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2020 EDA ANNUAL REPORT I PAGE 4 <br />n July 7, 2020, the City of Hugo received $1 million from <br />ie Minnesota Department of Revenue in response to the <br />OVID-19 pandemic. This money was provided to the City <br />trough the Coronavirus Aid, Relief, and Economic Security <br />ct (CARES Act) as a federal response to the recent <br />-onomic decline. The EDA met in August to discuss the <br />sources already available to local businesses and if there <br />as a need for an additional grant program. The discussion <br />nded in a motion that directed staff to create a grant <br />rogram for local, private or nonprofit businesses that <br />enerate under $3.5 million in annual revenue, which <br />allowed them to apply for individual grants for up to <br />$10,000. In response, staff created a grant program that <br />allocated $200,000 from the City's CARES budget to local <br />businesses, should they meet the grant requirements. The <br />application period was open from September 9, 2020 to <br />October 1, 2020. <br />Staff received 22 total applications and reviewed the <br />submitted materials in regard to the grant application <br />criteria and requirements. At the October 15, 2020 <br />meeting, the City Council expanded the criteria to allow <br />two the applicants that did not meet the annual revenue <br />requirements to be included in the recipients. In the end, <br />19 Hugo businesses received grants from the City and a <br />total of $171,635.33 was awarded. <br />