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operating costs as they have not yet `scaled up' and thus need additional support. • Restaurants and retailers with 20 or less employees, to account for the larger number of part-time employees that work in these establishments. With this as the foundation, a $3 million special fund was created to provide zero- interest, unsecured, short-term loans of up to $2,500 — and $2,900 in downtown — to independently or locally-owned micro-enterprises, restaurants and retail businesses located in Pleasanton, to assist them in remaining 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. To be 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. Businesses must submit supporting documentation demonstrating loss of revenue/income of greater than 25% due to COVID-19 and action taken to secure federal or state financial assistance. Since the Business Support Fund was launched on May 8, 2020, a total of 99 businesses have submitted applications. Of the 99 applications received, 82 businesses have been approved: 27 in downtown and 55 outside of downtown. Sixty-nine (69) businesses have provided their final loan documents and loans totaling $182,500 have been funded. Eleven (11) applications are pending required paperwork from the businesses and two businesses have declined the loan. Feedback to staff from some business owners was that the $2,500 (or $2,900) was not enough to meet their funding gap so they chose not to apply. A summary of application activity is as follows: Downtown Outside Total Downtown Applications Submitted 29 70 99 Applications Approved 27 55 82 Total Funding Approved $78,300 $137,600 $215,800 Applications Completed for Payout 25 44 69 Total Paid to Date $72,500 $110,000 $182,500 Businesses currently 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. Initially, approximately 1,100 businesses were identified that met the business type and size criteria. While the primary intent of the loan program was to provide relief to microbusinesses, restaurants and retailers, other business types have shown interest in Page 3 of 6