Mayor Melvin Carter Announces $3.25 Million Saint Paul Bridge Fund Proposal to Provide Emergency Relief to Small Businesses and Families
FOR IMMEDIATE RELEASE:
March 25, 2020
SAINT PAUL, MN - Today, during a presentation to the Saint Paul City Council on the City’s response to the COVID-19 pandemic, Mayor Carter announced the Saint Paul Bridge Fund, a proposed $3.25 million fund to provide emergency relief to small businesses and families. The proposal comes in response to the economic impacts of the COVID-19 pandemic.
“The Saint Paul Bridge Fund provides emergency relief for families and small businesses most vulnerable to sudden economic changes,” said Mayor Carter. “While we have much more work ahead to respond to the economic impacts of this crisis, this is an important first step.”
The City of Saint Paul continues to work in close partnership with public health officials to respond to the COVID-19 coronavirus pandemic. The Mayor declared a State of Local Emergency on March 15 to ensure the City can mobilize the necessary resources to protect public health and safety. In response to the economic impact to families and small businesses, the Saint Paul Bridge Fund provides emergency relief to those in the community who need it most.
ABOUT THE SAINT PAUL BRIDGE FUND FOR FAMILIES
The Saint Paul Bridge Fund includes a $1 million investment to provide families $2,000 of direct assistance for rent or mortgage payments. Eligible families will:
- Have income at or below 40% Area Median Income, which is $40,000 for a family of four
- Have at least one Saint Paul Public School student (Pre-K to 12 eligible)
- Have experienced a loss of income due to COVID-19.
ABOUT THE SAINT PAUL BRIDGE FUND FOR SMALL BUSINESSES
The Saint Paul Bridge Fund includes a $2.25 million investment to provide $7,500 grants for immediate business expenses, including but not limited to:
- Rent/mortgage payments
- Employee health benefits
- Leave payments and payroll
- Accounts payables Payments due to suppliers
Eligible small businesses will have 20 or fewer employees, gross revenue of $2 million or less, been in operation for the last six months in Saint Paul, and had their revenues significantly impacted by at least one of the Governor's COVID-19 executive orders in 2020.
The Saint Paul Bridge Fund is supported by proposed Saint Paul Housing and Redevelopment Authority funds, and support from the Saint Paul & Minnesota Foundation and Ecolab Foundation. The proposal will go before the Saint Paul Housing and Redevelopment Authority Board for adoption at a special meeting on April 1. Learn more about the Saint Paul Bridge Fund at StPaul.gov/saint-paul-bridge-fund. Stay informed about the City's response to COVID-19 by subscribing to updates at SPaul.gov/coronavirus .