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REVISED ABSTRACT <br />o Businesses will be required to provide tax returns. The maximum loan and grant <br />combination available to a small business will be limited to three months of fixed <br />operating expenses. <br />o Loans will be repaid over a five (5) year term. No payments will be due during the <br />first six months of loan origination. <br />o No interest will be changed on loans. <br />o Small business will agree to an auto-draft process for loan payments. <br /> <br />FINANCIAL IMPACT: The Emergency Small Business Funding Program is funded using funds <br />originally authorized in the Article 46 Sales Tax Fund for the Small Business Loan Program. <br />Approximately $300,000 is available in this account. These funds will be used for the express <br />purpose of making small business loans and grants to eligible businesses. <br /> <br />SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br />this item. <br /> <br />• GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br />The creation and preservation of infrastructure, policies, programs, and funding <br />necessary for residents to provide shelter, food, clothing and medical care for themselves <br />and their dependents. <br /> <br />ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal <br />impact associated with this item. <br /> <br />RECOMMENDATION(S): The Manager recommends the Board recognize that the Emergency <br />Small Business Funding Program is necessary to preserve jobs and tax base during the <br />coronavirus pandemic and is consistent with the State of Emergency declared by Orange <br />County on March 13, 2020, and approve the creation of the Emergency Small Business Funding <br />Program and marketing of this program on the County’s website, press release, and social <br />media outlets to communicate available financial support to small businesses impacted by the <br />coronavirus pandemic. <br /> <br />The Manager further recommends that an Emergency Small Business Funding Program <br />Committee composed of two representatives each from the Small Business Grant Committee, <br />the Agricultural Grant Committee, and the Small Business Loan (SBL) Board make final <br />determinations between April through June for both grants and loans and that County staff <br />provide status reports to the Board. <br />