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.

Tune in to CDFA's Weekly Development Finance COVID-19 Briefing to stay at the forefront of the development finance community's mitigation and recovery efforts.

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

Subscribe

-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

SBA released two new interim final rules on the Paycheck Protection Program. One set covers the requirements for loan forgiveness, confirming and expanding upon the previously released loan forgiveness form and instructions; the other addresses the SBA's procedures for reviewing applications for loans and loan forgiveness. The guidance is effective immediately.

Employers that qualify for the CARES Act's employee retention credit may treat health plan expenses paid to furloughed employees as qualified wages for purposes of the retention credit. Qualified employers that do not pay wages to laid off or furloughed employees but continue health coverage for those employees may treat the associated health plan expenses as qualified wages, the IRS said.

On May 18, 2020, the New York Federal Reserve released additional information regarding the Municipal Liquidity Facility (MLF) program, including (i) a sample application to the MLF program and (ii) multiple form documents including a note purchase agreement, a note purchase commitment, a continuing disclosure undertaking, and Eligible Issuer certifications.

Reinstatement of advance refundings could be a relatively low-cost addition to the $3 trillion House-passed HEROES Act as congressional Democrats negotiate changes with Senate Republicans and the Trump administration, according to a leading Republican on the House Municipal Finance Caucus.

The Federal Reserve's short-term municipal note program is "open today" to states and local governments struggling with financial woes during the pandemic, though it was reiterated that the program is a last resort. During a GFOA roundtable Monday, Kent Hiteshew, who was recently hired by the Fed to help with municipal markets, said the Municipal Liquidity Facility is open.

The Federal Reserve Board recently announced that the Municipal Liquidity Facility will purchase up to an additional $500 billion in short-term notes issued by eligible government entities, in efforts to help states and municipalities with cash flow stresses resulting from the COVID-19 pandemic. The Board also expanded the number of entities eligible to participate in the MLF and revised eligibility requirements for short-term notes.

The U.S. Department of Treasury's Small Business Administration (SBA) released the much anticipated Paycheck Protection Program (PPP) loan forgiveness application. PPP loan borrowers will submit this application to their lenders to request forgiveness of part or all of their PPP loans.

Many nonprofits have been exploring loans from the Paycheck Protection Program (PPP). IFF knows you have questions about how the loan forgiveness process will work. That's why, with support from the John D. and Catherine T. MacArthur Foundation, IFF is pleased to share some PPP resources designed specifically for nonprofits.

Applications are now being accepted for EDA CARES Act Recovery Assistance. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to communities and regions as they respond to and recover from the impacts of the pandemic.

U.S. Department of Agriculture Secretary Sonny Perdue today applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration (SBA)'s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.

View more Federal Resources

-State and Local Resources

Vermont Economic Recovery and Relief Package

Access to Capital | Disaster Recovery & Relief | COVID-19

On May 20, Governor Phil Scott announced his proposal for a $400 million economic relief and recovery package, using funds from the $1.25 billion the state received from the Federal CARES Act. The two-phase proposal will start with $310 million for immediate relief to the most impacted sectors and businesses to be followed by $90 million for long-term recovery efforts.

Coronavirus (COVID-19) Resource Center - IceMiller LLP

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

Ice Miller organized a COVID-19 Task Force to help educate our clients about their risks and their companies' risks due to COVID-19. New content is added to the Resource Center daily. Please check back daily for NEW resources.

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.

Business Survival Guide

Access to Capital | Community Development | Disaster Recovery & Relief

Created by Business Oregon's finance team, this resource guide is meant to help small businesses during the COVID-19 outbreak.

Coronavirus Response Resources for Local Leaders

Community Development | Disaster Recovery & Relief | Organizational Management

Local elected officials are distinctly positioned to protect the health and safety of residents and to provide reassurance in times of crisis. The National League of Cities developed this resource page to support cities, towns and villages during the COVID-19 outbreak and to take measures to reduce its spread. NLC will update this page as information becomes available.

Coronavirus Discussion Guide for Local Governments

Community Development | Disaster Recovery & Relief | Organizational Management

Local government managers should prepare their communities by reviewing their emergency response plans for pandemic events. Begin by discussing these prompts with your leadership team and partner organizations and pair this discussion guide with frequently updated information noted in the Key Resources section.

A Resource Guide to Coronavirus for Government Leaders

Community Development | Disaster Recovery & Relief

The novel coronavirus has tested the durability of federal, state and local governments around the country and the world. This list of resources is meant to connect leaders with useful tools to aid in response efforts.

View More Disaster Recovery & Relief Resources