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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

Biden-Harris Administration Announces Changes to PPP to Further Promote Equitable Access to Relief
The White House | Feb. 22 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19
The Biden-Harris administration has made delivering equitable relief to hard-hit small businesses a top priority. The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. These efforts will extend much-needed resources to help small businesses survive, reopen, and rebuild.
SBA Reaches $200B Milestone in Economic Injury Disaster Loan Program to Small Businesses and Non-Profits
U.S. SBA | Feb. 17 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19
The U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided U.S. small businesses, non-profits, and agricultural businesses a total of $200 billion in emergency funding.
MSRB Analyzes Effects of COVID-19 on Municipal Bond Market
MSRB | Feb. 11 | Bond Finance | Municipal Securities Rulemaking Board (MSRB)
In a new report on the effects of the COVID-19 pandemic on the municipal bond market, the MSRB found market resilience in the face of unprecedented volatility. The MSRB found unprecedented municipal mutual fund outflows in March 2020, but net inflows of $39 billion by the end of the year, as well as a return to lower rates following significant market dislocation in March 2020.
Fact Sheet: Update on USDA Activities to Contain the COVID-19 Pandemic
USDA | Feb. 10 | Agriculture Finance | Community Development | Disaster Recovery & Relief | Federal | Rural Development | (more)
The USDA is responding to President Biden's call for all parts of the federal government to contribute resources — facilities, personnel, and expertise — to contain the pandemic. The USDA is offering its personnel, facilities, cold chain infrastructure, public health experts, disaster response specialists, and footprint in rural areas and tribal communities across the country to help contain the pandemic and get the economy back on track.
SBA and Lenders Take More Steps to Improve Paycheck Protection Program
U.S. SBA | Feb. 10 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19
The U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much-needed PPP funds to persevere through the pandemic, recover, and build back better. The Administration is working with the Agency to increase equitable access to underserved small businesses, to assure the integrity of the program, and to promote the rapid and efficient distribution of funds.
Relief for HUD Section 108 Borrowers Impacted by COVID-19
Feb. 9 | Access to Capital | Community Development | Disaster Recovery & Relief | Economic Development | Housing Finance | (more)
The following questions and answers document describes actions that can be taken by HUD and communities to assist Section 108 business borrowers experiencing economic distress as a result of coronavirus.
SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review
U.S. SBA | Jan. 26 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Small Business Administration (SBA) | COVID-19
The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. While reviewing the initial draw of PPP loans, anomalies – mostly data mismatches and eligibility concerns – were identified in approximately 4.7% of the lender-submitted data.
Small Business Funding Portal - U.S. SBA
U.S. SBA | Jan. 19 | Access to Capital | Disaster Recovery & Relief | Federal
A resource of private funding options to help small businesses. Browse options available nationally, or input a zip code to explore location-specific funding.
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
U.S. SBA | Jan. 8 | Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | U.S. Dept. of Treasury | (more)
The SBA, in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote initial access to capital, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.
Key Development Finance Priorities Passed in Congress in $2.3T Bill
CDFA | Dec. 22 | Disaster Recovery & Relief | Economic Development | Legislative | COVID-19
Congress has passed a $2.3 trillion omnibus spending bill that includes approximately $1.4 trillion to fund the government through September 30, 2021, and approximately $900 billion in economic stimulus.

Many elements of the CDFA COVID-19 Comprehensive Recovery Strategy are in this bill, including increased funding for the CDFI Fund and the EDA, along with important extensions and corrections for several development finance tools.

Additional information and resources will be available in the coming weeks, including an all-new CDFA Federal Financing Webinar Series, updates to the CDFA Federal Financing Clearinghouse, and news and resources captured in the COVID-19 Resource Center.

Summaries of the development finance priorities included in H.R. 133 are listed below.

>>> Read a Section-by-Section Summary of Relief Provisions
>>> Read a Section-by-Section Summary of Appropriations
>>> Read a Section-by-Section Summary of Authorizing Matters
>>> Read the Full Text
View more Federal Resources

