COVID-19 Resources

COVID-19 Government Resources for CDFI Banks and Borrowers

Multiple federal agencies are responding to the needs of CDFI banks and their customers during the COVID-19 crisis. To address the needs of small business, the Keeping American Workers Paid & Employed Act was passed as Division A of the Coronavirus Aid, Relief, and Economic Security Act (CARES). Other Divisions of the CARES Act address the regulatory concerns of CDFI banks such as liquidity and asset quality.

New Resources for 2021


Treasury Department Emergency Capital Investment Program (ECIP)

ECIP is open as of March 4, 2021. All applications must be submitted through Treasury’s portal no later than 11:59 p.m., ET on Friday, May 7, 2021. 

Established by the Consolidated Appropriations Act, 2021, the Emergency Capital Investment Program (ECIP) was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their communities. Under the program, Treasury will provide up to $9 billion in capital directly to depository institutions that are certified Community Development Financial Institutions or minority depository institutions to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic. See below for essential program documents:

 For questions about the ECIP and to be informed about program updates, please contact Treasury at

CDFI Fund Rapid Response Program (RRP) Resources

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (Act; Pub. L. 116-260) provided $1.25 billion to the CDFI Fund to award CDFIs with grants to deliver immediate assistance in communities impacted by the COVID-19 pandemic. The CDFI Fund will be awarding these funds through its newly established CDFI Rapid Response Program (CDFI RRP), which is designed to quickly deploy capital to Certified CDFIs through a streamlined application and review process. Through the CDFI RRP, CDFIs will be provided with resources necessary to respond to the economic impacts of the COVID-19 pandemic in distressed and uerserved communities and people. To meet the expedited award deadlines required by Congress for the CDFI RRP, the CDFI Fund will utilize and leverage its existing CDFI Certification and CDFI Program Financial Assistance and Technical Assistance application evaluation processes, as well as the Awards Management Information System (AMIS).

FY 2021 Application Timeline

Date Description
February 25, 2021

FY 2021 FY 2021 Round Opening

March 22, 2021, 11:59 PM ET

Deadline for Creating an AMIS Account

March 22, 2021, 11:59 PM ET

Deadline to enter EIN and DUNS numbers in AMIS

March 22, 2021, 11:59 PM ET

Deadline for Submitting SF-424 through

March 23, 2021, 5:00 PM ET

Last Day the CDFI Fund Will Answer Questions About the Application

March 25, 2021, 5:00 PM ET

Deadline to Receive AMIS Support from the IT Help Desk

March 25, 2021, 11:59 PM ET

Deadline for Submitting CDFI RRP Application through AMIS


FY 2021 CDFI RRP Awards Announced

PPP Program Updates - 2/22/21, 3/4/21 and 3/12/21

 SBA released updated FAQs 3/12/21 and an IFR on 3/18/21.  Multiple Questions have been adjusted to reflect IFR changes since Jan of this year.

SBA announced several reforms to "further target the PPP to the smallest businesses and those that have been left behind in previous relief efforts. (Click here for the Fact Sheet). SBA released an Interim Final Rul 3/3.

The reforms include:

  • A 14-day period, during which only businesses with fewer than 20 employees can apply for relief through the PPP;
  • Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support by revising "the loan calculation formula for these applicants so that it offers more relief," including extending the current "farmers and ranchers" definition of income to these businesses;
  • Establishing a $1 billion set aside for businesses in this category without employees, who are also located in low- and moderate-income (LMI) areas (Defined as "CRA qualifying" LMI census tracts);
  • Eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the PPP;
  • Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the PPP;
  • Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief

PPP Guidance and Resources - 2/1/21

PPP and Other SBA Guidance and Resources - 1/29/21

PPP Guidance and Resources - 1/21/21

PPP Guidance and Resources - 1/19/21



SBA Procedural Notice – First Draw Paycheck Protection Program Loan Increases After Enactment of the Economic Aid Act (1/13/21)

SBA Paycheck Protection Platform Lender Instructions (1/10/21)

SBA Paycheck Protection Platform Lender Instructions (Technical Information)

Older COVID-19 Resources 

News Related to Covid-19

Recent news articles relevant to the COVID-19 pandemic and economic environment.

CDBA | Saturday, December 5, 2020

On behalf of the members of the Community Development Bankers Association (CDBA) and the National Bankers Association (NBA), we strongly urge you to support the bipartisan $908 billion package in the pending Senate Coronavirus relief and recovery bill. 

CDBA | Monday, June 22, 2020

CDBA wrote to the Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, to submit comments and recommendations on the proposed expansion of liquidity facilities to nonprofit entities released by the Board of Governors on June 15, 2020. While CDBA commends the agency for its willingness to step in to help financial institutions meet the credit needs of nonprofits during the crisis, the facilities must position the smaller nonprofits that comprise the great majority of the sector and are part of America’s “Main Street,” for long-term recovery. As such, CDBA recommends that the Federal Reserve lower thresholds so that lenders, particularly CDFIs, may better serve the nonprofit sector.

Alabama CDFIs | Friday, June 19, 2020

The entire cohort of Alabama-based Community Development Financial Institutions (CDFIs) wrote to the Chairman of the U.S. Senate Appropriations Committee, Senator Richard Shelby, urging the Senator to support $1 billion in emergency funding for the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury in the next economic stimulus package. These institutions further urged Congress to waive any matching funds requirements to get funds onto the street expeditiously. Given the CDFI Fund's reputation as one of the Federal government’s best market-based strategies for restoring economic vitality in underserved markets, the resources will be vital to stabilizing Alabama’s economy, preserving jobs, and creating new job opportunities.

CDBA | Monday, June 1, 2020

The Community Development Bankers Association (CDBA) and Inclusiv - the trade associations for CDFI banks and credit unions - wrote to Senate and House leadership regarding critical considerations for SBA Paycheck Protection Program reforms. To ensure federal funding meets the needs of small businesses and nonprofits, the associations urge that reform include measures such as reducing the limitations on using PPP loans for non-payroll expenses, updating the fee structure for PPP lenders, and authorizing more forgiveness flexibility. These reforms would not only enable small businesses to retain and rehire employees, but would also ensure CDFIs can address the long-term recovery needs of their business customers in low- and moderate-income markets.

CDBA | Thursday, May 14, 2020

CDBA CEO Jeannine Jacokes wrote to the Secretary Mnuchin of the U.S. Department of the Treasury and Administrator Carranza of the Small Business Administration (SBA) urging the SBA to immediately promulgate revised Interim Final Rules and/or FAQs clearly affirming the eligibility of CDFIs to apply for PPP loans, given their qualification as small businesses or nonprofits under the CARES Act. Under the CARES Act, the great majority of CDFI banks qualify as small businesses. Likewise, their nonprofit counterparts are explicitly eligible as nonprofit 501(c)(3) organizations. Yet, the agency has imposed a rule that arbitrarily excludes some organizations as borrowers based on the type of businesses in which they engage.