Bonney Lake sets aside $500,000 to help struggling businesses
Dec 10, 2020, 5:36 AM
Many local communities have tried to find unique ways to help businesses struggling during the COVID-19 pandemic. Mayor Neil Johnson of Bonney Lake joined KIRO Radio’s Gee & Ursula to discuss the second round of business grants his city is hoping to dole out, of which approved applicants will receive between $1,500 and $10,000 each.
“I’ve been mayor since 2006 and over the years that our general fund growth — because of businesses, small businesses, large businesses, the sale tax is always a big key — over the years our ending fund balances are always growing. So we know right now we have about $8 million left over after 2022; this is just over the time we’ve been able to be fiscally prudent,” he said.
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Mayor Johnson says they have 200 small businesses with 20 or fewer full-time employees, and they had 45 apply the first time around. They’re hoping to improve those numbers.
“We just did this CARES Act funding where we gave up $2,200 to 45 businesses that applied for care. That came from the feds. And that was great,” he said. “And I said, ‘Well, you know, we have this ending fund balance that’s sitting here and we need to do something, we can’t just can’t sit around and do nothing.’ Council says, ‘Yeah, let’s do a half million dollars and do another round of grants for businesses, and let’s get more to apply.'”
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“Our council’s fully supportive of it — all seven members jumped on it right away,” Johnson added. “And we all agree we have to do this for Bonney Lake, because if we don’t think Bonney Lake first, what else will? That’s what we have to do.”
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