as strategies for meeting the needs of SEDI Businesses, Very Small Businesses, Rural Businesses, and Tribal Businesses.
SSBCI Learning Series - Module IV
November 19, 2021
1:00 PM Eastern
The fourth module of the SSBCI Learning Series will cover all aspects of program administration, including Reporting and Compliance, Staffing and Service Providers, Technical Assistance, and Outreach and Engagement.
CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
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Tuesday, November 30, 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.
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
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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.