Economic Vitality Committee Agenda and Packet 2020 05 22

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SUBJECT: GRANT PROGRAM OUTCOME ANALYSIS DATE: MAY 22, 2020 PAGE 4 OF 4 for the Paycheck Protection Program (CARES Act) and 75 of the 156 had applied for an Economic Injury Disaster Loan (US SBA). It is encouraging that 26 applicants said they had not only applied, but had received funding; 26 of our 180 applicants is approximately 14% that received federal assistance. Those that did receive PPP funding are also trying to navigate the loan forgiveness requirements that have still been changing (sometimes on a daily basis). The last few pages of Attachment #2 are the actual responses to the question, "Please describe your plans to stabilizing and continue your business during and after the Stay -at -Home Order." Applicants were very candid in their responses and conveyed the struggles in even attempting to make future plans given the many unknowns still present in the current environment. It is great to be able to see so many businesses focused on how they plan to make sure they can operate safely, both to continue protecting their employees and their customers. Staff is pleased we had the opportunity to gather this additional information and that a number of applicants took the time to answer extra questions. However we must remain aware that these responses come from a particular subset of our business population (only those eligible to apply for grants), so not all information can necessarily be applied to the diverse business types in Louisville. Staff had originally anticipated our Business Satisfaction Survey would be administered in May or early June. We may want to consider delaying that to late summer or early fall but also then including a few questions related to pandemic impacts, as well as actions the City took in response. Staff does not recommend that we survey again immediately, as many businesses are still waiting on detailed requirements and to begin to transition into the recovery period. If there is specific program information on which we need feedback, we could consider surveying a particular group or gathering input through a virtual focus group. RECOMMENDATION: Review the Emergency Solutions Grant Program outcomes and staff's analysis. Provide any input for additional information or next steps. ATTACHMENTS: • Attachment #1: Grant Application Web Form • Attachment #2: Additional Information Section Analysis and Comments Agenda Packet P. 10