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This waiver was directed by Order of the City Manager acting as the Director of Emergency Service for the City of Pleasanton on April 10, 2020. The Order is included as Attachment 2, and a resolution for the City Council's consideration in confirming this order is included as Attachment 1. Waived Cost: Undetermined Implementation: Underway Business Support Fund Creation of a $3 million special fund to provide a zero-interest, unsecured, short-term loans of up to $2,500 to independently or locally owned micro-enterprises, restaurants and retail businesses located in Pleasanton to assist them in staying solvent during the COVID-19 emergency. The loan funds may be used for operating capital including lease and mortgage payments and payroll toward retaining employees. Micro-enterprises — companies that have between 2-10 employees — are more likely to have difficulty in securing capital financing and often have higher operating costs as they haven't yet `scaled up', and so need additional support. Notably, micro-enterprises are responsible for more than 41 million jobs in the U.S. private sector. As previously noted, restaurants and retailers are key providers of sales tax revenues that allow the City to provide services and programs that broadly benefit the community. This loan fund will be available to restaurants and retailers with 20 or less employees to account for the larger number of part-time employees that work in these establishments. Businesses that are not eligible to request assistance through this fund include lending and investment institutions and insurance companies, non-profit entities, hotels, professional services, home-based businesses, and illegal or otherwise prohibited uses. Collectively, there are approximately 1,100 businesses that meet these criteria. Funds will be disbursed to eligible recipients until the $3 million is exhausted. Staff will provide Council an update(s) as the program is in operation. Should there be interest in expanding the City's support to other business uses and/or sizes, a second phase of the support loan program can be considered at a future date. Funding for this program will be allocated from a City reserves fund (e.g., CIP Reserves or General Fund Reserves), which will be reimbursed over time as the City receives repayment. Each loan will be allowed a maximum amortization of 24 months; for reference, a $2,500 loan would require $104.17 monthly payments for 24 months. Loan repayment will be initiated when the local emergency declaration is lifted. Eligible micro-enterprises, restaurants and retail businesses must have a physical restaurant or retail location in Pleasanton, have an active City of Pleasanton Business License as of March 1, 2020 and be in good standing with the City. Interested business must apply to participate in the program and submit supporting documentation including demonstration of loss of revenue/income of greater than 25% due to COVID-19 and action taken to secure federal and state resources and financial assistance. Page 5 of 6