Title
Adoption of Resolution to Amend the Fiscal Year (FY) 2020-21 Budget in the Commercial Revitalization Fund to Provide $100,000 in Matching Funds for the Alameda County CARES Grant Program. (Community Development 227)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
In response to the economic impacts of the COVID-19 pandemic, the Alameda County Board of Supervisors recently assigned $3 million of CARES Act funding to a dollar-for-dollar local government matching fund for a small business grant program. This program is in addition to a $5 million grant program directly available to small businesses county-wide. Under both programs, eligible businesses can receive a one-time grant of up to $5,000.
Staff recommends providing $100,000 for the local government matching fund grants program. Matched with County funds, this could provide grants for up to 40 Alameda-based businesses.
BACKGROUND
The Alameda County Board of Supervisors on November 10, 2020 redirected $3 million CARES Act funds for a dollar-for-dollar local government matching fund for a small business grant program in response to the economic, health, and safety impacts of the COVID-19 pandemic. This program is in addition to a $5 million small business grant program directly available to small businesses county-wide. Under both programs, eligible businesses can receive a one-time grant of up to $5,000.
The East Bay EDA has been designated by the County to administer both grant programs. The grants are intended to help small businesses cover costs incurred between March 17, 2020 and December 30, 2020 due to the COVID public health emergency.
East Bay EDA is in the process of finalizing the guidelines for the matching funds program. It has not yet been determined how the $3 million will be allocated among the local jurisdictions.
DISCUSSION
On November 10, 2020, the Alameda County Board of Supervisors redirected funds for two small business grant p...
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