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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

Here Are All The Coronavirus Relief Programs Expiring At The End Of The Year
Forbes | Nov. 16 | Bond Finance | Disaster Recovery & Relief | Economic Development | Federal | Legislative | (more)
As coronavirus cases surge across the country and new stay-at-home orders threaten further damage to an already fragile economic recovery, millions of Americans will lose crucial federal benefits if Congress can't come to an agreement on a new round of stimulus legislation.
Main Street Lending Program Adjusted to Better Target Smaller Businesses
McGuireWoods | Nov. 12 | Disaster Recovery & Relief | Economic Development | Federal | COVID-19
Faced with growing but modest uptake in program loans, the Federal Reserve recently adjusted the terms of the Main Street Lending Program to better target support to smaller businesses. Established in the wake of the CARES Act, the program is intended to help otherwise healthy small and medium-sized businesses and nonprofits weather the financial strains of the pandemic.
Local Food Systems Response to COVID
Nov. 9 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Agricultural Marketing Service (AMS) | (more)
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.
IRS Extends Period for Telephonic Public Hearings for Private Activity Bonds to Sept. 2021
Holland & Knight LLP | Nov. 9 | Bond Finance | Disaster Recovery & Relief | Internal Revenue Service (IRS) | COVID-19
Because of the continuing COVID-19 crisis, the IRS has issued Revenue Procedure 2020-49 (the Revised Guidance), which extends the period during which remote telephonic hearings qualify as "public hearings" required for private activity bonds to Sept. 30, 2021. Originally, such telephonic hearings could not be held past Dec. 31, 2020.
USDA Announces Fourth Round of the Farmers to Families Food Box Program
USDA | Oct. 23 | Agriculture Finance | Disaster Recovery & Relief | Federal | Food Systems Finance | U.S. Dept. of Agriculture (USDA) | (more)
The U.S. Department of Agriculture (USDA) announced it has authorized $500 million for a fourth round of purchases for the USDA Farmers to Families Food Box Program. USDA is issuing solicitations for the fourth round to existing Basic Ordering Agreement (BOA) holders and expects to award contracts by Oct. 30 for deliveries of food boxes from Nov. 1 through Dec. 31, 2020.
SBA, Treasury Announce ‘Simpler’ PPP Forgiveness Process
Land Line Magazine | Oct. 19 | Access to Capital | Development Finance Toolbox | U.S. Dept. of Treasury | U.S. Small Business Administration (SBA) | COVID-19
The U.S. Small Business Administration and the U.S. Treasury Department are trying to simplify the forgiveness application process for Paycheck Protection Program loans of $50,000 or less. Announced this past week, the changes are aimed at streamlining the PPP forgiveness process to provide financial and administrative relief to America's smallest businesses.
U.S. Department of Commerce Launches $25M SPRINT Challenge to Address Pandemic Through Entrepreneurship and Innovation
U.S. Economic Development Administration | Oct. 14 | Access to Capital | Disaster Recovery & Relief | Federal | U.S. Economic Development Administration (EDA) | COVID-19
The U.S. Department of Commerce announced the opening of the EDA new Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge, which will enable organizations across the country to address the economic, health, and safety risks caused by the coronavirus pandemic through entrepreneurship and innovation. The SPRINT Challenge is a $25 million national competition funded by the CARES Act.
FCC, HHS, and USDA Team Up for Rural Health Initiative
USDA, HHS, FCC | Oct. 1 | Disaster Recovery & Relief | Federal | Healthcare | Rural Development | U.S. Dept. of Agriculture (USDA) | (more)
The FCC, HHS, and USDA announced that they have signed a Memorandum of Understanding to work together on the Rural Telehealth Initiative, a joint effort to collaborate and share information to address health disparities, resolve service provider challenges, and promote broadband services and technology to rural areas in America.
U.S. to Start Forgiving PPP Loans After Borrowers Complained
The Wall Street Journal | Sep. 29 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | (more)
The SBA will begin forgiving loans granted to small-business owners under the Paycheck Protection Program, following banks' and borrowers' complaints that the process had been bogged down. Business advocates, banks, and lawmakers have raised concerns that the process of turning the loans into grants is too complex and slow under the $670 billion federal program.
CDFI Fund Awards $204.1M to Support Economic Growth in Low-Income, Distressed, and Native Communities
CDFI Fund | Sep. 24 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Tribal Finance | (more)
The Community Development Financial Institutions Fund has doled out $204.1 million in awards to 397 CDFIs. The awards, through the fiscal year 2020 round of the CDFI Program and the Native American CDFI Assistance Program, will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
View more Federal Resources

