City Administrator Ryan Mathisrud told the Park Rapids City Council on Tuesday that businesses within the city were awarded a total of $117,000 in the first round of revenue replacement grants funded through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
These monies are not loans, he stressed, and do not need to be repaid.
The Heartland Lakes Development Commission (HLDC), which is administering the grant awards in Hubbard County, met last week to discuss the awarding of funds to replace revenues lost due to public health restrictions during the COVID-19 pandemic.
“The city released $120,000 for local business revenue replacement,” said Mathisrud. “We received six applications from businesses located in city limits, and awarded $117,000 to those local businesses.”
Council member Tom Conway, who serves on the CARES Act committee, said that countywide, 19 additional businesses were funded for a total of $277,169.
Mathisrud said HLDC’s next step is to report to the state about how the funds have been used, after which they plan to ask the city council to release additional COVID-19 relief funds for a second round of grants.
“We’re hoping to get additional interest in that,” he said. “We felt that was a light response for the process that was undergone to get that application out there.”
Conway said the funds must be spent by Nov. 15.