CARES Funding Update...Ridges Hospital $21,792 - $247,404 Regina Hospital $2,981,406 Small Business...
Transcript of CARES Funding Update...Ridges Hospital $21,792 - $247,404 Regina Hospital $2,981,406 Small Business...
CARES Funding Update
Matt Smith
County Board Meeting
November 3, 2020
Cares Funding Approved to Date
Item 10.2 County Board November 3, 2020
Total CARES funds received $52,006,073
Allocated to date $52,326,574
Accrued interest $20,229
Transferred Funds to date (Small Cities/Townships) $59,800
Small City Allocations (New Trier) ($8,287)
Total remaining funds available ($248,759)
Estimated amount available for reallocation ~ $3,529,500
Additional Options
Public School Districts (Estimated at $30 per student) $2,090,881
Ridges Hospital $21,792 - $247,404
Regina Hospital $2,981,406
Small Business Relief (Round 1 and 2) Increase max payment
Non-profit Financial Assistance Increase max payment
Additional eligible staff costs and invoices Up to $4,656,735
Summary of CARES Funding
Item 10.2 County Board November 3, 2020
Small Business Relief Grant Programs
Round 1 and Round 2
Tony Schertler
CDA Executive Director
Small Business Relief Grant Program - Update
• Round 1 (as of 10/30)• 655 businesses approved to be funded by County
• 130 businesses approved to be funded by city partners
• Total 785 businesses for additional funding
• Round 2 (as of 11/2)• 318 business applications
• 183 completed
• 130 in draft form (deadline is Friday November 6th)
• 5 rejected – recipients of Round 1 GrantsItem 10.2 County Board November 3, 2020
• Based upon 1) number of approved applicants in Rounds 1 and 2
and 2) applicants demonstrating financial need above the current
maximum award, staff believe there is room in the $18 million
budget to increase the maximum award from $10,000 to $15,000
• Financial Scenario –
• Award 850 businesses (Round 1) and 500 (Round 2) with additional
$5,000 = total maximum grant commitment of $20,250,000*
Financial Recommendation
Item 10.2 County Board November 3, 2020
• Round 1 grantees to complete budget amendment via a web-
based tool (created by NextStage) requesting additional eligible
expenses (for expanded timeframe) • Grantee asked to certify accuracy of new eligible expenses and consent to
accepting additional grant funds
• Web-based tool is unique to each grantee.
• Round 2 grantees will have additional funds included in original
grant agreement, as no agreements have been signed
Additional funds to Round 1 & Round 2 grantees - Process
Item 10.2 County Board November 3, 2020
• November 3 or 4: Email grantees with details on additional
funds and budget amendment process
• November 12: Receive final Round 2 grantees and award
amounts
• November 14: Receive final Round 1 grantees and award
amounts
• November 17: Request increase in budget, if needed
Next Steps, Proposed Timeline
Item 10.2 County Board November 3, 2020
Questions?