International Economic Development Council Issues Call-to-Action for Economic Development Community

WASHINGTON - April 15, 2020 - PRLog -- The International Economic Development Council (IEDC) last week issued a call-to-action to the economic development community, encouraging economic development professionals to contact their elected officials and request they enact legislation supporting the profession in the upcoming 4th COVID-19 related supplemental aid bill.

Economic developers preparing to request support from their representatives in the House and Senate should request that the following items omitted from the previous COVID-19 aid bills be implemented in the bill currently in development:

• Include organizations organized under the tax code as 501(c)(6)'s as eligible to participate in the Small Business Administration's Payroll Protection Program.
• Eliminate match requirements for the U.S. Department of Commerce Economic Development Administration's (EDA) grants and loans.
• EDA should provide direct assistance to economic development organizations to keep them working and fund more organizations than just university centers, development districts and revolving loan funds.
• Support reshoring medical equipment and pharmaceutical manufacturing to help jumpstart the economy.
• Defederalize' eligible Revolving Loan Funds (RLF's) administered by the Economic Development Administration to unleash their full potential in support of our economic recovery.
• Develop, fund and implement a robust public health scheme that focuses on vaccine development & deployment, aggressive monitoring, rapid testing, contact tracing, a robust, visible strategic stockpiling of medical equipment and pharmaceuticals, aid for hospitals, and a plan for surging healthcare professionals during a crisis.

"We are all doing our part to flatten the curve regarding the public health crisis caused by COVID-19. Economic development professionals will be on the front lines of flattening the curve of rising unemployment figures, investment in our communities, and economic growth as we move forward," said Kenny McDonald, Chairman of IEDC.  "An emerging challenge is the severe loss of revenue in our state and local governments, making it difficult to retain and maintain both the professionals and the local economic development organizations across the United States.  IEDC and its thousands of members applaud the steps taken to date and are calling for substantial and sustained action to reduce the impact of the economic crisis and hasten our recovery."

Economic developers are encouraged to request support via three courses of action:

• Call elected officials and staff. House numbers here and Senate numbers here.
• Sign IEDC's letter supporting these actions, to be sent to congressional leaders.
• Send their own letter to elected officials using the draft provided here.

IEDC has previously published a breakdown of the third stimulus bill and its implications for economic developers. This breakdown, and additional resources, can be found at restoreyoureconomy.org.