Economic Vitality Committee Agenda and Packet 2021 01 15

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SUBJECT: BUSINESS SUPPORT AND GRANT PROGRAM UPDATES DATE: JANUARY 15, 2021 PAGE 2 OF 2 Unless staff receives a significant number of applications in the next few weeks, it is unlikely all of the Recovery & Improvement Matching Grant program funding will be allocated. The EVC may wish to consider a recommendation that unused funding could be re -allocated to the Small Business Preservation Grant program, if we have eligible but unfunded applications. At the December 18, 2020 EVC meeting, staff presented a series of business support ideas that could be pursued. EVC supported staff's recommendation to target the most immediate needs through a grant program and liquor license fee relief, but other options remain. Below is a list of the other items previously presented to the Committee, which may be considered for next steps in business support: • COVID supply program • Other targeted grant funding • Delivery fee cap or delivery service program • Gift card program • Sustainable takeout subsidy • Sales tax or utility relief As Council has been updated, Boulder County is also pursuing its variance application to start a 5 Star Certification Program. While this is still in the early stages of development, if the program is approved and launched, there may be an additional opportunity for business support that staff did not summarize previously. As the program is being designed, business applicants interested in certification would be charged a $100 fee. The City could consider subsidizing those application fees or scholarships for those that do not have the resources to participate. Staff seeks input about any of the initiatives above or otherwise that the EVC might wish to recommend the City pursue. Please keep in mind that the new federal relief will be coming available in the near future, including Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP). PPP will be available both to new and prior recipients, and steps have been taken to expand the definitions to provide more flexibility on how funds might be spent. Some Louisville businesses will also be eligible for the COVID small business relief program from SB20B-001, for which applications are now open through January 29, 2021. RECOMMENDATION: Review information and provide any input to staff. ATTACHMENTS: None. Agenda Packet P. 14