7.8. EDSR 08-17-2020 - Laserfiche WebLink

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Andover EDA • Eligibility o In business by 3.1.20. o No more than 50 FTE employees. o Non-profits eligible to apply as well. o Must have physical address in the city. o Must be registered with Sec. of State in good standing with no delinquent taxes, bills, or charges from city from 2.1.20 or prior. o Eligible businesses include those that have been deemed non-essential or which faced mandated closures per Exec. Orders. o Eligible expenses include fixed debts, payroll costs, accounts payable, utility payments, inventory costs. • Exclusions o Businesses that don't qualify above. • Aid o Grants for"actual loss"up to $50,000. • Restrictions o May not be used for agriculture, purchasing machinery/vehicles,moving expenses, land acquisition, property taxes, or normal expenses that would have occurred without pandemic. • Process o Application deadline of 8.17—approvals to be given at 9.1. EDA meeting. • Application o Asks for basic information about businesses, how Covid-19 has impacted businesses, how they intend to use the grant funds, etc. o Evidence that business owns or leases the premises, proof of eligible expenses to be paid with grant funds, W-9 form, and other supporting documentation. o Business must execute Grant Agreement that indemnifies city and certifies that business will use funds for eligible purposes only. • Enforcement o All recipients must submit brief report to Andover EDA 60 days after date of the executed grant agreement. Bloomington— Forgivable Loan Program • Eligibility o Must have physical location within Bloomington. o Employ 1-20 persons at the location address. o Annual gross revenues cannot exceed $2,000,000. o Legal entity permitted to do business in Minnesota. o In compliance with codes, licensing, and no unpaid tax bills to charges due to the city. • Exclusions