County Considering Economic Relief Fund for Small Businesses
The El Paso County Commissioners Court began discussing the possibility of setting up an economic relief fund as a measure to help small businesses stay afloat as the COVID-19 pandemic continues to wreak medical and economic havoc in the Borderland.
During Monday’s discussion, the prospect of taking $10 million from the County’s reserve fund was raised with the stipulation that it be replaced over the course of the next 10 to 15 years. There is currently $35 million in the reserve fund so the amount being proposed would not drain that account.
In addition to taking form the reserve fund, allowing businesses to apply for a small business loan was also discussed although it is not clear if those loans would come from the $10 million that may be set aside or by dipping further into the reserve fund.
It’s no secret that El Paso is currently dealing with a tug of war between health/medical and economic interests and no matter what side one finds themselves on, I think that we all feel for what the other’s are having to go through.
This proposed relief fund may help build some of the bridge needed in order to look after people’s lives and livelihoods. Nobody is suggesting that this is the answer to what’s ailing us, but it’s an idea worth exploring further.