Title
Discussion regarding small business grant program and allocation of remaining American Rescue Plan Act (ARPA) funds.
Summary
On February 22, 2022 Council approved the allocation of $1M of ARPA funding for small business grants and administration. The small business grant program PfCares 2, established criteria based on the Federal guidance to follow the Payment Protection Plan (PPP) which required a small business to incur a 25% loss during and related to COVID-19 pandemic. The US Treasury Final Rule does not require allocations of funding to small business to follow the PPP with a 25% loss. The identified total eligible grant awards $650K, administration cost of $80K, with $270K funds remaining.
Prior City Council Action
On April 26, 2022 Council approved a contract with BCL of Texas to administer the small business grant program funded with ARPA funds.
Supporting documents attached:
None.
Recommended Action
Discuss only.