In a particular council assembly on Dec. 17, Marina Metropolis Council authorised to increase its small enterprise loans and residential loans packages to assist those that are struggling financially from the pandemic. These loans are in response to the most recent stay-at-home orders that enter into impact on Dec. 13.
They allotted $400,000 from town’s common fund for enterprise loans. The deadline to use is March 31, 2021, or till funds are depleted. This second spherical of loans was pushed by Councilmember Kathy Biala, who can be the secretary of Marina Chamber of Commerce.
“We try to concentrate on these small companies which are struggling essentially the most,” says Metropolis Supervisor Layne Lengthy.
In the course of the first spherical, companies needed to doc and supply their earnings, throughout the identical months, from the earlier yr, and meet particular thresholds. They’ve since eradicated these necessities. “We simply discovered that was too sophisticated for companies,” Lengthy says.
As an alternative of displaying monetary information, they’ve to suit a enterprise class, Lengthy explains. The goal is non-essential companies like clothes shops or different retailers, and eating places that needed to change operations resulting from Covid-19.
The loans are directed at small companies with fewer than 10 workers, or fewer than 20 for eating places. Enterprise homeowners have to offer proof of lack of earnings resulting from Covid-19, have a metropolis enterprise license, and a gross income beneath $1 million. They will apply for a mortgage as much as $15,000.
“We predict we’ll have over 100 that may qualify,” Lengthy says.
For residential loans, residents can apply for a mortgage of as much as $3,500. Among the eligibility necessities embrace being a resident since Jan. 1, 2020, having an earnings beneath 120 % of Monterey’s County median earnings, and proof of discount in employment or working hours. The final day to use is Jan. 31 of 2021, or when funds are depleted.
The loans could have a 0-percent rate of interest if paid again by Dec. 31, 2023. After that, the mortgage could have a 3-percent rate of interest.
For more information, you can visit Marina’s website or contact Accounting Supervisor Marisol Gomez (884-1203, mgomez@cityofmarina.org) or Assistant Metropolis Supervisor Matt Mogensen (884-124, mmogensen@cityofmarina.org).
— to www.montereycountyweekly.com
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