Agenda - Council - 10/27/2020 - Laserfiche WebLink

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CC Regular Session Meeting Date: 10/27/2020 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development Information Title Adopt Resolution #20-249 Approving City of Ramsey Small Business Relief Grants - CARES Act Purpose/Background: Purpose: Consider Approving City of Ramsey Small Business Relief Grants 5. 15. Background: The City of Ramsey has been both proactive and reactive to helping our businesses during the Covid-19 pandemic. City staff and officials have served as conduits of information to assist businesses and to direct them to State and Federal business assistance programs (i.e. PPP Loans, EIDL, and other State programs). In addition the City has implemented locally based assistance in the form of the Covid-19 Resource Page, Ad Reimbursement Program, Liquor License Renewal Program and the City and County Grant Programs. All of these resources working together are helping provide the support our businesses need. Our Current Program The City has allocated up to $410,000 for a $10,000 City of Ramsey Small Business Relief Grant Program. This allocation could fund all eligible applicants to the program. This program was designed to meet CARES Act Rules and Regulations, provide underwriting for submitted applications (proof of financial impact, in good standing and entity verification) to ensure that the City is protected in the case of Audit, and to get money out to businesses in a timely manner. CMDC is still in the process of completing underwriting pre-screened applications and the status of those applications is included on the Grant Summary attachment. It should be noted that businesses have been taking longer than expected to provide the financial information needed to complete the underwriting and that some of these businesses will likely not receive underwriting approval. City Staff has been working with grant awardees to get grant agreements executed and checks distributed. Changes to County Program and Subsequent City Grant Policy/Criteria Changes On October, 13, 2020 City Council adopted Resolution #20-231 modifying the policy and criteria to allow for grants to be received by businesses that have applied to both the City of Ramsey and Anoka County for grants. As a result CMDC began underwriting of 6 additional applicants on 10/19/20. The status of all applications is attached in the grant summary. Second Round of Approvals In an effort to close out the grant program, compete our work with CMDC for underwriting and process grant agreements before the CARES Act deadline, and Staff has presented a list of contingent and non -contingent grant approvals for Ramsey businesses. These approvals are identified on the attached grant summary. Notification: N/A. Observations/Alternatives: