REPORT TO COUNCIL
SUBJECT
Title
Update on Small Business Assistance Grant Program and Approval of Related Budget Amendment [Council Pillar: Promote and Enhance Economic and Housing Development]
Report
BACKGROUND
At its April 8, 2020 meeting, the City Council approved the Small Business Assistance Grant Program (Grant Program) with an initial allocation of $500,000 in funds for the effort.
The Grant Program provides one-time grants to small businesses and non-profits with at least one but no more than 25 full-time employees who demonstrate a loss of income due to COVID-19. Grants of $10,000 are available for qualified small businesses and non-profits that have been deemed non-essential under the County of Santa Clara Public Health Department order dated March 16, 2020. Grants of $5,000 are available for qualified small businesses and non-profits that have been deemed essential under the same order.
Applicants must meet specific eligibility requirements (Attachment 1), complete the Small Business Assistance Grant Program application (Attachment 2) and demonstrate loss of income due to COVID-19 by completing the Estimated Disaster Economic Injury Worksheet (Attachment 3).
At the April 28, 2020 City Council meeting, staff presented an update on the Grant Program and City Council approved the allocation of an additional $300,000 in funding bringing the total funds for the Grant Program to $800,000.
DISCUSSION
Program Status
To date, 150 applications out of approximately 700 applications have been reviewed. A total of 110 have been approved for grant funding totaling $795,000. Attachment 4 is a list of businesses that have been approved for grant funding as of May 19, 2020. An additional application has been tentatively approved which will exhaust the remaining grant funds.
The City continues to receive applications daily, but as of the date of this report, grant funds have been exhausted. The Silicon Valley Central Chamber of Commerce recently launched a...
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