Title
Adopt City Council Resolution Ratifying the City Manager's Approval of a Three-Month Business Loan Forbearance for Overtime Brewing, Inc. Due to the COVID-19 Pandemic
Summary
The City has provided forbearance of CDBG loans for businesses impacted by the COVID-19 pandemic and the economic impact from the Shelter-in-Place Orders. The forbearance allows the business to not pay the monthly loan payment for three months from April 1 to June 30. The three payments are simply added to the end of the loan to extend the term of the debt, without additional interest charges.