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

HUD announced $472 million in CARES Act funding to help low-income families during the coronavirus pandemic. This funding can be used by Public Housing Authorities to help families assisted by Housing Choice Vouchers and Mainstream vouchers prevent, prepare for, and respond to the coronavirus. The funding, made available by the CARES Act, will be awarded to Public Housing Authorities across the Nation.

President Signs Executive Orders To Extend COVID-19 Economic Relief
Forbes | Aug. 10 | Disaster Recovery & Relief | Federal | COVID-19

President Trump has signed executive orders to extend economic relief after lawmakers were unable to reach an agreement on a new stimulus package. The orders include extending enhanced unemployment benefits and the federal eviction moratorium, imposing a payroll tax holiday, and further suspending federal student loan payments.

The SBA has published additional guidance regarding the forgiveness of Paycheck Protection Program (PPP) loans. The new FAQs clarify previous SBA guidance, provisions of the CARES Act, and the PPP loan forgiveness application.

Depleted Tax Coffers Could Cause Shift in Incentive Policy
Ellen Harpel | Jul. 29 | Disaster Recovery & Relief | Economic Development | COVID-19

In this new environment of reduced tax revenues, impacts on incentives must be considered. While the country battles the coronavirus, state and local governments will be squeezed financially - just like so many businesses and households. Economic development organizations will have to respond by carefully managing - and better justifying - their incentive and financing programs.

The Federal Communications Commission (FCC) has responded to the surge in demand for stronger telehealth infrastructure by padding its Rural Health Care Program with an extra $198 million in funding, putting total funding for the program at a record $802.7 million for 2020.

Where $521 Billion in Paycheck Protection Program Loans Went
Bloomberg | Jul. 20 | Disaster Recovery & Relief | Federal | COVID-19

The government disclosed detailed information about hundreds of billions of dollars in Paycheck Protection Program (PPP) aid to small businesses suffering from the economic effects of the coronavirus pandemic. Here's a look at where it went.

The Small Business Administration (SBA) released details about Paycheck Protection Program (PPP) loans. The data doesn't cover all PPP loans—just those over $150,000. That still includes more than 660,000 loans valued at more than $429 billion, about 84% of the $510 billion in PPP loans that have been issued. The data begs three questions: 1) Who got what? 2) Where did they get it from? and 3) How well did the loans perform?

Wells Fargo unveiled details of an approximately $400M effort to help small businesses impacted by the ongoing COVID-19 pandemic remain open, retain employees and rebuild. The Open for Business Fund's initial grants will allocate $28M to CDFIs aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of the industry, according to the National Bureau of Economic Research.

Paycheck Protection Program Loan Data Members only

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Jul. 7 | Access to Capital | Disaster Recovery & Relief | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA)

The SBA, in consultation with the Treasury Department, released detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made through July 6, 2020. Click here to be redirected to the online data repository.

The SBA, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made through July 6, 2020.

View more Federal Resources

-State and Local Resources

An Infrastructure Stimulus Plan for the COVID-19 Recession

This Brookings Institute brief uses historical data and the earliest indicators from the COVID-19 downturn to make the case for a people-first approach to federal infrastructure stimulus. The total cost of these programs would range from $167 billion to $327 billion.

Delaware County, OH Creates Small Business Revolving Loan Fund

A revolving loan fund authorized by the County Commissioners to assist Delaware County small business owners has grown to $3.25 million. The fund was recently launched with a $2.5 million infusion by the Delaware County Board of Commissioners.

Supporting Microbusinesses in Underserved Communities During the COVID-19 Recovery

In Detroit, collaborations between public, private, nonprofit, and philanthropic leaders quickly listened to business owners, innovating and implementing strategies to ensure the most vulnerable businesses could address their specific needs that resulted from social distancing orders. The strategies outlined below could have potential applications for many underserved communities in cities across the United States.

How Opportunity Zones Can Help Accelerate Post-COVID Economic Resurgence: A Milken Institute Working Paper Members only

Disaster Recovery & Relief | Economic Development | Opportunity Zones | Redevelopment | Resiliency

In a post-COVID world, it will be imperative to invest in our underserved communities’ capacity to serve themselves, and in their resilience. Opportunity Zones are one tool to drive this effort. The Milken Institute has developed this state and local official training guide to help community leaders engage more effectively with the private sector and philanthropic partners to create new, lasting models for building local prosperity and community wealth.

COVID-19 Likely to Result in Increased Entrepreneurship Rates

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

Despite the more than 40 million unemployment filings and anticipated millions of small business closures that will result due to COVID-19, previous economic downturns suggest that there may soon be ripe opportunities for business start-up activity.

