By Melissa McCaghren
The Slaton Economic Development Corporation approved to creat a program for 12 grants for $1,500 each, totalling $18,000 Thursday morning (May 21) during a meeting at the office.
Executive Director Barbara Hopper brought lawyer Bryan Guymon to the meeting via Zoom to present a discussion on how they could legally do the COVID-19 grant program.
He said that typically a Type B corporation could not spend more than 10 percent of corporate revenues for promotional purposes. That said, he added that the act does not define promotional purposes, thanks to the legislature.
That said, there are still requirements. “The Attorney General has concluded that promotional expenditure ‘must advertise or publicize the city for the purpose of developing new and expanded business enterprises,” Guymon said, adding the loans were subject to city council’s approval of the promotional expense.
For more information, please read the Thursday edition of The Slatonite.