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e. Other supporting documentation you wish to provide to the EDA to <br /> assist in understanding the applicant's situation. <br /> f. Narrative descriptions and estimated calculations of the negative <br /> impacts on the business due to COVID-19 <br /> €g.Description of costs to be paid with the proceeds of the loan <br /> g.h.Narrafive description of the current plans for resuming operations <br /> following the COVID-19 crisis <br /> Permitted Fund Uses: <br /> a. Awarded funds may be used exclusively for current payroll obligations <br /> (may not include employees who have been laid off),lease or <br /> mortgage payments,utilities,accounts payable,property taxes and <br /> other critical business expenses that can't be paid as a direct result of <br /> the COV-ID-19 pandemic.Awarded funds may not be used for <br /> business owner's/manager's personal uses or expenses. <br /> Ineligible Fund Uses: <br /> a. Assistance cannot be provided to businesses or nonprofits that: <br /> b. Do not have a physical business address within the City of Elk River <br /> c. Are home-based businesses <br /> d. Derive income from passive investments without operational ties to <br /> operating businesses <br /> e. Primarily generate income from gambling activities <br /> f. Generate any part of its income from adult-oriented or <br /> tobacco/vaping-related activities <br /> g. Have no current or historical financial statements <br /> h. Previously received emergency funds from the eityEDA <br /> Availability of Funds <br /> a. Funds are on a first come,first serve basis for qualifyuig businesses. <br /> Funding will be provided until the funds are exhausted or the city- <br /> declared state of emergency declaration is lifted,whichever comes first. <br /> Reporting <br /> a. As a condition for receiving funding,all recipients are required to <br /> submit a brief report to the EDA within two months after receiving <br /> funds,specifying how the funds were used and providing evidence in <br /> the form of paid invoices,statements or similar documentation. <br /> rorEeEo er <br /> Page 13 of 23 EDA&City Council Approved August 21,2017 AWR <br />