Lake Forest Hotels And Eateries May Receive Up To $6.5 Million

Lake Forest CA

13 August, 2021

4:28 PM

Description

LAKE FOREST, CA — Hotels and restaurants impacted by COVID-19 could see a cash boost in the near future. Lake Forest city council members will discuss and possibly adopt a grant spending plan that would put roughly $6.5 million into the city's tourism, travel and hospitality industries at next week's council meeting. The grant money comes from the Americans Rescue Plan Act, signed into law in early March of this year. The act is designed to give $1.9 trillion in financial assistance to states, localities and metropolitan areas that have been impacted by COVID-19. Of this $1.9 trillion, Lake Forest received roughly $12.7 million in grant funds. At this Tuesday's meeting, council members will decide how to spend it. According to the staff report, if the ARPA Grant Programmatic Spending Plan is adopted, approximately $6.5 million (roughly 51 percent of overall funds) will be used to create assistance programs for local restaurants, hotels and a variety of travel and aerospace businesses. To qualify, businesses would have to prove the financial hardship caused by COVID-19. Businesses that opened after the pandemic started will not qualify, nor will businesses with previous hardship prior to the pandemic. If the city council adopts this spending plan, grant funds would be rolled out to eligible businesses between 2021-2023. The remaining 49 percent of grant funds would be allocated toward city workforce retention and grant administration, with city workforce retention slotted to receive $4.9 million and grant administration to receive roughly $1.2 million. Council members will meet on Tuesday, Aug. 17 at 6:30 p.m. for an open session. Council chambers are located at 100 Civic Center Dr.