To: Mayor and City Council
From: Beckie Paquin, Council Woman and COVID-19 Task Force Chair Chris Whatley, Councilman and COVID-19 Task Force Member
Subject:
Title
Discuss the COVID-19 Task Force Economic Recovery Loan
On May 5, 2020, the City Council adopted a resolution to create the Economic Recovery Forgivable Loan program. The accompanying memorandum had indicated the City would contribute a match of $100,000 for a total pool of community contributions. The Task Force would like the Council to consider contributing the $100,000 immediately for a first round of awards, to be followed by a second round of awards as the community contributions accumulate. The reason for this is two-fold. First, the CARES Act has become clear that these funds may be reimbursable. Second, the initiatives described in the fundraising effort have taken more time than anticipated to pull together, thus delaying the fundraising.