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Participants will sign a promissory note with the City and agree to automatic deduction <br /> (ACH) of installment payments. The loan program will be administered by the Economic <br /> Development and Finance Departments. <br /> Total Loan Fund Allocation: $3 million <br /> Implementation: Within 30 days <br /> The City's Business Assistance program is intended to work in concert with state and <br /> federal assistance programs. For example, the State of California has postponed the <br /> deadline for payment of 2019 sales taxes to the Franchise Tax Board until July 15, <br /> 2020. As well, the Internal Revenue Service has postponed the deadline for payment of <br /> federal taxes until July 15, 2020. Collectively, these programs can provide significant <br /> short-term relief to businesses that need cashflow and/or direct funding to bridge the <br /> gap until the economic climate begins to be restored. In addition, there are a several <br /> federal and state funding programs for which many of Pleasanton's businesses are <br /> eligible. <br /> The City recognizes the critical role that economic development efforts play in <br /> supporting the economic health of our community; this is especially important during <br /> difficult economic times. Staff believes the elements recommended as part of the <br /> proposed Business Assistance Program are those that are most feasible, can be quickly <br /> implemented and will have the most beneficial impact. <br /> RECOMMENDATION <br /> Staff recommends the City Council approve a Business Assistance Program framework <br /> including the development and allocation of a business support fund, and adopt a <br /> resolution waiving the imposition of Transient Occupancy Tax and City utility fines, <br /> penalties and interest and suspending required City utility deposits as described. <br /> 0bmitted by: Fiscal Review: Approved by: <br /> #, /0. / . i/\ A..16( <br /> i?amela Ott Tina Olson Nelson Fialho <br /> b.eputy City Manager Director of Finance City Manager <br /> Attachments: <br /> 1. Resolution Confirming Order Waiving Fines, Penalties and Interest Payments for <br /> Failure to Pay Transient Occupancy Tax, Water Service Fees, and Sewer User <br /> Charges, and Suspending Required Security Deposits for Water and Sewer <br /> Service <br /> 2. Order Waiving Fines, Penalties and Interest Payments for Failure to Pay <br /> Transient Occupancy Tax, Water Service Fees, and Sewer User Charges, and <br /> Suspending Required Security Deposits for Water and Sewer Service <br /> Page 6 of 6 <br />