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1 1 (April 2, 2020)

handle is hein.crs/govctyz0001 and id is 1 raw text is: Researh Sevice The Economic Development Administration and the CARES Act (P.L. 116-136) April 2, 2020 States and communities will be able to apply for funding from the U.S. Department of Commerce Economic Development Administration (EDA) to plan and implement economic recovery strategies in response to the coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes $1.5 billion for EDA to administer grants through its established Economic Adjustment Assistance (EAA) program. For years the EAA has been used to address ongoing economic restructuring needs. In FY2018 and FY2019, Congress used the EAA to fund economic recovery and resiliency efforts following select natural disasters. The base EA- program supports coordinated, long- term strategies to address economic injury and create new opportunities. As a flexible program, the EAA can channel funds to community-specific initiatives and to meet a variety of industry needs for both rural and urban communities. EAA can be used for infrastructure or broadband projects aimed at diversification, entrepreneurship, or creating new modes of commerce. The EAA can also be used for non-construction, planning, and implementation activities that support businesses and jobs. For instance, the EAA can be used to increase access to business capital or enhance the resiliency of business operations. This Insight considers the role of the EAA in the economic development response to the coronavirus pandemic. For more information on the EDA, see CRS Report R4 1241. About the Economic Development Administration The EDA was established under the Public Works and Economic Development Act (PWEDA) of 1965 (42 U.S.C. 3121 et seq.) and is the only federal agency exclusively focused on coordinating and implementing economic development policy. EDA programs seek to expand local economic opportunities and focus on support for distressed communities. The agency's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. Agency regulations are codified at 13 C.F.R. Chapter 1Ii. Congressional Research Service https://crsreports.congress.gov IN11303 CRS NStGHT Prepared for Members and Comm'nittees of

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