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18 <br /> THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> pLEASANTON. <br /> August 18, 2020 <br /> Economic Development <br /> TITLE: ACCEPT UPDATE ON CITY'S COVID-19 BUSINESS ASSISTANCE <br /> PROGRAM, AND APPROVE RECOMMENDED INCREASES IN <br /> BUSINESS SUPPORT LOAN AMOUNTS FOR BUSINESSES WITH 2-10 <br /> EMPLOYEES TO $5,000 AND $5,800 IN THE DOWNTOWN, AND FOR <br /> BUSINESS WITH 11-25 EMPLOYEES TO $10,000 AND $10,800 IN THE <br /> DOWNTOWN, AND ADD PROFESSIONAL SERVICES AS AN <br /> ELIGIBLE BUSINESS <br /> SUMMARY <br /> To assist in retaining businesses that are experiencing financial loss of income due to <br /> the COVID-19 pandemic, on April 15, 2020, the City Council approved implementation <br /> of a Business Assistance Program designed to share information and resources, and <br /> provide relief to local businesses to bridge the gap until allowed to re-open and fully <br /> operate. As noted, this program is aligned with the goals and objectives of the City's <br /> Economic Development Strategic Plan which specifically identifies economic health and <br /> long-term resilience as a priority area so the City can continue to provide high-quality <br /> public services and amenities for the benefit of the community. The assistance program <br /> has been in operation for four months; as such, Council is being provided with an <br /> update of the program implementation to date. Staff is now recommending an increase <br /> of the Business Support Fund amounts for businesses with 2-10 employees to $5,000 <br /> and $5,800 in the downtown, and for businesses with 11-25 employees to $10,000 and <br /> $10,800 in the downtown, and adding professional services as an eligible business. <br /> STAFF RECOMMENDATION <br /> Staff recommends the City Council accept an update to the Business Assistance <br /> Program and approve recommended increases in the Business Support Loan Fund for <br /> businesses with 2-10 employees to $5,000 and $5,800 in the downtown, for businesses <br /> with 11-25 employees to $10,000 and $10,800 in the downtown, and add professional <br /> services as an eligible business. <br /> FINANCIAL STATEMENT <br /> The Business Assistance Program amendments would result in no change to the <br /> previously approved $3 million for the Business Support Fund. <br />