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Page 1 of 2 NEW BUSINESS – 9B MEMORANDUM DATE: October 26, 2020 TO: Honorable Mayor and City Councilmembers Dave Perrault, City Administrator FROM: Mike Mrosla, Community Development Manager/City Planner SUBJECT: Closing of the Small Business Emergency Assistance Grant Program Budgeted Amount: Actual Amount: Funding Source: N/A $150,000 CARES Act Council Should Consider A motion to adopt resolution 2020-052 allowing for disbursement of remaining Small Business Emergency Assistance Grant Program funds to all eligible businesses. Background On June 25 Governor Tim Walz announced a plan to distribute $853 million in federal funding to Minnesota communities impacted by the COVID-19 pandemic. The funding was authorized by the Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. City funding was calculated on a formula of $75.34 per capita and the amount allocated to the City of Arden Hills totals $745,040. The City submitted its certification form for Coronavirus Relief Fund (CRF) monies on July 6. The funds are now available and the City is required to expend all of its funds by November 15, 2020. At the direction of the City Council, the City of Arden Hills made available $150,000.00 of CARES Act Funds to create a Small Business Emergency Assistance Grant Program. The intent of the grant program is to provide financial assistance to local businesses to help them continue their operations, preserve employment, and prevent business closures in an effort to encourage long-term economic vitality in Arden Hills. The program provides locally-owned and operated businesses with an emergency grant of up to $5,000. The program was launched on August 25, 2020. At its October 12, 2020 meeting, the City Council adopted resolution 2020-049 extending the application window for the Small Business Emergency Assistance Grant Program until Friday, October 23, 2020. Staff has promoted the program through previously discussed methods and has received one (1) new application at the time of writing this. Staff will provide an update to Council as to any new applications received. City staff has received 24 applications (Attachment A) and has awarded funds to 18 businesses or $90,000 of the $150,000 available.