Kane County trying to simplify method to get federal COVID-19 funds to community enterprises

Kane County officers have fewer than 60 days to devote about $8 million in federal COVID-19 reduction money earmarked to help nearby enterprises ahead of the county need to return the dollars to the U.S. Treasury Section.

And, county officers say they might be willing to simplicity demands set up to support protect against fraud to get it accomplished.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

The county has received $93 million in pandemic funds, but has struggled to get guidance income to community businesses.

Although most of that cash will be put in on county and municipal responses, it set apart $8 million for little corporations. Companies had been suitable for grants of up to $20,000, relying on how long they’d been running.

On the other hand, the county acquired only 250 programs and turned down about 50 for not such as costs, these as lease and utilities, that experienced for the federal bucks. There have been 94 legitimate apps with requests totaling $1.5 million. About half the remaining programs are in limbo due to the fact they haven’t been ready to provide 18 months of fiscal statements to clearly show losses endured mainly because of pandemic company constraints and shutdown.

“The cause we set monetary standards in the original process was to keep away from fraud,” said Kane County Board Member John Hoscheit, who leads the committee overseeing the cash. “If they won’t be able to create a tax return, that is a problem. If we have recipients that were not genuine corporations, that places a challenge on us. If we are providing funds to entities, and we get audited as to irrespective of whether we utilized the income appropriately …”

Hoscheit failed to total the believed, but the concept was apparent. If federal money is invested fraudulently underneath the county’s check out, the county and its taxpayers are the kinds on the hook.

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With that as the backdrop this 7 days, committee members brainstormed a slew of concepts to get the cash out the doorway more rapidly. Even if every business enterprise software it gained is permitted, the county continue to has much more than $4 million in the organization resources to thrust out, additionally yet another $3.8 million in a contingency fund.

What emerged is a approach to broaden the selection and forms of firms that qualify and strip down anti-fraud paperwork.

Officers are doing work on a program that would go away the recent organization software in place. Even so, it would make all companies suitable — not just people with up to $2.5 million in gross yearly revenue. It would also require financial statements only from January by way of September 2020.

A new, next organization plan would feature grants of up to $25,000. New and former candidates would be suitable with the identical pared-down requirements. That approach targets businesses impacted by the hottest pandemic business enterprise constraints, but bars and dining places would get precedence.

There would be a new pool of $1 million set apart for amusement venues, these kinds of as Paramount and Arcada theaters, and banquet amenities. These institutions would be suitable for grants of up to $100,000.

A last pool of $250,000 would be readily available to historical societies and museums. Grants would max out at $10,000.

The full county board should first vote to approve any or all of the programs prior to they move forward. It fulfills next Tuesday.