COUNCIL COMMUNICATION - REGULAR MEETING
City Council Meeting Date: June 15, 2020
Subject: Funding Third Round of C3 CAP Small Business Relief & Recovery Grants
Staff Responsible (Department Head): Michelle Claymore, Economic Development Director
Staff Member Presenting: Michelle Claymore, Economic Development Director
Action Proposed: Pass Resolution 2020-41 to authorize utilizing $100,000 from CARES Act funding for a third round of C3 CAP small business relief & recovery grants that adds home-based businesses as eligible and removes previous grant recipients from the program as eligible.
Summary and Background Information:
The COVID-19 outbreak and associated social distancing measures have left many small businesses in dire financial situations. Providing relief through small business grants is an important effort in supporting small businesses, protecting the local economy and ultimately preserving quality of life for our community.
On April 20, City Council authorized $1 million out of the city's general fund and then reimbursed through the CARES Act allocation to fund several community assistance programs in response to the COVID-19 pandemic. $400,000 was allocated towards the Commerce City Small Business Support and Recovery Grants program. This program is intended to help local businesses deal with the disruptions caused by the COVID-19 pandemic by awarding grants of up to $5,000 during two funding rounds of $200,000. The grant money is thought to be a financial bridge for small businesses until other funding sources can be secured through loans and federal relief programs.
Businesses applied for grants in round one from April 29-May 4, 2020. There were 55 applications submitted. Applications for the second round of grant funding were taken from June 3-8, 2020. There were 57 applications submitted. General guideline qualifications were published with the application and were as follows.
Eligibility Guidelines:
ยท Must have a physical Commerce ...
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