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AI# 10678
Regular City Council Meeting
7.41.
04/26/2022:
Information
Agenda Item
Resolution - City Manager:
Consider a resolution authorizing the Mayor to execute American Rescue Plan Act (ARPA) Funding Agreement No. 16526, by and between the City of Lubbock, and the South Plains Association of Governments (SPAG), for the administration of a small business relief funding program.
Item Summary
This program will provide assistance to small businesses located within the city limits of Lubbock that were negatively impacted by the COVID-19 pandemic. To qualify, the business must not have received assistance under the Paycheck Protection Program (PPP), Economic Injury Disaster Loan Program, or the Micro-grant Support Program, previously offered by Lubbock Economic Development Alliance (LEDA). The business must have been in operation for a minimum of one year. Funding will be distributed to businesses based on the previous year's Annual Gross Revenue (AGR).
Annual Gross Revenue (AGR)
AGR of $100,000 or less
Eligible for up to $5,000
AGR of $100,000 to $250,000
Eligible for up to $10,000
AGR of $250,000 to $500,000
Eligible for up to $15,000
AGR of $500,000 or more
Eligible for up to $20,000
South Plains Association of Governments (SPAG) will process and approve funding for qualified applicants. The City of Lubbock Accounting Department will process all payments and disburse checks to the businesses identified by SPAG staff. An administration fee of $50,000 will be paid to SPAG.
Fiscal Impact
Funding will come from the City's ARPA allocation, not to exceed $2,500,000.
Staff/Board Recommending
Bill Howerton, Deputy City Manager
Attachments
Resolution - SPAG
Agreement - SPAG
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