Loans – Improvement Authority to advertise COVID-19 emergency loan program
The Detroit Lakes Improvement Authority has 13, $4,000 loans for COVID-19 impacted companies, however, to this point, no corporations have utilized for the aid loans.
Since no companies have utilized for these loans once they had been first accepted in March, the event authority agreed Tuesday to ship out promotional letters in regards to the loans to companies who’ve utilized for the town’s COVID-19 aid grants up to now. Improvement authority members hope this can stimulate curiosity in this system.
“The difficulty is that $4,000 will not be a lot, nevertheless it might assist somebody,” mentioned Ron Zeman, alderman for ward one. “I’ve had quite a lot of telephone calls right here within the final two weeks, and eating places particularly, they’re on their knees proper now, and that is going to be a protracted stretch for them with out having funds they want for the gross sales not coming in.”
Members of the event authority agreed the applying for the loans was easy sufficient and didn’t require any adjustments.
The $4,000 loans carry a 2% rate of interest and are payable over 21 months with the primary cost due three months after receiving the loan.
“They’d have 18 months of funds of $230 to repay that loan,” mentioned Larry Remmen, neighborhood improvement director for Detroit Lakes, in the course of the digital assembly.
Any Detroit Lakes enterprise that desires to use ought to fill out the loan software and get in touch with Larry Remmen.
Because the starting of the pandemic, the town of Detroit Lakes has spent greater than $713,000 in CARES Act emergency aid grants and the Becker County Board of Commissioners have accepted $1 million in small enterprise aid grants.
In Washington, D.C., on Tuesday, a bipartisan group of senators unveiled the framework of a brand new $908 billion COVID-19 aid invoice, which incorporates $160 billion in state and native authorities assist, in line with NBC Information. A abstract obtained by the information group additionally outlined $288 billion in new small enterprise help and $180 billion in new unemployment insurance coverage.
