Explanation
BACKGROUND: This legislation authorizes the Director of Development to enter into a subrecipient agreement with Columbus State Community College, through their Small Business Development Center, in an amount up to $500,000.00 of federal American Rescue Plan Act (ARPA) funds to provide program management services for the 2021 Columbus-Franklin County Small Business COVID-19 Response and Recovery Program and to pay for expenses starting March 3, 2021.
Ordinance 1201-2021 authorized the City of Columbus to accept and appropriate approximately $187,030,138.00 of federal American Rescue Plan Act (ARPA) funds as signed into law by the President of the United States on March 11, 2021.
Similar to the 2020 Columbus-Franklin County COVID-19 Small Business Response and Recovery Program implemented by the City and Franklin County in 2020 using CARES Act funds, the department (and the county) will partner with the Columbus State Community College’s Small Business Development Center (SBDC) and the Wells Foundation to provide economic support to small businesses negatively impacted by COVID-19. SBDC, acting as a subrecipient, will manage the city-county program and the Wells Foundation will hold and disburse the funds to eligible businesses (as defined by U.S. Treasury). A separate ordinance will be put forth to enter into an agreement with the Wells Foundation.
In addition to managing the program and determining who receives funding from the Wells Foundation contract, SBDC will provide financial support to multiple entrepreneur support organizations (ESOs) to provide financial and technical assistance to Columbus small businesses impacted by the COVID-19 pandemic. ESOs will identify small businesses in need and assist with the application process.
It is expected that the guidance from the U.S. Department of Treasury will be modified while this subrecipient agreement is in effect and it is requested that the Director of Development be given the authority to mo...
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