File photo
File photo
The El Paso City Council passed a resolution to help support the local economy after the economic downturn caused by COVID-19.
As of April 10, Texas reported 11,671 confirmed cases of the coronavirus, including 226 deaths. El Paso County has 225 confirmed cases of COVID-19.
City Manager Tommy Gonzalez told the news agency that the impact caused by COVID-19 is projected to be twice as bad as the 2008 recession, according to the news agency.
CBS4 reported the City Council called the measure a budget stabilization plan that includes moving more than $6 million that was allocated for street and road repair.Additionally, the police academy is also suspended, along with part-time and seasonal workers, such as the staff for the water park.
The City Council also passed a small business emergency relief fund that will provide loans in partnership with LiftFund, according to CBS4. That measure will allocate $600,000 to small business loans with 0% interest. The measure also includes $250,000 for business grants up to $5,000, as well as $150,000 to the LiftFund grant to help cover the loans. The city is investing $1 million into the fund, according to the news agency.
The small businesses that apply with the fund must be in El Paso and must open up in the same location when they reopen. They must have fewer than five full-time employees and be able to demonstrate they have a loss of at least 20% of revenue because of the novel coronavirus. The news agency reports that these small businesses must have an annual gross revenue that is not more than $1 million.
LiftFund has already begun accepting applications for the relief fund, according to the news agency.
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