Wake County commissioners will vote about how to best to direct $5 million in loans for small businesses. | Stock Photo
Wake County commissioners will vote about how to best to direct $5 million in loans for small businesses. | Stock Photo
The Wake County Board of Commissioners will meet Tuesday afternoon to potentially vote on to distribute $5 million in federal loans for small businesses included in the Coronavirus Aid, Relief, and Economic Security Act.
The loans would provide two months of revenue of up to $50,000 for businesses with 100 full-time employees or fewer, ABC 11 reported on Monday. During a virtual meeting, streamed on the county’s website, commissioners questioned the 5.5% interest rate on the loans.
The meeting starts at 3 p.m. online.
"It's higher than the interest rate on my mortgage," Commissioner Jessica Holmes said, ABC 11 reported.
Commissioner James West was concerned that the assistance is offered as a loan, not a grant. "I think [the assistance] is good," West said, according to ABC 11. "But people will fall deeper into the hole."
Lawmakers were also concerned that the loans are not offered to nonprofits.
"Our non-profits contribute pound for pound just as much as our small businesses to our economy and to the character of our community," Commissioner Matt Calabria said ABC 11 reported.
A Wake County official, according to ABC 11, said that the county would have to comply with program guidelines established by the federal government. If approved on Tuesday, applications should be available by Thursday and approvals within a week, the station reported.
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