STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 11, 2020
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) amendments to the Small Business Continuity Fund (SBCF) Program to; (a) amend the eligibility requirements for Coronavirus Relief Funds (CRF) businesses to remove the requirement that businesses employ low-to-moderate income workers; (b) increase the maximum grant to $15,000.00; (c) add an additional computation method for grant and loan sizing; and (d) reduce the minimum number of loans funded to 25 and minimum amount of loan funding to $1,000,000.00; (2) a second amendment to the Community Development Block Grant subrecipient agreement between City of Dallas and the Dallas Development Fund (DDF) in accordance with the amended SBCF Program; and (3) a first amendment to the subrecipient agreement between the City of Dallas and DDF in accordance with the amended SBCF Program and to increase available funding by up to $2,000,000.00 in CRF funding to bring the total amount of CRF funds appropriated to the SBCF Program to up to $4,000,000.00 - Not to exceed $2,000,000.00 - Financing: U.S. Department of Treasury - Coronavirus Relief Funds
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BACKGROUND
On April 22, 2020, City Council authorized the creation of the SBCF Program to provide grant and loan funding to Dallas small businesses impacted by COVID-19 pursuant to Resolution No. 20-0646. The program was initially funded through Community Development Block Grant (CDBG) funds provided by the CARES Act, and subject to CDBG program regulations. $2 million in additional, non-CDBG funding provided by the CARES Act has been allocated to this program.
Non-CDBG funds provided through CRF are more flexible and as a result, adhering to CDBG program requirements for non-CDBG funds creates an unnecessary administrative burden. The revised ...
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