43. SUBJECT: ASSISTANCE TO TRANSIT-ORIENTED BUSINESSES IN RESPONSE TO COVID-19 APPROVE Motion by Directors Ridley-Thomas, Kuehl, Butts, Garcetti, and Dupont-Walker: Directing the Chief Executive Officer to negotiate and execute amendments to the agreement with the Los Angeles County Development Authority (LACDA) to reallocate up to $853,000 of the TOC Small Business Program funds to implement a TOC COVID-19 Business Recovery Loan Program with the following components: 1. Restrict the funds to businesses within Los Angeles County that are within 1/4 mile of a Major Transit Stop as defined by California Public Resources Code Section 21064.3, which may be amended from time to time; 2. Require the loans funded with Metro funds be subject to the following requirements: a. Each below-market interest loan will not exceed $20,000 and will cover operating expenses for a qualifying small business with up to 25 full time employees; b. Each loan will have a 5-year term with repayment of principal and interest deferred for the first 12 months; c. There will be no loan origination fee and no collateral required; and d. Each recipient must have been in continuous operation for not less than 24 months prior to the COVID-19 crisis and have demonstrated a negative financial impact due to the COVID-19 crisis. 3. Limit LACDA's administrative costs to no more than $37,000; and 4. Metro staff will provide an update to the Board of Directors in writing within 6 months of Board Approval regarding the impact of the TOC COVID-19 Business Recovery Loan Program.