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File #: RS2022-1356    Name:
Type: Resolution Status: Passed
File created: 1/21/2022 In control: Budget and Finance Committee
On agenda: 2/1/2022 Final action: 2/1/2022
Title: A resolution appropriating $20,000,000.00 in American Rescue Plan Act funds from Fund #30216 to create a Nashville Small Business Recovery Fund.
Sponsors: Jennifer Gamble, Courtney Johnston, Kyonzte Toombs, Burkley Allen, Ginny Welsch, Zulfat Suara, Sharon Hurt, Brandon Taylor, Emily Benedict
Attachments: 1. Exhibit A
title
A resolution appropriating $20,000,000.00 in American Rescue Plan Act funds from Fund #30216 to create a Nashville Small Business Recovery Fund.
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WHEREAS, on June 15, 2021, the Metropolitan Council passed Resolution RS2021-966, a resolution which accepted grant funds for local government support from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act of 2021 ("ARP Funds") from the U.S. Department of the Treasury to The Metropolitan Government of Nashville and Davidson County, which was subsequently signed into law by Mayor John Cooper on June 16, 2021; and,

WHEREAS, Resolution RS2021-966 established a COVID-19 Financial Oversight Committee ("the Committee") whose role is to collect, consider, and recommend appropriate uses of the ARP Funds as designated by the Metropolitan Council disbursement plan. The Committee will submit its reports and recommendations to the Mayor, the Director of Finance, and the Metropolitan Council not later than June 30, 2025; and,

WHEREAS, there are federal requirements for use of ARP Funds that require that these funds be expended or obligated on or before December 31, 2024; and,

WHEREAS, the Committee recognizes that supporting local business development, including the maintenance and sustainability of small businesses, is a critical priority for the city; and,

WHEREAS, the Committee recognizes the negative financial effects of the COVID-19 pandemic as they apply to local small businesses and their employees; and,

WHEREAS, the Mayor's Office of Economic and Community Development recognizes the importance of ensuring that Nashville's small businesses have the adequate support to recover from the impacts of the COVID-19 global pandemic; and,

WHEREAS, the Mayor's Office of Economic and Community Development seeks to create a program that helps small businesses throughout the Metropolitan Nashville and Davidson County with a focus on businesses in North Nashville/Bordea...

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