No federal awards were expended in the form of non-cash assistance during the year ended December 31, 2025.
COVID-19 EDA Revolving Loan Fund: The Economic Development Administration (EDA) provided JEDCO with funds for a revolving loan pool which finances business development activities consistent with local economic development strategies. These funds provide access to capital for those small businesses that suffered directly from the COVID-19 epidemic.
COVID-19 CARES Act Seafood Enterprise Assistance (SEA) Revolving Loan Fund: In 2022, JEDCO was awarded $1 million in Department of Housing and Urban Development (HUD) Community Development Block Grant Funds (CDBG) through the Jefferson Parish Office of Community Development. The purpose of the fund is to create a revolving loan fund for small business owners in the seafood industry negatively impacted by the COVID-19 pandemic to assist in the recovery of the industry.
CARES EDA Act Revolving Loan Fund: In 2022, JEDCO received a total award of $1,099,750 from the Department of Commerce's Economic Development Administration (EDA). Of this amount, $949,750 was allocated to operate as a revolving loan fund, while $150,000 was designated for capital outlay to support renovations at JEDCO.
Small Business Credit Initiative (SSBCI) Act Revolving Loan Fund: The SSBCI Revolving Loan Fund is used to support businesses operating in Jefferson Parish. The fund is supported 50% by federal funds from the U.S. Department of Treasury and 50% by funds from JEDCO. During the year ended December 31, 2023, JEDCO received $1,000,000 in federal revenue and transferred $1,000,000 from the BRGL/LRCF Loan fund to support this program. During the year ended December 31, 2024, JEDCO received additional federal funding of $400,000 for this program. No additional federal funding was received for this program during the year ended December 31, 2025.
As of December 31, 2025, the total outstanding balance of the SSBCI revolving loan fund, inclusive of both state and federal funds, is $1,053,958. Of this amount, the portion attributable solely to federal funds is $526,979, representing 50% of the total outstanding balance. During the year ended December 31, 2025, JEDCO recorded bad debt expense, net of recoveries of ($133,922), $78,345, and ($10,774) for EDA COVID-19, SEA COVID-19, and SSBCI, respectively.
JEDCO has elected not to use the de minimis indirect cost rate as provided for in section 200.413 of the Uniform Guidance for the year ended December 31, 2025.