Council to Mull Local Business Lifeline Program
At its last meeting on April 7, the City Council conceptually approved a lifeline business loan program capitalized at $2 million and at $20,000 per loan, and directed staff to return with recommendations on tiers of eligible business types and recommendations for implementation.
On Tuesday, April 21, the Council will consider whether to implement the program and under what eligibility, processing and repayment terms.
City staff consulted with a wide number of sources on the implementation of the program, from the California Association for Local Economic Development to Lamont Financial Services to the Chamber of Commerce to banks and other lending institutions.
The recommendations resulted in no uniform perspective on the best way to help small businesses or the effectiveness of the assistance that has been offered. At its last meeting, the Council requested staff propose tiers of types of businesses the program may help. The staff recommendation can be found in the staff report. The proposed tiers of business classifications can be found on Attachment 2 of the staff report.
Council to Consider Community COVID-19 Testing
The City Council will consider whether to develop and implement a cost-neutral independent Coronado-centered Community COVID-19 Testing Program.
Some residents have suggested support for such a program in Coronado. Although some testing conducted by private entrepreneurs has not been FDA approved, the FDA is expected to approve several rapid serology tests within the next several weeks.
City staff recommends that any community COVID-19 Testing Program be cost-neutral to the City. If implemented, costs would be recovered via fees or funding by a yet to be identified source or third party.
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