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Economic Development Authority Minutes Page 4 <br />August 17, 2020 <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 can be 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 would need to demonstrate a need for the <br />program extension. <br />President Tviete stated a lot of details need to be worked 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 />rpIVEREI I <br />NATURE <br />