CARES Funding Update

Matt Smith

County Board Meeting

November 3, 2020

Cares Funding Approved to Date

Item 10.2 County Board November 3, 2020

Total CARES funds received $52,006,073

Allocated to date $52,326,574

Accrued interest $20,229

Transferred Funds to date (Small Cities/Townships) $59,800

Small City Allocations (New Trier) ($8,287)

Total remaining funds available ($248,759)

Estimated amount available for reallocation ~ $3,529,500

Additional Options

Public School Districts (Estimated at $30 per student) $2,090,881

Ridges Hospital $21,792 - $247,404

Regina Hospital $2,981,406

Small Business Relief (Round 1 and 2) Increase max payment

Non-profit Financial Assistance Increase max payment

Additional eligible staff costs and invoices Up to $4,656,735

Summary of CARES Funding

Item 10.2 County Board November 3, 2020

Small Business Relief Grant Programs

Round 1 and Round 2

Tony Schertler

CDA Executive Director

Small Business Relief Grant Program - Update

• Round 1 (as of 10/30)• 655 businesses approved to be funded by County

• 130 businesses approved to be funded by city partners

• Total 785 businesses for additional funding

• Round 2 (as of 11/2)• 318 business applications

• 183 completed

• 130 in draft form (deadline is Friday November 6th)

• 5 rejected – recipients of Round 1 GrantsItem 10.2 County Board November 3, 2020

• Based upon 1) number of approved applicants in Rounds 1 and 2

and 2) applicants demonstrating financial need above the current

maximum award, staff believe there is room in the $18 million

budget to increase the maximum award from $10,000 to $15,000

• Financial Scenario –

• Award 850 businesses (Round 1) and 500 (Round 2) with additional

$5,000 = total maximum grant commitment of $20,250,000*

Financial Recommendation

Item 10.2 County Board November 3, 2020

• Round 1 grantees to complete budget amendment via a web-

based tool (created by NextStage) requesting additional eligible

expenses (for expanded timeframe) • Grantee asked to certify accuracy of new eligible expenses and consent to

accepting additional grant funds

• Web-based tool is unique to each grantee.

• Round 2 grantees will have additional funds included in original

grant agreement, as no agreements have been signed

Additional funds to Round 1 & Round 2 grantees - Process

Item 10.2 County Board November 3, 2020

• November 3 or 4: Email grantees with details on additional

funds and budget amendment process

• November 12: Receive final Round 2 grantees and award

amounts

• November 14: Receive final Round 1 grantees and award

amounts

• November 17: Request increase in budget, if needed

Next Steps, Proposed Timeline

Item 10.2 County Board November 3, 2020

Questions?