Uplifting Our Local Communities Act This bill allows the Federal Reserve Board in unusual and exigent circumstances to authorize Federal Reserve banks to buy and sell municipal bonds and other specified financial instruments issued by a state, the District of Columbia, a U.S. territory or possession, or a federally recognized Indian Tribe. The Federal Reserve Board must revise the terms of operation of the Municipal Liquidity Facility through which the board purchases state and municipal debt. Specifically, the board must extend the operation of the facility to December 31, 2021, extend the maturity of eligible debt from three years to ten, ensure that purchases are made at an interest rate equal to the federal funds rate, allow for the purchase of the debt of U.S. territories and possessions, and reduce the minimum eligible population size for a municipality to 50,000. The bill also establishes a long-term municipal borrowing facility to provide capital for the duration of the economic disruption caused by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Additionally, the bill removes the prohibition on loan forgiveness for states and municipalities receiving specified COVID-19 aid.