-State and Local Resources

Washington Allocates $135M to Help Businesses, Workers Hit Hard by New COVID Restrictions
Governor Jay Inslee announced a $135 million federal relief package that will provide financial support for small businesses, workers and families who have been hit hard by Washington's new novel coronavirus restrictions. The package includes $70 million in business support grants, which will be distributed by the Department of Commerce. It also includes $30 million in business loans, $20 million for rental assistance, which will also help landlords, and finally $15 million for energy assistance for low-income families.
D.C. Mayor Announces $100M “Bridge Fund” to Support Hospitality, Entertainment, and Retail Industries
Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announced the Bridge Fund, a $100 million investment in businesses and workers grappling with the COVID-19 public health emergency in the hospitality, entertainment, and retail sectors.
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.
Big Ideas for Small Business
This report provides a five-step roadmap towards a more inclusive, dynamic, and productive small-business sector. The report breaks down the five steps into ten major policy recommendations with detailed policy proposals. It was authored by the Drexel University Nowak Metro Finance Lab and Yale's Institution for Social and Policy Studies.
EIG Introduces the Distressed Communities Index
The Economic Innovation Group released the Distressed Communities Index (DCI), a timely research project that maps community well-being across the country down to the zip code scale. The report is accompanied by a digital mapping interactive that allows users to explore all of the data included in the DCI across zip codes, counties, and congressional districts.
Business Credit Programs in the Pandemic Era
The Federal Reserve's Main Street Lending Program for small and medium-sized businesses should take more risks to meet the unique challenges posed by the COVID-19 pandemic, suggests a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference.
Coronavirus Rating Action Tracker for Structured Finance and Covered Bonds
Fitch's Coronavirus Rating Action Tracker For Structured Finance and Covered Bonds monitors all public structured finance and covered bonds rating actions taken after 1 March. The Data tab includes line-by-line data for every transaction / program that was reviewed since the start of the pandemic.
Update on the Economic Well-Being of U.S. Households: July 2020 Results
The findings in this report primarily reflect the financial circumstances of families in the United States in late 2019, prior to the onset of COVID-19 and the associated financial disruptions. This survey contains updated information from follow-up surveys conducted during the COVID-19 pandemic.
How Much is COVID-19 Hurting State and Local Revenues?
As in other economic downturns, the pandemic has reduced state and local revenues, but this time is different. This Q&A examines the fiscal impact that COVID-19 has had on state and local governments and is drawn from the Brookings Institute's paper, "Fiscal Effects of COVID-19."
Using CARES Act Funding for Economic Development Purposes
This article from CDFA's partners at Frost Brown Todd examines second-order effects that cost jobs and closed stores can be attacked with CARES Act funding. Eligible expenditures of CARES Act funds can include expenditures incurred to respond to "second-order effects" of the emergency.
View More Disaster Recovery & Relief Resources

-Additional Resources

-Headlines

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-Upcoming Events

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 studies that showcase the variety of financing programs.
Register
View more Upcoming Events

-Webcasts

CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings
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.
CDFA - PFM Capital Markets Webinar Series: What Worries Your Municipal AdvisorMembers only Login
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.
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