Eight Angola businesses receive COVID-19 recovery loans | COVID-19

ANGOLA — Forgivable loans totaling $73,000 have been awarded to eight small companies in Angola via funding from the Indiana Workplace of Neighborhood and Rural Affairs and the Angola Funding Fund.

The town added $100,000 to the $250,000 given by OCRA to provide the mortgage program $350,000 to be dispersed. This system is just like the federal Payroll Safety Program that was devised throughout laws handed this spring.

The recipients — Brown-N-Naked Tanning, Larry’s Lock and Protected, McCool’s Tavern, Procup Racing, Sutton’s Deli, Timbers Steakhouse & Seafood, Fitt4Life and ROCO Hair Store — acquired their awards Friday on the Angola Coaching Middle throughout a socially-distanced ceremony. The loans ranged from $5,000-$10,000.

“We don’t need anybody to need to pay any of this a refund,” mentioned Mark Cowen of the Angola Funding Fund. “We wish this cash to be forgiven.”

So long as the companies can show the funds had been spent for authorised functions, Cowen mentioned the board could have no downside forgiving the mortgage.

These functions embody mortgage, lease, utilities, insurance coverage, property taxes or different comparable bills to assist maintain the enterprise. Payroll just isn’t an eligible use for the funds.

Eligible companies for the loans are these which might be for-profit, registered with the state and make use of underneath 50 folks within the service and retail industries. Nearly all of the workers should qualify as low- to moderate-income, with an revenue cap per worker of $37,200. The enterprise should have seen a detrimental impression due to the COVID-19 pandemic.

Every enterprise should even be within the company limits of Angola.

The loans every have an computerized six-month deferral interval.

Cowen mentioned the board recommends recipients open a very separate checking account to carry the mortgage funds that means monitoring how the cash is spent is simpler. As soon as the cash is spent, the enterprise is to submit paperwork again to the board for forgiveness approval.

“We now have one other 15 to 18 companies seeking to apply for funds,” Cowen mentioned. “This $350,000 will all be spent on a extremely good trigger.”

Extra data on the mortgage program, together with a hyperlink to the applying might be discovered at https://bit.ly/38aFB4D.

— to www.kpcnews.com

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