Orange County NC Website
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 19, 2020 <br /> Action Agenda <br /> Item No. 7-a <br /> SUBJECT: Final Report of Emergency Small Business Fund Program <br /> DEPARTMENT(S): County Manager <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. PowerPoint Presentation Gary Donaldson, (919) 245-2453 <br /> 2. List of Award Recipients Steve Brantley, (919) 245-2326 <br /> Amanda Garner, (919) 245-2330 <br /> PURPOSE: To receive a report from staff on the Emergency Small Business Funding Program <br /> for Orange County small businesses experiencing revenue loss due to the coronavirus <br /> pandemic. <br /> BACKGROUND: The coronavirus pandemic has impacted the global economy and disrupted <br /> business activity throughout the United States and North Carolina. The County is committed to <br /> supporting its local businesses and employment base. <br /> The Board of County Commissioners approved an Emergency Small Business Funding for <br /> Orange County small businesses experiencing revenue loss due to the coronavirus pandemic. <br /> The emergency program was funded with $300,000 from the Article 46 Sales Tax Fund. Award <br /> recipients were eligible to receive grants and/or loans. The application period was from March <br /> 25 through April 10, 2020. The BOCC approved formation of a Nine-Member Committee to <br /> review and approve the award recipients. <br /> At the direction of the County Manager, the Finance and Administrative Services and Economic <br /> Development departments formulated the policies and procedures for the emergency program. <br /> Program eligibility requirements: <br /> - Orange County based businesses <br /> - Minimum of one year of operations <br /> - For-Profit business status <br /> - All applicants are required to have been in business for a minimum of one-year, hold <br /> applicable 2019 business privilege licenses, and be registered with appropriate legal <br /> entities such as the North Carolina Secretary of State or Orange County Register of <br /> Deeds office <br /> - Companies are not eligible if they have past-due tax liabilities or tax liens, delinquencies <br /> in Orange County property taxes, or are currently in bankruptcy (Corporate or Personal) <br /> - Profit and Loss statement indicating profitability prior to coronavirus pandemic <br /> The County received 283 applications by the April 10 due date, with 39 applications initially <br /> eliminated because they were duplicates (20), or submitted by businesses located outside of <br />