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PROPOSED SUBSTTTUE TO FILE 20-3229
PROPOSED RESOLUTION
ECONOMIC DEVELOPMENT INITIATIVES TO IMPLEMENT THE COOK COUNTY COVID-19 RESPONSE PLAN: FROM RAPID RESPONSE TO EQUITABLE RECOVERY
WHEREAS, on March 13, 2020, the President of the United States issued a Proclamation, declaring a National Public Health Emergency as a result of the COVID-19 outbreak; and
WHEREAS, on March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"); and
WHEREAS, the CARES Act established the Coronavirus Relief Fund ("CRF"), which provides aid to eligible local governments to address necessary expenditures due to the COVID-19 Public Health Emergency; and
WHEREAS, on April 7, 2020, President Preckwinkle issued Executive Order 2020-9 which authorized the Cook County Bureau of Economic Development (BED) to develop, establish and administer a loan and technical assistance program for small businesses located in suburban Cook County in the amount of $10 M; and
WHEREAS, Cook County qualified as an eligible local government and received $429 M in CRF funding from the U.S Department of Treasury; and
WHEREAS, Cook County has received $429 million of CRF and Cook County has allocated approximately $ 133 Million of the County's CRF allocation to address the impact of COVID on communities with $51 M available to municipalities and $82 M distributed via the BED to direct service providers to address economic and community development needs; and
WHEREAS, as a result of COVID-19, Cook County businesses and residents have been severely impacted and recovery initiatives are needed to assist Cook County businesses and residents as result of losses suffered and unforeseen expenses incurred; and
WHEREAS, on May 14, 2020 to ensure a comprehensive and coordinated response to the COVID-19 pandemic, President Preckwinkle released the Cook County COVID-19 Response Plan: From Rapid Response to Equitable Recovery. ...
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