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Show Panguitch • Panguitch Lake • Hatch • Bryce • Tropic • Antimony • Henrieville • Cannonville • Escalante • Boulder • Duck Creek Thursday, June 18, 2009 • Issue # 220 STOP RECYCLING OF TARP MONEY Sens. Orrin Hatch (R-Utah) and Blanche Lincoln (DArk.) introduced a bill today aimed at ensuring that monies returned to the Troubled Asset Relief Program (TARP) cannot be recycled to keep the program perpetual. The Stop TARP Asset Recycling (STAR) Act would require any TARP funds returned to the U.S. Department of the Treasury to be placed in the general fund in order to pay down the nation’s debt. Current law is unclear whether returned funds could be recycled into TARP and used to expand federal investment in the private sector. Hatch and Lincoln say the law needs to be clarified. “TARP has become a revolving fund for the Treasury to nationalize our nation’s private sector by using taxpayer money to acquire banks, insurance companies and auto manufacturers,” Hatch said. “When TARP was signed into law last fall, it was authorized to purchase up to $700 billion in toxic or troubled assets from financial institutions to restore liquidity to the system. Unfortunately, it is now being used as a go-to solution to address all of our nation’s economic ills. This bill would change that.” “TARP was never meant to be a permanent program, but rather an emergency initiative designed to stabilize our financial markets and bring greater confidence to investors and business,” Lincoln said. “It is only appropriate for that program to be phased out as expeditiously as possible.” Adopted by Congress last October, the Emergency Economic Stabilization Act authorized TARP to assist financial institutions. Many, including the U.S. Chamber of Commerce and the National Federation of Independent Businesses, believed that TARP was necessary to stabilize our economy. However, Hatch and Lincoln say, now that TARP is becoming a means to bankroll U.S. companies, Treasury should not be able to continue down this path. Some of the nation’s healthier banks are repaying some of that money. Those funds should be used to pay down the nation’s debt, the senators added. “This money belongs to the American people,” Hatch said. “Taxpayers have been forced to foot the bill for rescuing the financial sector, but now they are being required to bail out any company deemed ‘too big to fail.’ It is time for Congress to ensure that TARP is used for its intended purpose and to require any money repaid to the Treasury Department be returned to the general fund.” “Although TARP funds may have been necessary initially to stabilize our nation’s economy, the federal government should act to recoup taxpayers’ investment responsibly and as soon as practicable,” Lincoln said. The Treasury Department recently approved spending $30 billion in TARP funds to acquire 60 percent of General Motors’ shares. Under the current system, if the Treasury sold these shares at a profit, the $30 billion could revert back to TARP and only the profit would be put in the general fund. Under the STAR Act, the original investment would also have to be placed in the general fund to pay down the nation’s debt. weather thursday high: 75 low: 45 PARTLy CLOUDY friday high: 80 low: 49 PARTLy CLOUDY saturday high: 79 low: 49 Mostly Sunny sunday SCATTERED T-STORMS high: 77 low: 48 monday SCATTERED T-STORMS high: 82 low: 49 tuesday Sunny high: 83 low: 50 wednesday Mostly Sunny high:83 low: 50 Special Finance Program for Distressed Small Businesses The U.S. Small Business Administration (SBA) recently issued to SBA lending institutions its loan procedural guide for the $35,000 ARC loans. ARC stands for America*s Recovery Capital. ARC Loans are available to viable small businesses that are experiencing immediate financial hardship. Here is a brief overview: 1. ARC Loans are available to viable small businesses that are experiencing immediate financial hardship. 2. Loan proceeds may only be used to make up to six months of principal and interest payments on qualifying small business loans. 3. Maximum loan amount is $35,000. 4. Each small business is limited to one ARC loan. 5. Loan repayment term is five years. 6. The borrower pays no interest for the life of the loan. SBA Lenders making ARC Loans are paid interest monthly by the SBA. 7. ARC loans are 100% guaranteed by the SBA to the lender. 8. SBA will not charge any fees or costs to lenders or borrowers, including guaranty fees. 9. Repayment of the loan principal may be deferred for 12 months. 