2020.08.05 EDC Packet - Laserfiche WebLink

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Small Business Emergency Assistance Program Economic Development Commission; 8-5-20 Page 2 • Grant funds can be used to cover unaccounted expenses (i.e. the business planned a move on April 1 that couldn’t occur because COVID shut everything down, and the business incurred additional rent or storage costs as a result). • All costs for reimbursement must be incurred during the Federally defined covered period. The “covered period” is March 1, 2020 through Nov 15, 2020. “Incurred” means that performance or delivery must occur during the covered period, but payment can occur outside of the covered period. That makes sure a business expense on November 14th, 2020 is still eligible to be covered. NOTE: all Cities share in the recognition that this is a very tight timeframe to both establish a program and distribute funds. Time is of the essence. RAMSEY COUNTY SMALL BUSINESS EMERGENCY ASSISTANCE PROGRAM Importantly, a New Brighton program, if established, would not be the only source of funding available to help our local businesses. In total, nearly $15 million in funding is being made available through Ramsey County over multiple grant periods to qualifying small businesses. The first round of grant applications were accepted between May 27th and June 12th of this year, and a total of eleven (11) businesses within the City of New Brighton received funding: Business Award • Sentient Healthcare, Inc. .................................................................$7,700 • Kristine M. Goulet, D.D.S., P.A. .......................................................$10,000 • Budget Auto Repair, LLC .................................................................$10,000 • home ownership LLC ........................................................................$10,000 • The Villager Beauty Salon Inc. .......................................................$10,000 • Heather Ashley, Inc. ..........................................................................$10,000 • Mirage Banquet Hall Inc ..................................................................$10,000 • Matthew D. Berg, D.D.S., P.A. .........................................................$10,000 • Bru House, Inc. ...................................................................................$10,000 • Traviss-Patnode Inc. .........................................................................$10,000 • Brian L. Pierce, D.D.S., P.A. ..............................................................$10,000 Per Ramsey County, there is currently no data on specific businesses by City that were denied grants during the initial funding round, but it is believed that most applicants who were denied in Round 1 will be funding eligible per Round 2 criteria. Round 2 grants will be disbursed later this month. Also per Ramsey County, the vast majority of applications that were outright rejected were either not located in (or did not have a connection to) Ramsey County, or the business was ineligible for having exceeded $1 million in revenue. Unfortunately, given the lack of current data, staff cannot guide the EDC on the specific factors that kept NB businesses from qualifying during the initial round. As the County is confident that more NB businesses will be funded by Ramsey County in their second round, we’d recommend the EDC examine the County’s funding parameters show on the next pages, and broaden our own eligibility requirements to assist a wider spectrum of businesses.