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Community Development Lending

Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) were set to receive $9 billion in additional funding through a new Neighborhood Capital Investment program to help low-income and minority communities deal with the economic impact of COVID-19.2

Although state and local government assistance wasn’t included in this legislation, some local help was provided through $45 billion in transportation funding to include transit agencies, airlines and airline contractors, airports, state departments of transportation (DOTs), the motorcoach industry, and Amtrak as follows.

  • $15 billion airline payroll support
  • $1 billion airline contractor payroll support
  • $14 billion for transit
  • $10 billion for state highways
  • $2 billion for airports and airport concessionaires
  • $2 billion for the private motorcoach, school bus, and ferry industries
  • $1 billion for Amtrak2

Funding for COVID-19 vaccine procurement and distribution to the tune of $69.5 billion broke down to:

  • $20 billion to the Biomedical Advanced Research and Development Authority (BARDA)
  • $9 billion to the CDC and individual states or vaccine distribution.
  • $3 billion to build up the Strategic National Stockpile’s supplies of vaccine
  • $22 billion direct aid to states for testing, tracing, and COVID mitigation
  • $4.5 billion in additional mental health funding
  • $9 billion to support healthcare providers
  • $1 billion in funding for the National Institutes of Health (NIH) research into COVID-19
  • $1 billion in direct funds to the Indian Health Service2

K-12 schools, colleges, and universities were slated to receive $82 billion to help mitigate the impact of the coronavirus pandemic. Following a similar pattern to what was used with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this funding was divided as follows:

  • $818.8 million for Bureau of Indian Education and outlying areas
  • $4.05 billion for the Governors Emergency Education Relief Fund for services to private K-12 schools
  • $54.3 billion for the Elementary and Secondary (public K-12 schools) Emergency Relief Fund
  • $22.7 billion to the Higher Education Emergency Relief Fund

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