ABSTRACT

COVID-19: EDA Revolving Loan Funds for Businesses [June 9, 2020]   [open pdf - 663KB]

From the Document: "Economic development revolving loan funds (RLFs) use funding from federal grants and other sources to make loans to local businesses and in limited circumstances to communities for infrastructure and development projects. The Economic Adjustment Assistance (EAA) program--administered by the Department of Commerce, Economic Development Administration (EDA)--is a source of RLF funding. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) provided $1.5 billion in supplemental funding for the EAA program, which can be used for RLF grants, among other activities. RLFs can make loans to targeted types of businesses or areas, such as economically-distressed communities; specific industries, like health care or manufacturing; underserved markets; Opportunity Zones; or areas impacted by natural disasters. This Insight describes EDA's RLF program, how it could potentially be used to address COVID-19 [coronavirus disease 2019] pandemic-related business credit needs, and the temporary RLF program changes made in response to 'urgent circumstances.'"

Report Number:
CRS Insight, IN11418
Author:
Publisher:
Date:
2020-06-09
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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