Given the current economic impact of the recent emergency orders issued by the State of Wisconsin related to the COVID-19 pandemic, the Shorewood Business Improvement District (BID) and others advocated that the Community Development Authority (CDA) consider the establishment of an Emergency Rent Assistance Program for the Village’s local business operators whose operations have been significantly impacted by these events.
This would be a short-term assistance program to help the businesses most significantly impacted by recent events meet their short-term cash flow needs until either economic condition improves, or they are able to obtain additional assistance through other State, Federal, or local programs.
In order to execute the Emergency Rent Assistance Grant Program, the CDA recommends to the Village Board to suspend the current Façade Improvement Program and redirect all remaining funding, after processing program applications that have already been received, to a new restricted purpose use to help fund the program. Staff currently estimates that there will be approximately $210,000 in remaining Façade Improvement Program funds available for this purpose.
To further support this effort, the CDA approved the transfer of $90,000, or about 50% of the CDA’s remaining general use funds, to the Emergency Rent Assistance Grant Program to supplement the Façade Improvement Program monies should the Village Board approve that action.
Additional information on this program can be found in the Village Board agenda packet, which can be found here. The packet will be posted sometime today, April 3. The Village Board meets Monday, April 6 at 7:30 p.m.