STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 28, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Small Business Center Department
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize (1) a Small Business Microgrants Program Statement for microgrants ($5,000.00 or less) to eligible small businesses in Dallas for assistance with qualified operational expenses incurred between March 3, 2021 and September 30, 2024 due to COVID-19 pandemic to mitigate negative financial impact from the COVID-19 pandemic; and (2) the allocation of funds for the Small Business Microgrants Program - Not to exceed $230,000.00 - Financing: American Rescue Plan Act Coronavirus State and Local Fiscal Recovery Fund
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BACKGROUND
The Novel Coronavirus Disease ("COVID-19") pandemic and its resulting economic impacts have put a strain on many local small businesses. The City of Dallas small businesses have experienced negative economic impacts or disproportionate impacts and continue to struggle with unmet needs, due to decreased revenue, increased costs, inflated product costs, and other financial hardships.
The City has seen, and continues to see, significant demand for small business assistance from financial institutions and governmental agencies to close gaps for employee payroll, financial sustainability, and other essential operating costs for small businesses and minority owned businesses in underserved communities impacted by or during the COVID-19 pandemic.
Small businesses eligible for assistance are those that experienced negative economic impacts or disproportionate impacts of the pandemic. To demonstrate need, applicants will be required to provide documents demonstrating negative economic impacts directly related to the COVID-19 pandemic for the period of March 3, 2021 through September 30, 2024. Such negative economic impacts could be due to an increase in a contract or patronage pro...
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