10. Businesses that have had no operations prior to the loan application (start-up businesses) are not eligible for ARC Loans. ARC loans are made by lending institutions (i.e. banks and credit unions) that make SBA 7(a) loans. A listing of these lenders (in Utah) is available on the SBA*s website at www.snow.edu/business Some SBA lenders are able to handle the application in-house and others must send it to the SBA*s Loan Guaranty Processing Centers. Those lenders in the list referred to above with text below their name that says, *PLP* or *Express* are likely to be the lenders that may be able to handle the application in-house. According to the SBA, *Borrowers whose loans are already severely delinquent or whose past performance or future cash flow indicates that the business is not viable are not good candidates for an ARC loan.” The loan process officially begins on June 15, 2009. ARC Loans are available until funding runs out or September 30, 2010, whichever occurs first. For additional assistance with your small business endeavor, contact the Small Business Development Center (SBDC) at Snow College in Ephraim (435-283-7376) or Richfield (435-893-2252). Chynoweth Elected as Board Secretary RWAU Brett Chynoweth, Tropic Town Water Superintendant, has been elected Board Secretary of the Rural Water Association of Utah (RWAU). RWAU is a state-wide association of Utah’s water and wastewater systems. Brett was elected to the Rural Water Board in 2003 and has served on many Board committees since that time including a two year term as Vice-Chairman of the Membership Committee, a two year term as Vice-Chair of the Training and Technical Assistance Committee and a two year term as Vice-Chairman of the Associate Advisory Committee. The Rural Water Association of Utah is an organization of over 500 drinking water and wastewater systems including municipalities, non-profit mutual companies, special service districts and supporting members. The Association actively represents and works with over 90 percent of the culinary water delivery systems and over 90 percent of the wastewater systems in the State of Utah. Brett was re-elected to the Board and appointed RWAU Secretary at the Rural Water Annual Membership Meeting held in St. George as a part of the Association Annual Conference. The RWAU conference is attended by over 1,600 water and wastewater professionals annually. Brett’s term as RWAU Secretary will encompass two years ending in 2011. Specialty Crop Production Grants 2009 The Utah Department of Agriculture and Food (UDAF) is seeking proposals for the Specialty Crops Block Grant Program. Specialty crops are defined as fruits and vegetables, dried fruits, horticulture and nursery crops (including floriculture). “This is a great opportunity for Utah industry organizations and their producers,” said Jed Christenson, UDAF’s Director of Marketing. “This grant will help Utah’s specialty crop industry expand to better meet the increasing demand for fresh fruits and vegetables and other specialty crops by consumers along the Wasatch Front.” The specialty crop grant stems from the Farm Bill which authorizes the U. S. Department of Agriculture to partner with state depart- DESERT DOCTOR MOTORCYCLE REPAIRS & PARTS 24 Hr. Service Escalante, UT 435-826-4951 ments of agriculture to enhance the competitiveness of specialty crop producers in areas such as marketing, promotion, education, research, trade, and increasing child and adult nutrition knowledge and consumption of specialty crops. “UDAF must submit an application that includes possible projects from Utah to USDA by August 2009 in order to receive those funds,” continued Christen- son. “We are asking for project proposals to be submitted by July 17th so we can meet USDA’s deadlines.” Utah anticipates receiving more than $200,000 to be awarded to those individuals and entities that submit successful proposals. Individual producers, producer groups, organizations, and associations, as well as state and local organizations, academia and other specialty crops stake- The only thing that scares me more than space aliens is the idea that there aren’t any space aliens. We can’t be the best that creation has to offer. I pray we’re not all there is. If so, we’re in big trouble. ~ Ellen DeGeneres THE GARFIELD COUNTY INSIDER is owned and operated by Snapshot Multimedia and is distributed weekly to all of Garfield County. Its purpose is to inform residents about local issues and events. Articles submitted from independent writers are not necessarily the opinion of Snapshot Multimedia. We sincerely hope you enjoy the paper and encourage input on ideas and/or suggestions for the paper. Thank you for your support. holders are eligible to apply either as single entities or in combined efforts. Proposals submitted by individual producers must demonstrate that the potential impact of the project will accrue to a broader group of similar producers, region or industry segment. Grant funds cannot be used for projects that benefit only a single company, individual, or commercial entity. Specialty crop grants have been awarded in each of the past three years, funding 36 projects that varied from researching the use of drought tolerant native flora or controlling weeds in onions, to the use of scent baited traps in orchards to control insects in lieu of pesticides. An application packet and program details is available on line at www.ag.utah.gov or by calling Jed Christenson at (801) 538-7108. Phone: 435-676-2621 Fax 435-836-2700 PO BOX 472, Loa, Utah 84747 snapshot@scinternet.net ALL content for THE GARFIELD COUNTY INSIDER must be submitted on FRIDAY before 5:00 pm to be included in the following Thursday edition of the paper. BOXHOLDER PRE-SORT STANDARD PAID LOA, UTAH PERMIT No. 5 |