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AN ACT TO CREATE THE 2020 COVID-19 MISSISSIPPI BUSINESS ASSISTANCE ACT; TO DEFINE TERMS; TO ESTABLISH THE BACK TO BUSINESS MISSISSIPPI GRANT PROGRAM, TO BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY, FOR THE PURPOSE OF MAKING GRANTS TO ELIGIBLE BUSINESSES TO REIMBURSE THEM FOR ELIGIBLE EXPENSES; TO ESTABLISH THE PROGRAM WITH $100,750, 000.00 APPROPRIATED BY THE LEGISLATURE PROM THE FUNDS PROVIDED TO THE STATE BY THE FEDERAL GOVERNMENT FROM THE CORONAVIRUS RELIEF FUND ESTABLISHED UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT; TO SPECIFY THE PRIORITY OF ELIGIBLE BUSINESSES AWARDED GRANTS UNDER THE PROGRAM; TO DIRECT THE MISSISSIPPI DEVELOPMENT AUTHORITY TO DEVELOP REGULATIONS, PROCEDURES AND APPLICATION FORMS TO GOVERN THE ADMINISTRATION OF THE PROGRAM; TO ALLOW THE MISSISSIPPI DEVELOPMENT AUTHORITY TO RETAIN A PORTION OF GRANT MONTES, NOT TO EXCEED $750,000.00, TO COVER ITS EXPENSES IN ADMINISTERING THE PROGRAM; TO PRESCRIBE THE REQUIREMENTS OF APPLICATION FOR THE GRANT; TO SPECIFY THAT THE USE OF GRANT FUNDS SHALL BE SUBJECT TO AUDIT, AND NONCOMPLIANCE WITH THE TERMS OF THE GRANT SHALL REQUIRE, REPAYMENT OF GRANT MONIES TO THE STATE; TO PROVIDE THAT THE AMOUNT OF EACH GRANT SHALL BE FROM $1,000.00 T0 $25,000.00, WITH THE TOTAL ANOUNT OF GRANTS AWARDED NOT TO EXCEED $100, 000,000.00; TO REQUIRE THAT AT LEAST $15, 000,000.00 IN GRANTS, EXCLUSIVE OF ADMINISTRATIVE EXPENSES RETAINED BY THE ADMINISTERING DEPARTMENT, BE AWARDED TO MINORITY BUSINESS ENTERPRISES; TO SPECIFY THAT GRANTS AWARDED SHALL NOT B= SUBJECT TO TAX, BUT ELIGIBLE EXPENSES FOR WHICH GRANTS ARE RECEIVED MAY NOT BE’ ITENIZED AS TAX DEDUCTIONS; TO CREATE THE BACK TO BUSINESS MISSISSIPPI GRANT FUND IN THE STATE TREASURY TO FINANCE THE PROGRAM; TO SPECIFY THAT ALL MONIES SHALL BE DISBURSED FROM THIS SPECIAL FUND IN COMPLIANCE WITH THE REQUIREMENTS OF THE CARES ACT AND GUIDELINES FROM THE UNITED STATES DEPARTMENT OF THE TREASURY REGARDING THE USE OF MONIES FROM THE CORONAVIRUS RELIEF FUND; TO AUTHORIZE THE GOVERNOR TO TRANSFER UNEXPENDED MONIES IN THE FUND AS OF NOVEMBER 1, 2020, TO ANOTHER STATE AGENCY FOR USE PURSUANT TO THE CARES ACT; TO PROVIDE THAT A DECLARATION OF ANY PORTION OF THIS ACT AS INVALID SHALL NOT AFFECT THE REMAINING PORTIONS OF THIS ACT; AND FOR RELATED PURPOSES. 20/8833/COVID-19 SMALL BUSINESS GRANTS. DOC 40 41 42 43 4 45 416 47 48 49 50 51 52 83 54 55 56 37 58 59 i) 61 62 63 6a 65 IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIpeI: SECTION 1. This act shall be known and may be cited as the "2020 CovIp- 9 Mississippi Business Assistance Act.” SECTION 2. As used in this act, the following terms shall have the meanings ascribed unless the context otherwise requires: (a) "COVID-19" means the Coronavirus Disease 2019. (>) “Business interruption period" means the period beginning on March 1, 2020, and running through December 30, 2020, characterized by the disruption of regular business operations owing to COvID-19, (c)_ "Eligible business" means a corporation, limited Liability company, partnership or sole proprietorship, or a nonprofit corporation with a net worth or annual income not more than Five Hundred Thousand Dollars ($500,000.00), that: (4) Was domestic prior to March 1, 2020; (41) Is in good standing with the Secretary of State, if applicable; (444) Has a controlling interest owned by one or more Mississippi residents, whether individual resident citizens of Mississippi domestic business entities; (iv) Filed Mississippi taxes for tax year 2018 or 2019, or intends to file Mississippi taxes for tax year 2020, unless exempt under Section 27-71-29, Section 27-13-63 or other applicable provision of law; 20/$833/COVID-19 SMALL BUSINESS GRANTS. Doc 66 6 68 69 10 n 2 3 4 15 16 n 8 19 80 81 82 83 84 85 86 87 88 89 90 2 92 (v) Has customers or employees coming to its physical premises, conducts business on customer premises, OF has an owner who is an active participant in the day-to-day operations of the business; (vi) Has no more than fifty (50) employees; and (vid) Does not derive income from passive investments without active participation in business operations. (4) “Eligible expense" means any cost eligible for reimbursement under the guidelines, as they may be amended from time to time, of the United States Department of the Treasury regarding the use of monies from the Coronavirus Relief Fund established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. {e) "Department" means the Mississippi Development Authority. (f) "Grant" means an award by the department to an eligible business to cover eligible expenses in accordance with this act. (g) “Program” means the Back to Business Mississippi Grant Program established in this act. (n) "Minority business enterprise” means @ socially and economically disadvantaged small business concern performing 2 commercially useful function which is owned and controlled by one or more minorities or minority business enterprises certified by the Mississippi Development Authority, at least fifty percent (50%) of whom are resident citizens