This Emergency Appropriation Resolution adds funding to the existing CBJ Business Sustainability Grant program. JEDC estimates that the total amount of eligible grants may exceed available grant funds by up to $2 million. Without additional funds, JEDC will be required to prorate all eligible grant awards to remain within the currently appropriated amount. This process of proration delays disbursement of funds to all applicants because every application must be fully processed before any disbursements can be made. Fully funding all estimated grant applications allows JEDC to move with greatest possible speed to disburse funds to affected small businesses.
Currently, without additional funds, JEDC anticipates prorated grant amounts would be disbursed in late October. If this Emergency Appropriation Resolution passes, JEDC could begin disbursing eligible grant awards as soon as tomorrow.
If the Assembly chooses to not pass this resolution tonight, the Manager will direct JEDC to disburse 75% of full disbursements, beginning tomorrow. The remainder of the disbursements would be scheduled once proration calculations are complete.
The Assembly Finance Committee reviewed this request at its September 30, 2020, meeting.