7.8. EDSR 08-17-2020 - Laserfiche WebLink

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o Gambling, adult entertainment, lobbying, pyramid businesses, billboards, agriculture, purchasing of machinery or vehicles. • 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. • Aid o $1,000,000 available to small businesses, $300,000 to self-employed or independent contractors. Max of $7,500 to businesses and $3,000 for self- employed or ind. contractors. • Process o Random selection, after selection must provide most recent tax return, estimated budget for use of forgivable loan funds for working capital, IRS form 941 or 1099- MISC form, articles or incorporation, and proof of address. o Loan agreement required that indemnifies city and port authority. • Application o Online application that asks basics to determine initial eligibility. • Enforcement o Nothing specific in the program guidelines. Bit Lake EDA • Eligibility o Small businesses that have been deemed non-essential or have faced mandated closures per Exec. Orders or can demonstrate business interruption from Covid-19. o Non-profits may be allowed to apply if they can demonstrate the same. o Been in business by 3.1.20. o Have no more than 100 FTE employees at location address. o Must have physical address within the city. Proof of address required. o Must be allowed use or legal non-conforming use. o Registered and in good standing with Sec. of State, no delinquent taxes or charges due to city from 2.1.20 or prior. o Must demonstrate how funds will be used to assist in recovery. o Using other funds does not disqualify and applicant. • Exclusions o None specifically mentioned. • Restrictions o May not be used for agriculture, purchasing machinery/vehicles, moving expenses, land acquisition, or property taxes. • Aid o Amount of grants not specified in program documents. • Process o Applications accepted until 8.5.20, approved at EDA meeting 8.17.20.