Title
Recommendation to Receive an Update on the $600,000 COVID-19 Small Business Relief Grant Program to Help Mitigate Barriers to Capital for the Most Vulnerable Alameda Small Businesses and Restaurants; and Provide Direction to Staff Regarding Additional Funding or Other Program Modifications. (Community Development)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
On April 21, 2020, the Alameda City Council approved a $600,000 COVID-19 Small Business Relief Grant Program. The emergency program will fund approximately 80 one-time grants of up to $7,500 and provide immediate financial help to local small businesses impacted by the COVID-19 pandemic. The grant program launched on Monday, April 26, 2020, and will accept applications for ten days, through May 6, 2020. City Council directed staff to return at its May 5, 2020 meeting to provide an update on the grant program. At that meeting, City Council may provide direction to staff regarding additional funding or other program modifications.
BACKGROUND
The goal of the COVID-19 grant program is to mitigate barriers to capital for the most vulnerable Alameda small businesses by providing one-time emergency working capital grants. Businesses can receive a one-time grant of up to $7,500. The total amount available for small business relief grants will be $600,000 (80 grants). A total of $502,500 in grant funds (67 grants) will be available for award to qualified businesses in all areas of Alameda, excluding Alameda Point. A total of $97,500 (13 grants) will be available for award to qualified businesses at Alameda Point due to the funding coming from restricted funds only available for programs at Alameda Point through Base Reuse funding. Applications will be accepted for a ten-day period. Each completed application received will be reviewed and evaluated based on the established eligibility criteria. Awards will be announced no later than two weeks after the application close ...
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