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FAIRBANKS NORTH STAR BOROUGH ECONOMIC DEVELOPMENT COMMISSIONMEETING AGENDA THIS MEETING WILL BE HELD BY TELECONFERENCE IN THE MONA LISA DREXLER ASSEMBLY CHAMBERS JUANITA HELMS ADMINISTRATION CENTER 907 TERMINAL STREET, FAIRBANKS, ALASKA April 7, 2020 at 3:30 PM A. ROLL CALL B. MESSAGES 1. Citizen’s Comments – limited to three (3) minutes a. Agenda items not scheduled for public hearing b. Items other than those appearing on the agenda 2. Disclosure & Statement of Conflict of Interest C. APPROVAL OF AGENDA AND CONSENT AGENDA Approval of consent agenda passes all routine items indicated by asterisk (*) on agenda. Consent agenda items are not considered separately unless any Commission member or citizen so requests. In the event of such request, the item is returned to the general agenda. D. *MINUTES 1. *Minutes from April 2, 2020 E. NEW BUSINESS 1. Report on Federal actions in response to economic impacts as a result of COVID-19 a. Report on SBA Economic Injury Disaster Loan Program b. Communications from CODEL in regards to Federal actions in response to COVID-19 c. Updates on any additional federal actions 2. Report on State actions in response to economic impacts as a result of COVID- 19 a. Report on any new Health Mandates from Governor Dunleavy that impact the economy b. Report on the progress of the Alaska Economic Stabilization Team and the Alaska COVID-19 Economic Stabilization Plan c. Coordination of state-wide economic development agencies and partners d. Updates on any additional state actions 3. Report on Local actions in response to economic impacts as a result of COVID- 19 4. Recommendations and policy direction to Borough administration in response to economic impacts of COVID-19 a. Report on assigned tasks for mitigation of economic impacts b. Report on funding opportunities from the Federal and State programs as relevant to the FNSB and the community c. Identify priority actions to mitigate economic impacts 5. Meeting schedule a. Next Meeting – TBD F. EXCUSE FUTURE ABSENCES G. COMMISSIONER’S COMMENTS/COMMUNICATIONS H. ADJOURNMENT FAIRBANKS NORTH STAR BOROUGH ECONOMIC DEVELOPMENT COMMISSION MINUTES APRIL 2, 2020 A regular meeting of the Fairbanks North Star Borough Economic Development Commission was held by teleconference in the Mona Lisa Drexler Assembly Chambers, Juanita Helms Administration Center, 907 Terminal Street, Fairbanks, Alaska. The meeting was called to order at 2:06 p.m. by Mayor Bryce Ward, Chair. A. ROLL CALL MEMBERS PRESENT: Mike Meeks, Mindy O’Neall, Abigail Riggs, Paul Robinson, Russell Talvi, Frank Tomaszewski, Mayor Bryce Ward, Mayor Mike Welch MEMBERS ABSENT: None OTHERS PRESENT: Brittany Smart, Special Assistant to Mayor Ward; Krista Major, Executive Assistant; Kerynn Fisher, Grants Coordinator; Stephanie Pearson, Community Research Technician B. MESSAGES Citizen’s Comments – limited to three (3) minutes Mr. Jomo Stewart identified himself as a Project Manager for the Fairbanks Economic Development Corporation but provided comments as a private citizen. Mr. Stewart suggested that the Commission consider using another community entity to take the lead of the task force. The commission needs to accept that certain rules may have to be set aside. Community won’t be upset, as we are all trying to help during this unprecedented time. Disclosure & Statement of Conflict of Interest None C. APPROVAL OF AGENDA AND CONSENT AGENDA Motion to approve the agenda and consent agenda made by Commissioner Meeks and seconded by Commissioner Robinson. Carried without objection or roll call vote. D. *MINUTES Minutes from January 28, 2020. E. NEW BUSINESS 1. Request for the FNSB Economic Development Commission to serve as an Economic Impact and Recovery Task Force in response to COVID-19. Ms. Smart summarized the memo recommending the Commission serve in such a capacity. Motion to accept the Economic Impact and Recovery Task Force in response to COVID-19 as a project for the Commission made by Mr. Robinson and seconded by Ms. O’Neall. Mayor Ward stated that the Commission was a good vehicle for this project as it was already established and serves as the ARDOR for Interior Alaska. Taking this project on is appropriate with the work the Commission is already doing. Commissioner Meeks stated that anything we can do to help move this along will be helpful. Ms. Smart requested feedback on the identified tasks presented in the memo. Commissioner Meeks stated that data collection is important and asked if there were ideas on how to move it forward. Ms. Smart stated she is working with Community Planning staff who develops the Community Research Quarterly as well as tracking other survey efforts in other communities and across the state. Motion carried without objection or roll call vote. 2. Report on Federal actions in response to economic impacts as a result of COVID- 19 Ms. Smart provided a report on the Federal actions in response to COVID-19. Mayor Ward requested a motion to postpone the remainder of the agenda until the next meeting on Tuesday April 7 at 3:30pm due to technical difficulties. Mayor Welch so moved and seconded by Commissioner Tomaszewski. Motion carried without objection or roll call vote. The Small Business Owner’s Guide to the CARES Act The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non- profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here. Struggling to get started? The following questions might help point you in the right direction. Do you need: • Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you. • A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. • Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet. Already know what resources you’re Table of Contents Paycheck Protection Program Loans 2 looking for? The table of contents can direct you to more information about Small Business Debt Relief Program 6 the program or assistance product you Economic Injury Disaster Loans and 7 need. Emergency Economic Injury Grants Small Business Counseling 9 Small Business Contracting 10 Small Business Tax Provisions 11 Paycheck Protection Program (PPP) Loans The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020. FREQUENTLY ASKED QUESTIONS QUESTION: What types of businesses and entities are eligible for a PPP loan? Answer: • Businesses and entities must have been in operation on February 15, 2020. • Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher. • Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals. • Any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72, for which the affiliation rules are waived. • Affiliation rules are also waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Administration, and company that receives funding through a Small Business Investment Company. QUESTION: What are affiliation rules? Answer: Affiliation rules become important when SBA is deciding whether a business’s affiliations preclude them from being considered “small.” Generally, affiliation exists when one business controls or has the power to control another or when a third party (or parties) controls or has the power to control both businesses. Please see this resource for more on these rules and how they can impact your business’s eligibility. QUESTION: What types of non-profits are eligible? Answer: In general, 501(c)(3) and 501(c)(19) non-profits with 500 employees or fewer as most non- profit SBA size standards are based on revenue, not employee number. You can check here. 2 FAQ’s continue on the next page! QUESTION: How is the loan size determined? Answer: Depending on your business’s situation, the loan size will be calculated in different ways (see below).