ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a Budget Set Aside Authorization, in the Amount Up to $250,000.00, for LOCAL CURE'S ECONOMIC SUPPORT PAYMENTS GRANT PROGRAM. (Council District All)
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BACKGROUND:
The City of Peoria has submitted a grant application of $1,185,000 to establish and deploy a new grant program for businesses negatively impacted by COVID-19. The new program's name is "Peoria Business Recovery Grant Program". The grant opportunity is made available through Illinois Department of Commerce and Economic Opportunity (DCEO) as part of the Local CURE's Economic Support Payments Grant Program.
This grant program would reimburse the City of Peoria for direct payments to local businesses with COVID-19 related expenses. The Peoria Business Recovery Grant Program would provide reimbursements to businesses in three categories including: Business Sustainability, Business Capacity Building and Business Transformation. Each category represents and opportunity for businesses to receive reimbursement payments from the City of up to $5,000 or a combined total of $15,000. Hotels may receive support of up to $25,000.
If awarded, the City would advance funds to businesses and apply for reimbursement of the funds from DCEO. The City anticipates reimbursements of its cash outlay with five to seven days, and hence a set-aside of up to $250,000 is being requested to execute this program.
The parameters of the award would require the City to deploy all grant funds to businesses by January 2021. Businesses must demonstrate they have suffered a loss in revenue and document paid expenses between March 1 and December 31, in order to receive a reimbursement grant under this program.
FINANCIAL IMPACT: If approved, the City will set aside $250,000 for advance of funds to businesses. Subject to reimbursement the impact would impact available cashflow but would have a neutral impact beyond grant reimbursement cycle...
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