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AURP CEO Blog Posts - 04.24.2020

A couple of stories caught my interest among the flood of information about the Covid-19 pandemic, especially new developments in public policy.

State budgets are being impacted in critical ways and financial support for economic development organizations, venture programs, higher education and other partners in building communities of innovation will be drastically reduced. The Urban Institute has created a 50-state Economy Monitor that tracks state budgets and has other timely information. See, Urban Institute State Economy Monitor.

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CEO Blog-04.15.2020: CARES Act

CARES Act: It’s more than Paycheck Protection.
While many AURP members and tenants have been looking at the Coronavirus Aid, Relief and Economic Security (CARES) Act in terms of SBA funds and loans, the US Economic Development Agency (EDA) received $1.5 billion in emergency funding for Economic Adjustment Assistance for areas declared disaster areas by the federal government. For the first time in history, all 50 states have been declared disaster areas so there should be opportunities in your community or region to attract EDA funding.

EDA Economic Adjustment Assistance funding is somewhat flexible and administered on a regional basis. Funds might be used for loans, construction and other economic development projects. In the past, several research parks and incubators have received funding from the EDA for planning, development and expansion. Details should be forthcoming from EDA on ways to apply for funding. Partnering with organizations in your region that have successfully applied for EDA funding in the past is one strategy to increase likelihood of success. Note also local matching requirements are usually necessary so plan for that eventuality.

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