CARES Act Suggestions for State, Local, Tribal, and Territorial Elected Officials Members only

The National League of Cities, National Low Income Housing Coalition, and National Alliance to End Homelessness, and Mayors & CEOs for U.S. Housing Investments prepared this guide for elected officials to help maximize federal resources made available under the CARES Act to reduce housing instability and homelessness resulting from COVID-19.

Quick Guide to CDBG Eligible Activities to Support Coronavirus and Other Infectious Disease Response

The Quick Guide to CDBG Eligible Activities to Support Infectious Disease Response provides grantees with information on implementing CDBG funds in a coordinated effort with local health authorities before undertaking any activity to support state or local pandemic response. Grantees may use CDBG funds for a range of eligible activities that prevent and respond to the spread of infectious diseases such as the coronavirus.

COVID-19 Questions and Answers for Multifamily Housing Stakeholders

On April 16, 2020, HUD and FHA published these answers to frequently asked questions pertaining to all multifamily housing stakeholders. Topics include Emergency Preparedness, CARES Act assistance and other funding available Asset Management, Recapitalization and RAD, and more.

COVID-19 Rebirth Using Proven Tools

This white paper looks at how 5 successful programs can be used to finance the recovery from COVID-19. The 5 programs are C-PACE and R-PACE, State Historic Tax Credits, State Opportunity Zones Programs, State New Markets Tax Credits, and Solar and Energy Tax Credits (ITCs).

COVID-19 Emergency Loans & Small Business Checklist - U.S. Chamber of Commerce

Access to Capital | Community Development | Disaster Recovery & Relief

The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.

View More Disaster Recovery & Relief Resources

-Additional Resources

-Headlines

Can Opportunity Zones Recover from the COVID-19 Crisis?
OpportunityDb | Aug. 12 | Disaster Recovery & Relief | Opportunity Zones | COVID-19

More Long Bonds From the U.S.? Not a Problem for the Fed
Bloomberg | Aug. 12 | Bond Finance | Disaster Recovery & Relief | COVID-19

President Signs Executive Orders To Extend COVID-19 Economic Relief
Forbes | Aug. 10 | Disaster Recovery & Relief | Federal | COVID-19

View more Headlines

-Upcoming Events

CDFA Federal Financing Webinar Series: Federal Recovery Resources from NIST and MEP
August 14, 2020
1:00 - 3:00 PM Eastern

During this installment of the Federal Financing Webinar Series, learn how NIST and MEP are using CARES Act funding to support local manufacturing ecosystems.

Intro Food Systems Finance WebCourse
December 9-10, 2020
12:00 - 5:00 PM Eastern

The Intro Food Systems Finance WebCourse examines the development finance programs that sustain a local food system and how investments in that system can drive economic development on a broader scale. Topics covered include federal, state, and local sources of capital, stakeholders involved in the financing process, and case study examples that showcase the variety of financing programs.

View more Upcoming Events

-Webcasts

CDFA - PFM Capital Markets Webinar Series: What Worries Your Municipal Advisor

Bond Finance | Disaster Recovery & Relief | Housing Finance | Infrastructure Finance | Webcasts

What should issuers, underwriters, and advisors know about working with their team of professionals to complete a bond deal during times of crisis? This interview-style discussion featured a round-robin of advisors divulging the capital markets trends they’re following and offered some best practices on how to deal with them.

CDFA - ARI Rural Finance Webinar Series: Access to Captial and Community Facilities

Disaster Recovery & Relief | Rural Development | Webcasts

During the fourth installment of the CDFA-ARI Rural Finance Webinar Series, we discussed resources for community facilities and other accessible capital for rural community development.

CDFA - ARI Rural Finance Webinar Series: Building the Road to Recovery

Disaster Recovery & Relief | Rural Development | Webcasts

During the third installment of the CDFA-ARI Rural Finance Webinar Series, we discussed the development finance tools that can support rural economies as they rebuild to be stronger than ever.

CDFA - PFM Capital Markets Webinar Series: Impact of COVID-19 on the Bond Markets Members only

During the first installment of the CDFA-PFM Capital Markets Webinar Series, we focused on the market impacts of COVID-19 through the start of June and what can be expected going forward.

COVID-19 Weekly Briefing - State of the Bond Issuers

Bond Finance | Disaster Recovery & Relief | Legislative | Webcasts

During the May 15, 2020 Weekly COVID-19 Development Finance Briefing, three top bond issuers discussed how issuers are faring during the COVID-19 crisis, the state of issuers' portfolios, issuers' concern about default risk, and how issuing authorities are managing long-term economic concerns related to state and local government budgets as well as their own budgets.

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