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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

Paycheck Protection Program Loan Data
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.
Congress Extends Small-Business Loan Program
The New York Times | Jul. 1 | Access to Capital | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | COVID-19
The House agreed to extend for five weeks a popular pandemic relief loan program for small businesses. The move to extend the Paycheck Protection Program through Aug. 8, which allows small businesses to secure low-interest loans to help maintain their payrolls, came as Republicans and Democrats remained divided over how much additional federal assistance to provide to businesses and individuals affected by the coronavirus and the economic hardship it has caused.
IRS Notice Provides COVID-19 LIHTC Relief
Novogradac | Jul. 1 | Access to Capital | Disaster Recovery & Relief | Federal | Housing Finance | Tax Credits | (more)
The Internal Revenue Service today released an advance copy of proposed regulations concerning low-income housing tax credit (LIHTC) compliance issues, returning to a previous standard of required inspection of the lesser of the applicable Real Estate Assessment Center (REAC) number of 20 percent of the low-income units in the development.
Minority Business Development Agency Awards $10M in Federal Funding from CARES Act
citybizlist | Jun. 30 | Disaster Recovery & Relief | Federal | U.S. Dept. of Commerce (DOC) | COVID-19
The U.S. Department of Commerce, Minority Business Development Agency (MBDA) announced the deployment of $10 million in CARES Act funding to the network of MBDA Business Centers and national minority chambers of commerce. The grants will be used for education, training, and advising small and minority business enterprises in their recovery from the effects of the COVID-19 crisis.
HUD Extends Due Date for All Financial Statements Until Sept. 30
Novogradac | Jun. 26 | Disaster Recovery & Relief | Federal | Housing Finance | COVID-19
The U.S. Department of Housing and Urban Development (HUD) today announced that the Office of Housing approved an extension for all financial statements until Sept. 30. The extension applies to all submissions, both audited and unaudited. Any submission with a due date before Sept. 30 is affected.
House Infrastructure Legislation Includes Major LIHTC Boosts, Permanency for NMTC, Increase in HTC Percentage and Delay of ITC Phasedown
Novogradac | Jun. 23 | Access to Capital | Bond Finance | Disaster Recovery & Relief | Economic Development | Energy Finance | (more)
H.R.2 includes provisions to establish a permanent minimum 4 percent rate for the LIHTC, increase the annual LIHTC allocation amount, temporarily reduce the test for bond-financed housing to 25 percent and permanently extend the NMTC at $5 billion, increase the historic tax credit (HTC) applicable percentage from to 30 percent for five years and delay the phasedown of the renewable energy investment tax credit (ITC) until 2026.
House Democrats Release Text of H.R. 2; Major Infrastructure Bill Includes Bond Provisions
House Transportation and Infrastructure Committee | Jun. 22 | Access to Capital | Bond Finance | Disaster Recovery & Relief | Economic Development | Energy Finance | (more)
The Moving Forward Act includes bond financing provisions such as advance refunding bonds, an increase of annual state volume cap, creation of new Qualified Infrastructure Bonds, and the restoration of certain tax credit bonds. It also makes the NMTC permanent, gives LIHTC a major boost, delays the phasedown of the ITC, and increases the Historic Tax Credit, among many other provisions.
SBA Reopens Economic Injury Disaster Loan Program
Washington Business Journal | Jun. 16 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | (more)
The SBA has reopened its Economic Injury Disaster Loan program to all small businesses. The reopening comes more than a month after the SBA quietly closed the program to new applicants, except for agriculture-related companies. The closure sparked a backlash from business groups and lawmakers.
New York Fed Announces Start of Additional Secondary Market Corporate Credit Facility Purchases on June 16
New York Fed | Jun. 15 | Bond Finance | Disaster Recovery & Relief | Federal | COVID-19
The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin buying corporate bonds on June 16. The New York Fed also released additional Frequently Asked Questions regarding the purchase strategy for these eligible assets.
HUD Provides Remaining $2.96B in CARES Act Funding for Homeless Populations
U.S. Department of Housing and Urban Development | Jun. 10 | Community Development | Disaster Recovery & Relief | Federal | Housing Finance | U.S. Dept. of Housing & Urban Development (HUD) | (more)
HUD Secretary Ben Carson announced the allocation of $2.96 billion in Emergency Solutions Grants (ESG) funding to support homeless Americans and individuals at risk of becoming homeless because of hardships such as job loss, wage reduction, or illness due to COVID-19.
View more Federal Resources

-State and Local Resources

COVID-19 Likely to Result in Increased Entrepreneurship Rates
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 OfficialsMembers only Login
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
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
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
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

-Additional Resources

-Headlines

View more Headlines

-Upcoming Events

CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EPA
July 17, 2020
1:00 - 3:00 PM Eastern
This webinar will focus on COVID-19 recovery assistance through the EPA by highlighting best practices, case studies, and mitigation tools that will allow your community to be more resilient in the face of natural disasters.
Register
CDFA // BNY Mellon Development Finance Webcast Series: Financing Small Business Recovery After COVID-19
Tuesday, July 21, 2020
1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, join us for a discussion about 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.
Register
CDFA Federal Financing Webinar Series: Federal Recovery Resources from the SBA
July 31, 2020
1:00 - 3:00 PM Eastern
During this webinar, administrators from the SBA will provide a year-end analysis of its COVID-19 relief programs and discuss what we can learn about providing small businesses with access to capital.
Register
CDFA Virtual Summer School
August 3-13, 2020
Daily: 12:00 PM - 5:00 PM Eastern
CDFA Virtual Summer School is a two-week-long series of courses presented by the CDFA Training Institute. These courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for up to four courses during CDFA Virtual Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program.
Register
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.
Register
View more Upcoming Events

-Webcasts

CDFA - ARI Rural Finance Webinar Series: Building the Road to Recovery
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 MarketsMembers only Login
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
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.
COVID-19 Weekly Briefing - Capital Solutions: Realigning Assets, Evaluating Risk
During the May 8, 2020 Weekly COVID-19 Development Finance Briefing, panelists discussed realigning assets to address the COVID-19 crisis, evaluating the risk of not doing anything versus the risk of losing capital, capital solutions that are working locally, and doing the most with the capital you have.
CDFA - ARI Rural Finance Webinar Series: Tools, Programs, and Opportunities Within Rural America
During the second installment of the CDFA-ARI Rural Finance Webinar Series, we continued to explore what responses and resources are available to reduce the impact of the COVID-19 crisis on rural America.
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
  • McCarter & English, 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