ACTION REQUESTED:
Title
Communication from the City Manager and Director of Community Development with a Request to APPROVE the CDBG SMALL BUSINESS ASSISTANCE PROGRAM.
Body
BACKGROUND: On an annual basis, the City of Peoria receives Community Development Block Grant (CDBG) funds from the US Department of Housing and Urban Development (HUD). In addition to the annual allocation, the City of Peoria was awarded an additional $1,087,562.00 through the CARES Act to prevent, prepare for, and respond to COVID-19.
The City Council approved a CDBG outline on April 28th which included over a million dollars dedicated to economic recovery grants to help small businesses in the City of Peoria recover from the devastating economic impact of the COVID-19 pandemic.
To be eligible, businesses must meet the following criteria:
* Be located within the corporate boundaries of the City of Peoria
* Have 1 to 50 total employees (including owners)
* Be operational as of January 1, 2019
* Be a going concern as on March 1, 2020
* Show a demonstrated loss of revenue due to COVID-19
* Have applied for other financial assistance
* Be locally owned (including franchises)
* If designated as non-essential, have complied with the Governor's executive order to cease operations
* Not owe any fees, fines, or taxes to the City of Peoria
* Income qualify via one of three methods:
o Option A: Be located in and serve a qualified low-income area
* Option for businesses of 2-50 employees
o Option B: 51% of employees at or below 80% area median income (AMI)
* Option for businesses of 2-50 employees
* Employees must complete income self-certification form
o Option C: Business owner at or below 80% area median income (AMI)
* Option for businesses of 2-5 employees
* Required for businesses with 1 employee
* Business owner must provide personal income documentation
Ineligible Businesses:
* Non-profits
* Home-based businesses (unless a Schedule C was filed in 2019 and separate books were kept in 20...
Click here for full text