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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 /> 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 /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this item. <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 /> ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal <br /> impact associated with this item. <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 /> 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 />