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Interested business would be asked to complete and submit an application (Attachment B). As part <br /> of the application, applicants would also be encouraged to provide proof of application submittal, <br /> acceptance, approval and/or denial of state and federal emergency financing programs. Upon a <br /> successful grant application being awarded funds, the applicant would be required to sign an <br /> acknowledgment agreement under which the applicant agrees to spend the awarded funds on eligible <br /> uses. As a condition for receiving grant funding, all grant recipients would be required to submit a <br /> brief report documenting how the grant funds were utilized by November 30, 2020. <br /> Funds for grants will be distributed on a first-come, first-considered/awarded basis. Applications <br /> will be accepted until September 15, 2020 or when all general grant funds are fully committed. Each <br /> general grant application will be considered independently in the order received until funding is <br /> expended. Once all available funding has been expended, any remaining eligible applications not <br /> receiving funding will be held and considered if future funding rounds become available. Staff will <br /> report back to the City Council to discuss the feasibility of additional funding opportunities. If <br /> approved, staff will finalize the implementation of the new program such as begin promoting the <br /> program through emails, the website, and social media. <br /> Budget Impact <br /> The city is looking to make available $150,000 from the CARES Act Funds for the proposed Small <br /> Business Emergency Assistance Grant Program. <br /> Council shall consider <br /> The following are motion language options for the City Council to consider. <br /> 1. Approval: A motion to adopt resolution 2020-035 establishing a Small Business Emergency <br /> Assistance Grant Program in response to the COVID-19 economic. <br /> 2. Approval with Amendments: A motion to adopt resolution 2020-035 establishing a Small <br /> Business Emergency Assistance Grant Program in response to the COVID-19 economic <br /> with amendments. <br /> 3. Denial: Motion to dent/ a motion to adopt resolution 2020-035 establishing a Small <br /> Business Emergency Assistance Grant Program in response to the COVID-19 economic. <br /> 4. Table: Motion to table a motion to adopt resolution 2020-035 establishing a Small Business <br /> Emergency Assistance Grant Program in response to the COVID-19 economic. <br /> Attachments <br /> A. Small Business Emergency Assistance Grant Program Parameters <br /> B. Small Business Emergency Assistance Grant Application <br /> C. Resolution No. 2020-035 <br /> Page 2 of 2 <br />