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<br />N:\Departments\Community Development\Economic Development\EDA\Administrative\Agenda\Joint Finance Committee Agenda <br />Packets\2020\06152020\4.1 sr COVID19 Small Business Emergency Microloan Program Applications.docx <br />Chow Mixed Grill & BBQ <br />The applicant requested $20,000 loan and indicated their request for up to $5,000 in property tax relief for <br />taxes payable in 2020. The applicant has supplied a complete application and all supporting documentation. <br />The applicant is an eligible business type noted in Executive Orders 20-04; and 20-08. The lease dated <br />December 31, 2017, indicates that the tenant is responsible to pay all real estate taxes. Property Tax liability <br />for the applicant is $40,742 payable in 2020. The applicant is not in violation of any city codes, ordinances, <br />licensing requirements, bills, or charges due to the city. However, property taxes remain unpaid in 2020. <br /> <br />Inspire Studio, LLC <br />The applicant requested $20,000 loan. The applicant has supplied a complete application and all supporting <br />documentation. The applicant is an eligible business type noted in Executive Orders 20-04; and 20-08. The <br />applicant is not in violation of any city codes, ordinances, licensing requirements or delinquent taxes, bills, or <br />charges due to the city. <br /> <br />Financial Impact <br />The EDA allocated funding of this program of up to $200,000 from the general microloan fund account. The <br />total financial impact if all applications are approved is $65,000. A total of $15,000 is eligible for forgiveness <br />under the program. <br /> <br />Attachments <br /> COVID-19 Small Business Emergency Microloan Program <br /> Applications and Review Worksheets <br /> Executive Orders 20-04; 20-08 <br />