SBA Issues Final Interim Rules Providing PPP Guidance
| May. 27 |
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.
IRS Allows Employers to Claim Tax Credit for Paying Furloughed Employees' Health Premiums
| May. 21 |
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.
New York Federal Reserve Releases Municipal Liquidity Facility Application, Form Documents
| May. 20 |
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.
Advance Refunding Could Be Inserted into a Bipartisan HEROES Act
The Bond Buyer
| May. 18 |
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.
Fed's Municipal Liquidity Facility Open for Business
The Bond Buyer
| May. 18 |
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.
Municipal Liquidity Facility Adds $500B, Expands Issuers and Duration
Weiner Brodsky Kider PC
| May. 18 |
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.
SBA Releases Paycheck Protection Program Loan Forgiveness Application
| May. 18 |
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.
Nonprofits & the Payroll Protection Program: You Can Now Apply Through IFF
| May. 15 |
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.
EDA CARES Act Recovery Assistance Now Available
View more Federal Resources
| May. 7 |
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.
Vermont Economic Recovery and Relief Package
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
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).
Business Survival Guide
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
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
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
View More Disaster Recovery & Relief Resources
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.