Report to Mayor and City Council
Tuesday, October 06, 2020
Consent
SUBJECT:
Title
CONSIDER AN UPDATE ON THE CITY'S CORONAVIRUS SMALL BUSINESS LENDING PROGRAM AND CONSIDER AMENDMENT NO. 2 TO A CONTRACT WITH THE CALIFORNIA COMMUNITY ECONOMIC DEVELOPMENT ASSOCIATION, A NON-PROFIT ORGANIZATION, TO PROVIDE ASSISTANCE TO CARSON BUSINESSES IN APPLYING FOR LOANS MADE AVAILABLE THROUGH THE CARES ACT, ESPECIALLY THE PAYCHECK PROTECTION PROGRAM ("PPP") LOANS AND ECONOMIC INJURY DISASTER LOANS ("EIDL"), AND TO ADMINISTER THE CITY'S CORONAVIRUS SMALL BUSINESS LENDING/GRANT PROGRAMS (CITY COUNCIL)
Body
I. SUMMARY
This item is to provide an update on the activities involving a number of the City's Small Business lending program efforts and to consider Amendment No. 2 to the agreement with CCEDA for another $75,000, and adding some additional scope in the contract such as assistance in an application to the U.S. Economic Development Administration (EDA) for funding to create a larger, more robust loan program with higher limits for larger businesses in Carson, and to assist with the CDBG-funded grant programs.
On April 13, 2020, the Disaster Council approved a contract in a form acceptable to the City Attorney with the California Community Economic Development Association ("CCEDA"), a California non-profit organization, to quickly create and implement a focused business assistance program for Carson businesses, with a special emphasis on the COVID-19 response and accessing funding through federal programs offered through the Small Business Administration. The City Council approved the transfer of $75,000 from Community Development to the Coronavirus Emergency Account and the contractor proceeded.
In terms of reaching out to businesses, the initial push was to call and email businesses on the City's Business License list and make the services available. These services included a program of business technical assistance, assistance with applying for the two SBA lendi...
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