7.6. EDSR 07-20-2020 - Laserfiche WebLink

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CARESACT In March of 2020, Governor Tim Walz issued a series of Emergency Executive Orders in response to the COVID- 19 pandemic which closed public and private schools,closed bars,restaurants,and other places of accommodation and generally required Minnesotans to stay at home. Emergency Executive Order 20-15 recognizes that the State's response to the COVID-19 pandemic will result, either directly or indirectly,in the closure of many of Minnesota's businesses. In an effort to mitigate the economic distress caused by the COVID-19 pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide funding to States and local governments to cover costs associated with the COVID-19 pandemic. Guidance issued by the federal government provides that CARES Act funding is intended to cover a variety of costs incurred by State and local governments in responding to and mitigating the effects of the COVM-19 public health crisis,including expenses to enable compliance with public health measures such as facilitating distance learning and improving telework capabilities, and expenses associated with economic support, such as grants to businesses. The EDA should consider recovering costs associated with the COVID-19 Small Business Emergency microloan program through the CARES Act. Expenses associated with economic support, such as grants to businesses are eligible for reimbursement. If the commission agrees, staff will have a resolution prepared. REVOLVING LOAN FUND BALANCE REPORTS At the request of the Commission, a copy of the Revolving Loan Fund report is attached.All loans are showing current. Financial Impact N/A Attachments ■ Revolving Loan Fund Report ■ Sherburne County COVID-19 Relief Fund Press Release ■ CARES Act Information ■ Dashboard Report (to be delivered at the meeting)