Submitted by: Patrick A. Paschall
Submitting Department: Finance
Agenda Section: Action
Item Title:
title
Small Business Emergency Relief Program Funding Increase
end
Suggested Action:
recommendation
*Prior to this motion being read and acted upon, the Council must move to untable the motion.*
I move that the Mayor and Council allocate and authorize the expenditure of an additional $500,000 for the Small Business Emergency Relief program using American Rescue Plan Act funds, bringing the total allocation for Small Business Relief Programs under ARPA to $1,500,000.
end
Summary Background:
This item was tabled on November 7, 2022, with the intention to bring it back for action on November 21, 2022. The item did not come back for action on November 21 as staff was still responding to questions from Council. These questions have been resolved and item is now returning for action on December 5, 2022. The summary background has been updated below.
On June 6, 2022 the City Council authorized the establishment of a Small Business Emergency Relief program to provide financial assistance to Hyattsville small businesses that experienced financial harm during the Covid-19 pandemic. The fund began with $900,000 dedicated to providing emergency relief payments to small businesses, with a plan to regularly review utilization and give the Council an opportunity to increase funding for this program if utilization warrants additional funding.
The program has been very successful. There are more than 500 licensed businesses in Hyattsville, with about half of them potentially eligible for this emergency relief program.
To date, we have reviewed all applications, and awarded $825,400 in emergency relief grants to small businesses. An additional six applications are on hold pending receipt of further information from the applicant.
This program is on-track to soon exceed the $900,000 allocation, at which time applicants will be put on a waiting list pending approval o...
Click here for full text