Orange County NC Website
Browse       Search
Esbfp 070120 v1 <br />the award retain at least 50% of the work force that existed on January 1, 2020 and retain 100% <br />within one year of the award date; (b) Living Wage, pay 90% of Borrower’s work force a living <br />wage of $15 per hour; or (c) Community Participation and Involvement, in kind service, <br />discounts or donation to first responders, healthcare and other front line workers in the amount <br />of at least $250 annually for award recipients with net income of up to $100,000 and at least <br />$500 annually for all others. Any value derived from discounts shall be the result of at least 15% <br />off retail price. Determinations regarding qualifying recipients of in kind services or donations <br />shall be at the sole discretion of the County. Borrower shall supply evidence of compliance <br />through NC Employment Commission reports, IRS 941 Payroll quarterly reports, Orange County <br />Living Wage certificate or, if those are inapplicable, owner affidavit. <br /> <br />Validation of meeting the selected requirement will be obtained six months from the award date. <br /> <br />ELIGIBLE USES OF PROCEEDS <br /> <br />1. To retain work force <br /> <br />2. Payroll expenses <br /> <br />3. Purchase of equipment, commercial-use vehicles, or machinery <br /> <br />4. Improvement of owner-occupied commercial property; owner must occupy 50% or more <br />of total space <br /> <br />5. Sustain or Expand business services or products <br /> <br />6. Acquisition of owner-occupied commercial real estate (minimum 5- year lease terms) <br /> <br />7. Tenant up-fit and lease-hold improvements <br /> <br /> <br />INELIGIBLE USE OF PROCEEDS <br /> <br />1. Refinancing existing bank debt or investor loans; the Funding Committee may <br />recommend an exception not to exceed 50% of loan value <br /> <br />2. Purchase of equipment or improvement of real estate to be used for <br />personal use <br /> <br />3. Political activities or private membership clubs <br /> <br />4. Owner salary and dividend payments beyond an agreed upon amount <br /> <br />5. Speculative ventures such as drilling for gas, oil, and commodity futures <br /> <br />6. Lending or investment purchases <br /> <br />7. Real property held for sale or investment <br /> <br />8. Pyramid sales - distribution plan businesses <br />DocuSign Envelope ID: 1C739838-D4AD-4BC1-AB9B-59893FDDCFE3