The board of the Jamestown/Stutsman Development Corp. voted 8-3 to submit an application for a $68,750 PPP loan from the federal government designed to aid non-profit organizations that face economic uncertainty.
The Payroll Protection Program was recently opened to non-profits including economic development agencies. If approved, the money would be provided as a 1% loan, although the repayment of the loan may be waived in the future.
The loan application includes a clause that says: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant;"
Nick Schauer, member of the JSDC Board of Directors, said he "would have a hard time saying we are at any risk."
David Steele, member of the JSDC Board representing the Jamestown City Council, said that "given the potential for other variants, this is something we should take advantage of."
The action came after the boad of directors approved a preliminary 2022 budget of about $50,000 less than the 2021 budget. The budget decrease largely came from combining an administrative assistant position with the financial director position, said Connie Ova, CEO of the JSDC.
The funding for the operations of the JSDC is split between the city of Jamestown and Stutsman County. Stutsman County pays 20% of operational costs from its economic development mill levy and the city of Jamestown pays 80% from the half percent of sales tax dedicated to economic development
"We are really not struggling," said Lorrie Pavlichek, member of the JSDC Board.
If the loan is approved, it would have to be used for operational expenses such as payroll. If the loan is forgiven, any cost savings for JSDC payroll would be returned to the city of Jamestown and Stutsman County.
In other business, the JSDC approved funding for a program to share costs with businesses hiring interns in the coming year. The program is funded at $105,000, although the board couldn't agree on details such as the minimum wage for the intern positions and how the businesses would be screened for participation in the program. The program was referred to JSDC staff and subcommittees for additional review.
The JSDC Board of Directors approved returning to in-person meetings as of April 12. To allow social distancing, the meetings will be initially held at the Quality Inn and Suites. The JSDC will also hold its annual meeting May 19 at the Quality Inn and Suites at which it will announce the economic development awards for community groups and businesses.
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March 09, 2021 at 05:26AM
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Jamestown/Stutsman Development Corp. applies for PPP loan - Jamestown Sun
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