7.8. EDSR 08-17-2020 - Laserfiche WebLink

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o Use of funds subject to verification to ensure compliance as required under the CARES Act. o Certification of expenses form submitted to city with application for previously incurred expenses, or by 11.30.20 for future incurred expenses. Scott Countv Community Development(City of Savage Collaboration —Savage gave money to Scott County to grant to Savage small businesses through the county program. • Eligibility o Locally owned and operated for-profit business with physical establishment in Scott County. o Employ between 3 to 20 W-2 eligible employees prior to 3.1.20. o Under $1 million in annual revenue. o In operation for 6 months prior to 3.1.20. o Licensed, in good standing, and not have delinquent taxes. o Demonstrate a significant loss in revenue since 3.15.20. • Exclusions o Home-based businesses or without physical establishment. o Non-profits. o Self-employed, ind. contractors, businesses without employees. o Corporate chains, or not owned by Scott County resident. o Primarily derive income from tobacco, gambling, adult entertainment,pawn shops. o Businesses that derive income from passive investments. o No duplication of state and local aid —those that received funds from MN Small Business Emergency Loan are not eligible. • Aid o One-time forgivable loan up to $5,000, based on economic injury from Covid-19. 0 0% interest, 12-month term, deferred payments for 12 months. 0 100% forgivable after 12 months provided business continues to operate in Scott County in good standing. o Up to $20,000 per business. • Restrictions o None specifically listed. • Process 0 10-day application window, not first-come, first-serve basis o If eligible and approved, applicants must submit 2019 tax return and evidence of revenue loss related to Covid-19. Suggestions are sales tax reporting, period statements, merchant services statements, and point of sale register reports. This must be done within 10 days after selection. Also evidence of employment prior to 3.1.20. • Application o Online application (already closed).