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Economic Development Authority Minutes Page 4 <br /> August 17,2020 <br /> ----------------------------- <br /> 7.7 Director Report <br /> Ms. Othoudt presented the staff report. <br /> 7.8 Covid-19 Small Business Emergency Microloan Program <br /> Ms. Othoudt presented the staff report. <br /> Commissioner Wagner expressed surprise that the CARES Act funds have been <br /> identified for allocation and she questioned how it looks as she feels it is very <br /> important to help businesses. She noted many businesses that did not qualify for this <br /> program have seen a significant decrease in their revenues and are having to make <br /> unexpected purchases for personal protective equipment, such as face masks and <br /> plexi-shields. She asked if there is an opportunity to adjust the eligibility of the <br /> program. She stated she was hoping the Authority could be reimbursed with CARES <br /> funding. <br /> Ms. Othoudt stated the loan program " e modified with the understanding the <br /> Authority may not get CARES funds. She noted when the program was first created <br /> the Authority knew they would be using their own funds. She questioned if the <br /> Authority wanted to continue knowing the county has two programs available that <br /> are robust. She stated the Authority *neebetwor <br /> de onstrate a need for the <br /> program extension. <br /> President Tviete stated a lot of def 'ed out if the program is to be <br /> expanded. He is unsure at this point of the direction to go. <br /> Commissioner Ovall stated he is fine with what is currently allocated but he would <br /> be willing to review further if the Authority would qualify for some CARES <br /> reimbursement. He noted there will be impacts for the 169 Redefine project,which <br /> are currently unknown. <br /> Commissioner Wagner stated there are many businesses who do not qualify for the <br /> current loan program but are still hurting. <br /> Ms. Othoudt stated the Authority needs to identify the businesses who would qualify <br /> under an expanded program. She stated there are some options to measure need, <br /> such as gross revenue/loss,but more work would be required on how to implement <br /> it. <br /> Commissioner Ovall questioned if there was any pattern for the 6 applicants who did <br /> not get approval. <br /> Ms. Othoudt stated it was retail and a gas station. <br /> Commissioner Christianson stated he is fine with the original loan program not <br /> knowing about the CARES reimbursement. <br /> l P 0 W I R 1 0 0 Y <br /> UREJ <br />