Subject:
Title
Consider adopting a resolution for the use of CARES Act funds to forgive Disaster Impact Loans
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
On March 19, 2020, the City’s Department of Economic Development launched a Disaster Impact Loan Program to assist local businesses impacted by the COVID-19 pandemic. The Program loaned up to $5,000 to 22 small businesses in the City. The loans were made without interest and repayment is scheduled to begin in July. Subsequently, the City received funding through the CARES Act Relief Fund, which may be used for economic support of businesses adversely affected by the Pandemic. The City may use a portion of the CARES Act funding to forgive the loans issued through the Disaster Loan Program, thus eliminating burdensome debt for the businesses which received the loans.