of the State of Mississippi. Except as otherwise provided, for purposes of 20/$S33/COVID-19 SMALL BUSINESS GRANTS.DOC 96 7 98 9 100 101 102 103 104 105 106 107 108 109 110 qi. 112 113 114 115 116 117 118 this act, the term "socially and economically disadvantaged small business concern" shall have the meaning ascribed to such term under the Small Business Act, 15 USC Section 637(a), oF women, and the term "owned and controlled" means a business which one or more minorities or minority business enterprises certified by the Mississippi Development Authority own sixty percent (608) or, in the case of a corporation, sixty percent (608) of the voting stock, and control sixty percent (60%) of the management and daily business operations of the business. SECTION 3. (1) The Legislature facilitates access by Mississippi small businesses to federal relief and recovery funds related to COVID-19. Accordingly, the Back to Business Mississippi Grant Program is established, to be administered by the department, for the purpose of making grants to eligible businesses to reimburse them for eligible expenses as defined in this act. The program shall be established with One Hundred Million Seven Hundred Fifty Thousand Dollars ($100,750, 000.00) appropriated by the Legislature from the funds provided to the state by the federal government from the Coronavirus Relief Fund established by the CARES Act. (2) The department shall immediately develop a system to award grants to, first, eligible businesses that underwent forced or voluntary closures during the business interruption period and have not received federal aid related to COVID-19 through the Small Business Administration, and second, all other eligible businesses. 20/8833/COVID-19 SMALL BUSINESS GRANTS.DOC 119 120 qi 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 aad 142 143 144 145 (3) The department shall develop regulations, procedures and application forms to govern the administration of the Program, The department may retain up to Seven Hundred Fifty * Thousand Dollars ($750,000.00) of monies appropriated under this act to pay reasonable expenses incurred in the administration of the program. SECTION 4. (1) Any eligible business desiring to participate in the program shall make application for a grant to the department in a form satisfactory to the department. The application shall include verified documentation, signed under penalty of perjury. (2) The department shall use the funds provided by this act to make grants to eligible businesses pursuant to applications submitted under subsection (1) of this section, to cover their eligible expenses. (3) The use of grants shall be subject to audit by the united states Department of the Treasury's Office of Inspector General and the Mississippi Office of the State Auditor. A business found to be fully or partially noncompliant with grant requirements shall return to the state all or a portion of the grant monies received. Applicants shall confirm their understanding of these terms. (4) The program shall be subject to the following terns and conditions: (a) A grant may be avarded to an eligible business in an amount from One Thousand Dollars ($1,000.00) to Twenty-five Thousand Dollars ($25,000.00). The total amount of grants under 20/$833/COVID~19 SMALL BUSINESS GRANTS. DOC net anie Ae A ANN A RIAA STG ANNE RAB Wh the program shall not exceed One Hundred Million Dollars ($100,000, 000.00). (b) At least Fifteen Million Dollars ($15, 000,000.00) in grants, exclusive of administrative expenses retained by the department, shall be awarded to minority business enterprises. (c) Grants awarded shall not be subject to taxy however, eligible expenses for which grants are received may not be itemized as tax deductions. SECTION 5. There is created a special fund in the State Treasury, to be known as the "Back to Business Mississippi Grant Fund," from which the grants authorized by this act shall be disbursed by the department. Monies received by legislative appropriation to carry out the purposes of this act shall be deposited into this special fund. All monies shall be disbursed from the fund in compliance with the requirements, as they may be amended from time to time, of the CARBS Act and guidelines from the United States Department of the Treasury regarding the use of monies from the Coronavirus Relief Fund. If on November 1, 2020, there are unexpended monies in the fund, the Governor shall have the discretion to transfer monies to another state agency to be used for eligible expenditures pursuant to the CARES Act. SECTION 6. If any section, paragraph, sentence, clause, phrase or any part of this act is declared to be in conflict with federal law, or if for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, 20/SS33/COVID-19 SMALL BUSINESS GRANTS. DOC uv lauses, ph 2 clauses, phrases or parts thereof shall be in no manner affected 173 thereby but shall remain in full force and effect. create. 174 ST: 2020 COVID-19 Mississippi Business Assistance Acti 20/8833/COVID-19 SMALL BUSINESS GRANTS.DOC

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