-State and Local Resources

How States Can Direct Economic Development to Places and People in NeedMembers only Login
To address local disparities and help struggling areas thrive, governments at all levels have spent billions of dollars on a range of geographically targeted, or "place-based," economic development programs — mostly in the form of financial incentives — designed to boost job creation and business investment, incentivize real estate development, or increase property values in specific places. The Pew Charitable Trusts performed a literature review of more than 100 studies to better understand the reasons for lack of effectiveness of place-based programs.
State Tax and Economic Review, 2020 Quarter 2Members only Login
States saw steep declines in revenues in the second quarter of 2020, though some of this was caused by shifting revenues into the next quarter and next fiscal year. Consequently, most states ended the 2020 fiscal year uncertain about their fiscal bottom line. Many states cut spending, laid off or furloughed workers, or used federal aid or rainy-day funds, while they waited to see what their revenues would be after the July 15 income tax filing deadline.
State Tax Revenue During the COVID-19 PandemicMembers only Login
This dataset, compiled by the Urban Institute, examines the economic factors driving state tax collections during the COVID-19 pandemic based on data from US federal agencies like the Bureau of Economic Analysis, Bureau of Labor Statistics, and Federal Housing Finance Agency.
Local Data for Equitable Recovery
Local Data for Equitable Recovery is a resource hub curated by the Urban Institute and the National Neighborhood Indicators Partnership (NNIP) that highlights how local communities can use data and information to respond equitably and effectively to long-standing disparities exacerbated by the COVID-19 health crisis.
Private Capital Public Good - Leveraging Impact Investing to Support a Just & Equitable Recovery
This policy paper from the U.S. Impact Investing Alliance outlines 12 specific policy recommendations and ideas with the potential to catalyze more impact investments to help address urgent social, economic, and environmental challenges.
Building Resilient Rural Places: Strategies from Local Leaders to Strengthen Rural Assets, Diversity, and Dynamism
As the COVID-19 pandemic tests the resilience of rural economies in real-time, this five-part research series argues that our attention should not be focused on an outdated, inaccurate image of rural America, but rather on understanding, sustaining, and investing in the hyperlocal strategies already working to bring growth and equity to increasingly diverse and dynamic rural areas.
Creating Lasting Change through Community LeadershipMembers only Login
This piece from the Urban Institute examines how the students, parents, community organizers, and local leaders in Camden, NJ, Perry County, KY, and Hayward, CA are using data to make their communities better for themselves, for their neighbors, and for future generations through the Promise Neighborhoods program.
Homeownership and Closing the Racial Wealth Gap
LISC CEO Maurice A. Jones joined President Bill Clinton, former HUD Secretary Julian Castro, and Atlanta Mayor Keisha Lance Bottoms to talk solutions to the housing crisis in a post-pandemic landscape on a Clinton Foundation video-streamed panel, "Affordable Housing and (Re)building the American Dream."
Local Food Systems Response to COVID
The COVID-19 pandemic and associated public health and social distancing mandates caused unprecedented shifts and disruptions for Local and Regional Food Systems (LRFS). USDA Agricultural Marketing Service (AMS) along with the cooperating research team led by the University of Kentucky seek to enrich existing efforts within LRFS communities of practice who provide essential support to our nation’s local food producers.
Assessment of County Needs in Economic Recovery from COVID-19
County leaders have witnessed firsthand the impacts of the COVID-19 pandemic on their neighbors and constituents and are well-informed on needs arising in their local communities. While county governments are uniquely positioned to support recovery efforts, counties, themselves, need support to meet those needs and secure the physical and economic well-being of their residents moving forward. This report outlines what county leaders have identified as primary concerns, priority actions and resources needed to create equitable long-term economic recovery.
View More Disaster Recovery & Relief Resources

-Additional Resources

-Headlines

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-Upcoming Events

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021
2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we’ll explore what is being done to advance the goals in these market areas.
Register
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021
2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.
Register
CDFA Federal Financing Webinar Series: The Federal Role in Financing Broadband
Tuesday, September 14, 2021
2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, experts will discuss how federal financing tools can be used to fund 5G broadband networks.
Register
CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 20, 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.
Register
CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021
2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.
Register
View more Upcoming Events

-Webcasts

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on RatingsMembers only Login
During this installment of the CDFA-PFM Capital Markets Webinar Series, we gathered experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.
CDFA // BNY Mellon Development Finance Webcast Series: Bond Financing for Disaster ResponseMembers only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we looked at how bonds act as a resilient economic driver by financing the critical facilities and infrastructure that stabilize local economies during and after crises.
CDFA // BNY Mellon Development Finance Webcast Series: Understanding The Municipal Liquidity FacilityMembers only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts discussed the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive option for issuers.
CDFA // BNY Mellon Development Finance Webcast Series: Financing Small Business Recovery After COVID-19Members only Login
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we discussed the impacts of COVID-19 on access to capital and how finance tools have evolved to meet the growing needs of small businesses as the nation works towards economic recovery.
View more Webcasts

CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor